353 Broad St - Apartments FOR SALE


Emmaus, PA 18049
$3,250,000 USD
646-712-7360
353 Broad St, Emmaus, PA for Sale
$3,250,000 USD
Apartments - FOR SALE
1/11
null | 7% Cap Rate

353 Broad St
Emmaus, PA 18049


HIGHLIGHTS

  • Boutique Value-Add Multifamily Asset: Opportunity to increase rents by 8% to 10% through light unit renovations and enhanced curb appeal
  • Desirable Unit Mix: The property consists of (31%) one-bedroom units and (69%) two-bedroom units
  • Prime Emmaus Location: Located in a highly sought-after suburban community and offering convenient access to downtown amenities
  • Strong Lehigh Valley Demand Drivers: Nearby employers including Lehigh Valley Health Network, St. Luke’s, Mack Trucks and More

OVERVIEW

Washington School Apartments is a 13-unit multifamily property with 11 on-site garages located at 347 Broad Street in Emmaus, Pennsylvania. The property is situated within one of the Lehigh Valley’s most desirable suburban communities, just off Emmaus’ vibrant Main Street corridor and within the highly regarded East Penn School District. Residents enjoy convenient access to Downtown Emmaus, local parks, restaurants, shopping, and major employment centers throughout the Lehigh Valley. Washington School Apartments consists of 13 units, including (4) one-bedroom/one-bath units with average in-place rents of approximately $1,386 per month and (9) two-bedroom/one-bath units with average in-place rents of approximately $1,691 per month, which is 8-10% below the market with similar units. The property also benefits from additional income generated by (11) garages, which carry high demand in the market. The apartment units have efficient layouts that appeal to a broad tenant base, including working professionals, small families, and downsizing residents. Current rents remain below projected market levels for comparable multifamily properties in the surrounding area, presenting investors with a clear opportunity to increase revenues through continued lease turnover, operational efficiencies, and light interior and exterior improvements that enhance unit quality and overall curb appeal as units become available. Located in Lehigh County, the property offers excellent regional accessibility via Interstate 78, Route 29, and Route 222, allowing residents convenient connectivity throughout the Lehigh Valley and Eastern Pennsylvania. Nearby demand drivers include Lehigh Valley Health Network, St. Luke’s University Health Network, Mack Trucks, and the region’s rapidly expanding logistics/distribution sector. In addition, Eli Lilly’s new manufacturing facility is expected to support job growth and housing demand across the Lehigh Valley Region. Washington School Apartments historically maintains occupancy of ±95% due to its attractive suburban location, functional unit layouts, and proximity to major employment hubs and lifestyle amenities. Washington School Apartments presents a compelling investment opportunity, anchored by durable in-place cash flow, diversified income streams, and continued upside through rental growth. For buyers seeking long-term stability and future NOI expansion, the Property offers a rare combination of dependable performance and strong positioning within a highly sought-after multifamily market.

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$307 USD /SF

# OF UNITS

13

PRICE/UNIT

$250,000

CAP RATE

7%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Washington School Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1910

PARKING SPACES

40

LAND DETAILS

LAND ACRES

0.73 AC

LAND SF

31,799 SF

ZONING

R-HO

APN/PARCEL ID

549465551079-1

ASK ABOUT THIS PROPERTY

Luke DeLucaGREAMore Info
646-712-7360

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Luke DeLucaGREAMore Info
646-712-7360

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.