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Marjorie Dick Stuart

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624 Maxwell St N, ALLENTOWN, PA – $870,000

  • $870k Price
  • 6,998 Sqft
  • .21 Acres
  • 56 DOM
  • $870k Price
  • 6,998 Sqft
  • .21 Acres
  • 56 DOM

624 Maxwell St N

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.

Essential Information

  • MLS® #PALH112496
  • Price$870,000
  • Bathrooms0.00
  • Square Footage6,998
  • Acres0.21
  • Year Built1914
  • TypeCommercial Sale
  • Sub-TypeMixed Use
  • StatusActive

Community Information

  • Address624 Maxwell St N
  • AreaAllentown City (12302)
  • CityALLENTOWN
  • CountyLEHIGH-PA
  • StatePA
  • Zip Code18109

Interior

  • Heating90% Forced Air
  • CoolingNone

Exterior

  • FoundationConcrete Perimeter

Exterior

Brick and Siding, Concrete/Block

School Information

  • DistrictALLENTOWN

Additional Information

  • Date ListedSeptember 24th, 2019
  • Days on Market56
  • ZoningB-3

Listing Details

  • OfficeTCS MGT LLC
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The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX.Properties listed with brokerage firms other than Long & Foster | Christie's are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers.The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified.All listing information copyright MRIS 2019.

Listing information last updated on November 18th, 2019 at 9:16pm CST.