Monroe Street Apartments
321 Monroe Street; Bethlehem, PA 18017
- Price$ 1,650,000
- Property TypeMulti Unit Housing
- NeighborhoodLehigh Valley
- Number of Units15
- Lot Size1.01 acres
- Price/Unit$ 110,000
- Year Built1930
- Excellent Unit Mix: 54% Two- and Three-Bedroom Units
- Private Entrances: 60% of Units have Private Entrances
- Occupancy: 100% Occupied
- Capital Improvements: New Windows; Roof Replaced and Paved Driveways and Parking Areas
- Location: Five Minute Drive to Interstate-78, Sands Casino and Downtown Bethlehem
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Monroe Street Apartments. The property consists of 15 total units made up of the Monroe Building (12 units) and a separate garden-style building (3 units) on the same parcel. In addition, there is a garage included in the offering that currently is under Lease for $1 per year through 2039.
The Monroe Building is a beautifully restored school house converted to a 15-unit apartment complex. It was originally built in 1891, and was later converted to apartments in the 1980s, when it underwent a gut renovation and new electrical, HVAC, and PVC plumbing were installed. Current Ownership renovated 11 of the 12 apartments in this building with Shaker-style kitchen cabinets with wine racks, granite countertops, subway tile back-splash, stainless steel appliances, new hardwood flooring throughout, and ceramic tile bathrooms. All windows were replaced in 2014. The Monroe Building contains an excellent unit mix consisting of four, one-bedroom units (33%), four, two-bedroom units (33%) and four, three-bedroom units (33%). Half of the units have private entrances, and currently the property is 100% occupied.
The three-unit, garden-style building adjacent to the Monroe Building underwent the same renovation program with the same finishes, and a new roof was installed in November of 2016. The property consists of three, one-bedroom apartments all of which have private entrances.
Monroe Street Apartments offer potential buyers the opportunity to acquire a stabilized asset in the highly-sought after Freemansburg borough which is on target to produce north of an 11% cash-on-cash return. Adjacent to the property is the Oak Street Development which was constructed in 2003. In this development, three-bedroom units rent for upwards of $1650, with tenants paying all utilities. Monroe Street Apartments offer new ownership a turn-key opportunity to acquire 15 units with high-end renovations and significant rental upside.
The property is situated in Freemansburg Borough, Pennsylvania. Freemansburg is less than a five-minute drive to Downtown Bethlehem, the 7th largest city in Pennsylvania, after Philadelphia, Pittsburgh, Allentown, Erie, Reading, and Scranton. Located about 50 miles north of Philadelphia and about 80 miles west of New York City, Bethlehem lies in the center of the Lehigh Valley, and was recently voted #4 Best Place to Retire (Forbes).
Only a four-mile drive to Interstate-78, Monroe Street Apartments is well served by its proximity to some of the area’s top employers including Lehigh University (three miles from property) and Sands Casino Resort (two miles from property). In addition, it is about a five-minute drive to Downtown Bethlehem and “Main Street” for shopping, restaurants and other amenities. Monroe Street Apartments is within the Bethlehem Area School District borders and is adjacent to Freemansburg Elementary School and Freemansburg Municipal Park. The property is within walking distance to the local police station and fire department house.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1014
Cell: (646) 712-7360
License: PA RSR001990
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