521 Walnut Street
Description
3-unit recently renovated apartment building for rent in desirable downtown Allentown. This building sits in a prime location that is currently being under-utilized. The front building has two units - unit one is a studio/one bedroom apartment that is currently leased, ending mid-April 2025. Unit two is currently month to month. The rear two-story building holds a large garage with separate entrances that is not currently leased. The upstairs unit is set up as an apartment and currently zoned as a commercial unit by the City. It has a tenant and a back-up tenant for the space. This property has great potential to substantially increase its value due to its location, current rents, utility charges and the explosive growth in downtown Allentown. There are a total of four income streams for this property. This is CURRENTLY a 9.5 CAP RATE with garage rented and room to grow!
$379,000
| Type: | Investment Property |
| Built: | 1901 |
| County: | Lehigh |
| Area: | Allentown City |
| Listing Office: | Keller Williams Northampton |
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Exterior Features
| Approximate Lot Size | 0.051 |
| Exterior Description | |
| Garage Description | |
| Parking Driveway Description | |
| Style |
Interior Features
| Appliances | |
| Basement | |
| Cooling | Window ACs |
| Heating | Electric, Gas |
| Dining Area(s) | |
| Fireplace | |
| Number of Rooms | 0 |
Property Features
| Sewer | Public |
| Sub Property Type | |
| Taxes | $5,246.42 |
| Municipal Tax ID | 998370232 |
| Utilities | |
| Water | Public |
| Year Built Description | |
| Square Footage | 2564 |
| Cost per Square Foot | $147.82 |
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