• 724 Pine St, Easton, PA 18042

For Sale

Multi-Family

For Sale

This property is available for sale
26,146
SF
$1,400,000
Sale Price
  • Overview

    Scattered rental portfolio highly concentrated in downtown historic Easton with most properties within a half mile from one another. Suburban City Group is pleased to exclusively offer for sale a 23-unit rental portfolio concentrated in vibrant downtown Easton, PA. Downtown Easton is located at the easternmost part of Lehigh Valley along the Delaware River. Named as the county-seat, Easton is historically recognized and continues to play a big role in the MSA's exciting growth. As the third largest MSA in the state, the area serves as a distribution and manufacturing hub, attracting major employers including Amazon, Air Products, PPL Corp, Morgan Stanley, Bosch Rexroth, ADP, Hartford Insurance, Coca-Cola, BMW, and FedEx among many others. The rental portfolio is comprised of turnkey investment properties located primarily in Downtown Easton, concentrated within several blocks of each other. This 19-property portfolio offers an investor immediate cashflow in the Lehigh Valley market with minimal vacancy and incredible upside. This portfolio can be packaged with several other Suburban City Group Lehigh Valley offerings to further bolster a new owner's market presence and operating efficiencies. The portfolio's average unit bedroom count is 2.9 beds, with an average of 1,225 square feet per unit. There are 17 single-family-residential rentals, 1 residential duplex, 1 residential triplex, and 1 mixed-use asset. These easy to manage properties are located within blocks of each other; the majority of which have direct access to public transit and walkability to downtown shopping, restaurants, and entertainment. Residential rental rates throughout the portfolio average $862/month, approximately 10.2% below the low end of comps. With rents in the MSA averaging $1,297 and projected to grow another 6.5% through 2019, this opportunity will continue bringing increased cash flow while presenting incredible value add potential. This 23-unit rental portfolio is listed at only $47 per square foot, compared to the median list price of $66+ per square foot in the Easton market. The Easton market continued to experience exceptional appreciation, with the current median home list price of $135,000, which is 83.2% higher than the asking price of portfolio at $73,684 per property. Offered at an attractive 8.2% in-place cap rate with individual property values well-below comps, the portfolio makes an excellent investment for a cashflow conscious investor in a market with strong appreciation. Easton home values have gone up 5.7% over the past year and are predicted to rise another 2.8% within the next year.

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Property Details

Scattered rental portfolio highly concentrated in downtown historic Easton with most properties within a half mile from one another. Suburban City Group is pleased to exclusively offer for sale a 23-unit rental portfolio concentrated in vibrant downtown Easton, PA. Downtown Easton is located at the easternmost part of Lehigh Valley along the Delaware River. Named as the county-seat, Easton is historically recognized and continues to play a big role in the MSA's exciting growth. As the third largest MSA in the state, the area serves as a distribution and manufacturing hub, attracting major employers including Amazon, Air Products, PPL Corp, Morgan Stanley, Bosch Rexroth, ADP, Hartford Insurance, Coca-Cola, BMW, and FedEx among many others. The rental portfolio is comprised of turnkey investment properties located primarily in Downtown Easton, concentrated within several blocks of each other. This 19-property portfolio offers an investor immediate cashflow in the Lehigh Valley market with minimal vacancy and incredible upside. This portfolio can be packaged with several other Suburban City Group Lehigh Valley offerings to further bolster a new owner's market presence and operating efficiencies. The portfolio's average unit bedroom count is 2.9 beds, with an average of 1,225 square feet per unit. There are 17 single-family-residential rentals, 1 residential duplex, 1 residential triplex, and 1 mixed-use asset. These easy to manage properties are located within blocks of each other; the majority of which have direct access to public transit and walkability to downtown shopping, restaurants, and entertainment. Residential rental rates throughout the portfolio average $862/month, approximately 10.2% below the low end of comps. With rents in the MSA averaging $1,297 and projected to grow another 6.5% through 2019, this opportunity will continue bringing increased cash flow while presenting incredible value add potential. This 23-unit rental portfolio is listed at only $47 per square foot, compared to the median list price of $66+ per square foot in the Easton market. The Easton market continued to experience exceptional appreciation, with the current median home list price of $135,000, which is 83.2% higher than the asking price of portfolio at $73,684 per property. Offered at an attractive 8.2% in-place cap rate with individual property values well-below comps, the portfolio makes an excellent investment for a cashflow conscious investor in a market with strong appreciation. Easton home values have gone up 5.7% over the past year and are predicted to rise another 2.8% within the next year.

  • Property Type
    Multi-Family
  • Sale Price
    $1,400,000
  • Total Building Size
    26,146RSF
  • Sale Status
    Available
  • Property ID
    2084448

Landlord's Sales Representatives

  • glenn@suburbancitygroup.com
    KW Commercial
     
  • Antonio DiCianni
    Accel Commercial RE