659 Broad St - Apartments FOR SALE


Emmaus, PA 18049
$3,700,000 USD
215-434-2229
659 Broad St, Emmaus, PA for Sale
$3,700,000 USD
Apartments - FOR SALE
1/22
null | Request Cap Rate

659 Broad St
Emmaus, PA 18049


OVERVIEW

Redevelopment opportunity in the Borough of Emmaus with approvals in place for conversion to a 55+ age-restricted multifamily apartment building. Former assisted living facility situated on approximately 0.71 acres (±30,971 SF lot) with an existing three-story structure built in 1922 and 2004. Project supports 28 approved residential units / 34 Beds (studio, one bedroom and two bedroom apartments) under applicable borough overlay/conditional use framework. The property is currently vacant, mid construction. Interior demolition, subfloor and framing are almost entirely complete. Electrical demo and temp service is in place. Major plumbing is in place. Certain building systems and infrastructure components are in place, including elevator, sprinkler system and smoke system control. Major electrical components including new pole, custom meter bank, ct box, apartment panels, service cable, and a large amount of wiring, receptacles, switches and boxes are included. New flooring for half of the apartments is included. All damaged windows have been replaced. Burglar system is installed and active. Construction manager, electrical and hvac contractors and construction crew are available to help complete the project. Buyer to complete renovation and stabilization. Emmaus represents a supply-constrained residential submarket within the Lehigh Valley with limited new multifamily inventory and challenging construction barriers. Property is located minutes from I-78, Route 29, and the PA Turnpike (476), providing regional access to Allentown, Bethlehem, and surrounding employment corridors. Offering presents opportunity for multifamily operator or redevelopment group seeking approved age-restricted housing product in established residential borough setting. Architectural and engineering plans, approval documentation and additional project materials available to qualified buyers. Contact listing agent for details and tour scheduling.

FOR SALE DETAILS

PRICE

$3,700,000 USD

PRICE/SF

$175 USD /SF

# OF UNITS

28

PRICE/UNIT

$132,143

CAP RATE

Request Cap Rate

% LEASED

0%

STATUS

Under Renovation

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1922

PARKING SPACES

30

LAND DETAILS

LAND ACRES

0.72 AC

LAND SF

31,363 SF

ZONING

R-HO

APN/PARCEL ID

549444729138-1

ASK ABOUT THIS PROPERTY

Kylie MillerSerhant Commercial PAMore Info
215-434-2229

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Kylie MillerSerhant Commercial PAMore Info
215-434-2229

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