530 High St
Bethlehem, PA 18018
High Street Apartments · Multifamily Property For Sale · 21 Units

530 High Street is a 21 unit multifamily building located in highly desirable downtown Bethlehem, PA. The community consists of a mix of 18 one bedroom apartments, 2 two bedroom apartments, 1 studio and 12 separate garage units. The garage units are in high demand in the market and provide a great source of extra revenue. The units are highly desirable as heat; water & sewer all included. Tenants are responsible for electric. Capital Improvements: Since the purchase, DLP has performed renovation work in 19 of the 21 units including modernizing kitchens with new appliances and cabinetry and replacing flooring including some with new hard surface flooring. Additional renovation work included installation of a coin operated laundry facility that generates steady income, a new security system with remote access cameras and the conversion of the heating system from oil to gas reducing the heating costs by over 60%. Occupancy: 530 High St is an excellent performing investment property. The property has seen YOY rent growth of 5-7% while maintaining high occupancy and minimal vacancy. The building is currently 100% occupied with annual turnover below 20%. Quality of Residents: Currently there are residents in 19 of the 21 apartments have passed a strenuous criminal background check and meet stringent credit and rental history requirements. Additionally, all renters are required to earn over 3 times their monthly rent and must adhere to a thorough set of rules and regulations. Opportunity: The bulk of the heavy lifting on this property has been completed. The big opportunity is in growing revenue to today’s rapidly increasing market rent. At current market rents, the building and garages combined can produce $20,000 in additional annual rental revenue.