OZ 10-Unit Development Opportunity - $3,000,000 (On Market)
Address: 302 Barber St, Allentown, PA 18103
List Price: $3,000,000
Property Type: Vacant Land, Opportunity Zone, Development
Year Built: 2022
Year Renovated: N/A
Building Size: 1,505 SF each
Price Per Square Foot: $199.33/SF, $300,000 Per Unit
Lot Square Footage: 5.68 Acres
Occupancy: Vacant
Frontage: N/A
Units: 10
Cap Rate: 7.11%
Remarks:
WE HAVE ONLY 10 LEFT FOR THIS YEAR! THEN ANOTHER 25-30 NEXT YEAR! WE ARE SELLING IN PACKS OF 5/10 AND MORE! The Subject Property is an assemblage of seven parcels that total 5.62 acres of land. The site is fully approved for the development of 50 units consisting of 50 single-family townhouses. The location of the homes allows the homes to be sold as rentals. The tenants will be responsible for all utilities, their own lawn-care, snow removal, and there are no common areas that will need to be maintained by ownership other than the area designated for stormwater management. The approved plans consist of a 1505 (+/-) SF single-family townhouse having plus a one-car built-in garage. The homes will have 3 bedrooms with 2 baths. These units will have an unfinished basement. The projected rents of $2400 - $2600, per month, is supported by the market. The average rent used for financial analysis is $2500 per month. The Lehigh Valley consists of three primary cities, Allentown, Bethlehem, & Easton, with Allentown being the largest of them. This sub-market is the third-largest metropolitan in Pennsylvania. The growth centers around technology-based logistics, manufacturing, and medical. The area is also ideally located with direct thoroughfares to New York City, Philadelphia, and Harrisburg which supports the industrial & manufacturing industries.
Interested in investing in this property?
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