Multi-Family•Low-Rise/Garden•For Sale

Washington Street Commons

1401 Washington Street, Easton, Pennsylvania 18042

Sale Price $575,000
Sale Type Investment
Bldg Type Multi-Tenant
Year Built 1900
Year Renovated 2019
Stories 3
Vacancy 100%
Gross Bldg 6,460 SqFt
Land Area .09 Acres
Project Size 9
Market Lehigh Valley
Sub-Market Easton
Washington Street Commons is a 9-unit apartment building located in a high growth pocket of the Lehigh Valley. Situated in a federally designated Qualified Opportunity Zone, the property is within walking distance to Northampton Street and downtown Easton. The Property is conveniently situated near public transit; and residents also benefit from close proximity to major employers, schools, shopping, and dining options. Under current ownership, Washington Street Commons has experienced many non-revenue generating upgrades and replacements, including new Bradford White High efficiently boilers, plumbing upgrades, roof repairs, and life & safety improvements. With a significant amount of critical building upgrades already complete, a new owner can focus on eliminating minor deferred maintenance, managing cashflow, and increasing rents. The property's rents are SIGNIFICANTLY lagging the market by over 25%. The units are in solid condition, requiring minimal cosmetic effort to increase revenue. Many of the building’s peers along Washington Street are achieving over $250/month for similar quality units. Offered at an attractive in-place cap rate Washington Street Commons makes an excellent investment for a cashflow conscious investor in a market with strong appreciation and significant rent growth. With market rents averaging $890 and projected to grow another +/-6.5% through the next year, this opportunity will continue bringing increased cash flow while presenting incredible value add potential. - Qualified Opportunity Zone - Situated in the Southeastern Northampton County submarket; and strategically positioned within a short distance to burgeoning downtown Easton and the Main Street revitalization.
  • Easy value-add opportunity with rents below market (+/- 25%)
  • Easy to manage property
  • 6.5% recent annual rent growth
  • 5.7% recent annual home value growth
  • Only 3.2% market vacancy
  • Located in a Qualified Opportunity Zone
3/16/2020 6:34:20 PM 3/25/2020 7:19:11 PM
Antonio DiCianni
Commercial Brokerage | Investor | Engineer
Suburban City Group | KW Commercial


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