Beautiful Homes in Northern Liberties
Learn More
MLS® ID: PALH112496

624 MAXWELL STREET N

ALLENTOWN, Pennsylvania, 18109

$870,000 Active
  • - SQFT
A mixed-use rental property located in Allentown, Pennsylvania. Built in 1914, the property is a three-story walk-up with brick exterior and off-street parking for both the apartment tenants and the restaurant customers.The residential portion of the offering consists of 8 apartments, (4) one-bedroom and (4) two-bedroom units. Tenants pay for their own electric which includes cooking and hot water. The tenants in the two lower-level units also pay for heat. The owner is responsible for heat-ing six of the eight apartments, and the water, sewer and trash for all eight of the apartments. Current ownership recently installed a high-efficiency gas-fired, direct vent, condensing boiler equipped with an outdoor reset control (Evergreen Series, EVG-299, 95.5% AFUE), and baseboard electric heaters in the two lower-level units. There are value-add opportunities available with the residential portion of the prop-erty. Six of the eight apartment units have been renovated leaving a new owner the opportunity to complete renovations on the remaining two units and increase rental income. In addition, current tenant/lease changes can be made to further increase the rental income.The commercial portion is currently leased by Casa de Pollo Restaurant. Pursuant to the Lease, there are 3% annual rental increases (next increase starts August 1, 2020) with the tenant responsible for all maintenance and utility expenses except water/sewer which is charged back to the tenant ($75 per month). The tenant has showed commitment to the space by making improvements to the interior of the restau-rant and replacing the signage. Further, the tenant has begun the conversion from electric heat/propane cooking to gas heat/cooking. In the last year alone, the tenant has invested over $33,000 towards improvements to the restaurant's interior.During the past five years, over $1 billion has been spent in revitalization efforts within the City of Allentown. Much of the focus has been on building new Class ~A~ office space and attracting companies to relocate their headquarters to the Allentown area. Recently, Urban Land Institute recognized the city~s efforts by awarding Allentown with ~global recognition~. Allentown was named 1 of 13 winners of the Glob-al Award for Excellence for 2017-18. The revitalization of Allentown has brought many new jobs to the area and allowed for significant apartment rental growth.The property at 624-626 Maxwell Street provides a new owner the opportunity to purchase 8 apartments with commercial space (restaurant) in one of the more sought-after markets in Pennsylvania. For offering memorandum, contact 215-989-4440.
Read More

Listing courtesy of TCS MGT LLC

Amenities

  • Full baths
    0
  • Half baths
    0
  • Zip
    18109
  • Office name
    TCS MGT LLC
  • SQFT
    0
  • Bedrooms
    0
  • Property type
    Commercial Sale
  • Zoning type
    B-3
  • School district
    ALLENTOWN
  • Year built
    1914
  • Lot size
    0.21
  • Sewer
    Public Sewer
  • Heating
    90% Forced Air
  • Agent name
    Angela M Calvanese
  • Purchase Type
    Active
  • Price Range
    $800k-$900k
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    55728
  • Agent ID
    3136224

Location

Have questions?

We can help.

Let's chat!

First Name
Last Name
Email
Phone
Best time to call

Success!

We'll get in touch with you soon.

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info