123 North 2nd Street
Commercial real estate listings in 3730 William Penn Highway, Easton, PA, USA
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Listing was updated on: 12/02/2022
Price: 3200000.00
location icon 123 North 2nd Street, Easton, PA
Mixed use for Sale
from December 02, 2022
Description

123 North 2nd Street is a newly-renovated 19-unit apartment building situated in Easton, Pennsylvania. Easton is located within the Lehigh Valley Region which has recently seen National recognition for its continued growth over the past five years - ranking 65th out of the 384 largest metropolitan statistical areas in the United States. With more than 500 new Class-A luxury units planned for development in Easton, the desire to live in the city has never been stronger. As demand continues, new restaurants and attractions continue to open in the area and rents continue to climb. Much of the reason Easton is highly sought after is that it sits strategically at the confluence of three rivers – Delaware, Bushkill, and Lehigh. This creates a beautiful landscape for residents to enjoy. In addition, Easton was one of the only three locations to witness a public reading of the Declaration of Independence in 1776, leaving no surprise that the city is filled with beautiful and historic architecture.

Built in 1900, 123 North 2nd Street is a three-story brick building with an elevator. The building offers a unit mix of 16 one-bedroom units and 2 studios. In addition, the property houses a 908 SF leased commercial space. The property is located only two blocks from Easton’s Center Square, the heart of the downtown district, making it just a short walk from some of the best restaurants and shops in the Lehigh Valley Region. Current ownership has renovated 15 of the 18 apartment units (see list of Capital Improvements/Renovations, page 23). A new owner could renovate the remaining three units and increase rents to market. There is a large 20-space parking lot in the back half of the parcel offering the benefit of on-site parking to tenants and a potential future development opportunity for a buyer. Apartment tenants are responsible to pay for their own electricity and heat, while the owner is responsible for the hot water, cold water, and sewer.

The property is conveniently located near Routes 22 and 33 as well as I-78 providing tenants easy access to jobs and entertainment throughout the Lehigh Valley Region. In addition, the close proximity to major roadways leaves less than an hour and a half drive to both Philadelphia and New York City. For tenants without cars, Easton is a very walkable neighborhood with plenty of amenities.

123 North 2nd Street provides the opportunity to purchase a near turnkey property producing a strong return in a market experiencing continued expansion and strong rent growth. The debt in place on the property at 123 North 2nd Street is assumable.

The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.