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659 Broad St 28 Unit Apartment Building $3,330,000 ($118,929/Unit) Emmaus, PA 18049
Investment Highlights
- Redevelopment opportunity in Emmaus with approvals in place for conversion to a 55+ age-restricted multifamily apartment building.
- Approved for 28 residential units and 34 beds, including studio, one-, and two-bedroom layouts under borough overlay and conditional use provisions.
- Existing systems include elevator, sprinkler, smoke control, and burglar alarm; major electrical components and new flooring for half the units.
- Former assisted living facility on approximately 0.71 acres with a three-story structure originally built in 1922 and expanded in 2004.
- Property is vacant and mid-construction with interior demolition, subfloor, framing, major plumbing, and electrical demo completed.
- Located in a supply-constrained Lehigh Valley submarket with high barriers to entry, minutes from I-78, Route 29, and PA Turnpike (476).
Executive Summary
Redevelopment opportunity in the Borough of Emmaus with approvals in place for conversion to a 55+ age-restricted multifamily apartment building. Former assisted living facility on approximately 0.71 acres (±30,971 SF) with a three-story structure originally built in 1922 with a 2004 addition. Approved for 28 residential units / 34 beds (studio, one- and two-bedroom apartments) under the applicable borough overlay and conditional use framework. The property is vacant and mid-construction. Interior demolition, subfloor and framing are largely complete. Electrical demo and temporary service are in place, and major plumbing has been installed. Existing systems include elevator, sprinkler, and smoke control. Major electrical components are included: new pole, custom meter bank, CT box, apartment panels, service cable, and extensive wiring. New flooring for approximately half of the units is included. Damaged windows have been replaced. Burglar system installed and active. Construction manager and trades available to assist. Buyer to complete renovation and stabilization. Emmaus is a supply-constrained Lehigh Valley submarket with limited new multifamily inventory and high barriers to entry. Minutes to I-78, Route 29, and PA Turnpike (476) with access to Allentown and Bethlehem. Plans and approvals available to qualified buyers. Contact listing agent for details and tours. This is a redevelopment opportunity with no in-place income. Financial projections and stabilized returns are available in the Offering Memorandum.
Property Facts
| Price | $3,330,000 | Lot Size | 0.72 AC |
| Price Per Unit | $118,929 | Construction Status | Under Renovation |
| Sale Type | Investment | Building Size | 21,178 SF |
| No. Units | 28 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1922/2026 |
| Apartment Style | Low-Rise | Parking Ratio | 1.42/1,000 SF |
| Building Class | B | ||
| Zoning | R-HO - This is a residential base zoning with an overlay district that allows for higher density and specialized housing uses, including age-restricted Units | ||
| Price | $3,330,000 |
| Price Per Unit | $118,929 |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.72 AC |
| Construction Status | Under Renovation |
| Building Size | 21,178 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built/Renovated | 1922/2026 |
| Parking Ratio | 1.42/1,000 SF |
| Zoning | R-HO - This is a residential base zoning with an overlay district that allows for higher density and specialized housing uses, including age-restricted Units |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | - |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 549444729138-1 | Improvements Assessment | $1,568,300 |
| Land Assessment | $170,300 | Total Assessment | $1,738,600 |
Property Taxes
Parcel Number
549444729138-1
Land Assessment
$170,300
Improvements Assessment
$1,568,300
Total Assessment
$1,738,600
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659 Broad St
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