624 Maxwell Street N

    ALLENTOWN, PA 18109
    • $870,000
    • STATUS: Active
    • ON SITE: 81 days
    • ID#: PALH112496
    UPDATED: 27 min ago
    $870,000
    • 0
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1914
    County:

    School Ratings & Info

    School District:

    Description

    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.

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    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-12-15T21:49:45.657.
    www.execuhome.com/homes/99277129

    624 Maxwell Street N ALLENTOWN, PA 18109

    • Price: $870,000
    • Status: Active
    • Updated: 27 min ago
    • ID#: PALH112496
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    1914
    Built
    Neighborhood:
    Allentown City (12302)
    County:
    Lehigh
    Area:
    Allentown City (12302)
    School District:
    Allentown
    Property Description
    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.
    Exterior Features

    Construction Materials BrickConcrete Garage YN No Parking Types Off StreetOn Street Riparian Rights YN No Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Building Area Total 6998.00 Cooling None Heating 90% Forced Air Heating YN Yes Net Square Feet 6998.00

    Property Features

    Accessibility Features 2+ Access Exits Association YN No Business Type Restaurant/Bar Central Air YN No Cooling Fuel None Foundation Details Concrete Perimeter Heating Fuel Natural Gas Hot Water Electric Incorporated City Name Allentown City Navigable Water YN N Net Operating Income 63781.00 New Construction YN No Original MLSNumber 302072383411 Ownership Interest Fee Simple Possession Settlement Property Sub Type Mixed Use Sale Type Standard Sewer Public Sewer Tax Annual Amount 9318.0 Tax Assessment Amount 9318.0 Vacation Rental YN No Water Source Public Zoning B-3 Zoning Description Store/Office Plus 3-Story Masonry

    Listing courtesy of Tcs Mgt Llc.


    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2019-12-15T21:49:45.657.
     
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