Allentown Mixed-Use

142-144 North 7th Street Allentown, PA 18101

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Property Details

  • Price$ 1,250,000
  • Property TypeMulti Unit Housing
  • NeighborhoodLehigh Valley
  • Number of Units10
  • Lot Size0.10 acres
  • Price/Unit$ 125,000
  • Price/Bedroom-
  • Year Built-

Investment Highlights

  • 4 of 5 Apartment Units Renovated (2nd-3rd Floors); 3 New Apartment Units (4th Floor)
  • (2) Streel-Level Commercial Tenants with Long-Term Leases on Highly-Trafficked North 7th Street
  • Within Blocks of Hamilton District, the Downtown Commercial and Cultural Heart of Allentown
  • Located within the Borders of Neighborhood Improvement Zone
  • Easy Access to Route 22 (Lehigh Valley Thruway) and Routes 222 and 309 as well as Interstates 78 and 476

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 142-144 North 7th Street, a mixed-use property situated in the heart of Allentown’s booming center city. The property consists of eight apartments and two commercial units.

Built in 1900, 142-144 North 7th Street is a gorgeous four story walk-up that boasts a classic style and historic feel. The property features (2) glass storefronts on highly-trafficked North 7th Street. Four of the five units on the second and third floors have been partially renovated, and three new units have been added on the fourth floor. The residential area features spacious one- and two-bedroom open-concept units. They have been recently remodeled to offer large beautifully arranged kitchens with an island, which transitions into the living room space. All of the apartments offer hardwood flooring throughout with large closets.

The property is located within the borders of the Neighborhood Improvement Zone (NIZ). The NIZ was created by state law in 2009, and has spurred over one billion dollars in development to Allentown. The subject property is situated one block from the epicenter of Allentown’s redevelopment efforts. This area is known to be the commercial district and cultural heart of the Lehigh Valley. The Hamilton District boasts unique ethnic restaurants, a historical arts district, and store-front businesses which make for a vibrant center for activity. Residents and visitors alike discover a wide array of taste, culture, entertainment and history. The Hamilton District Main Street Program consists of the area from 5th Street to 12th Street, and from Walnut to Linden Streets, and is supported by adjoining city neighborhoods and the riverfront. Popular restaurants such as The Dime, The Hamilton Kitchen, ROAR Social House, Queen City BBQ, Centro, Grain and Allentown Brew Works add to local favorites. Other attractions include Allentown Symphony Hall, the Allentown Art Museum and Arts Park. The Hamilton District is also home to many treasures including the PPL Center, Tucker’s Yarn, Studio 606 and Youth Education in the Arts.

Residents of 142-144 North 7th Street enjoy convenient access to Routes 22 and 309 that feed into Interstate-78, PA Route 222 and Interstate-476. Further, a mass transit stop is about one block from the subject property. In addition, its location is in close proximity to many of Lehigh County’s top colleges and universities including: Muhlenberg College; Cedar Crest College; Penn State Lehigh Valley; Lehigh University; DeSales University; and Lafayette College. Further, many of the area’s top employers are nearby including: Lehigh Valley Hospital; Lehigh International Airport; Scared Heart Healthcare System; and Sands Casino Resort.

Offering Memorandum


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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
ken@rittenhouserealty.com

Luke DeLuca
Tel: (215) 454-2852 EXT 1014
Cell: (646) 712-7360
License: PA RSR001990
luke@rittenhouserealty.com

Mark Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
mark@rittenhouserealty.com



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