Search Results

528 North New Street

Home » All Multifamily Properties » New York & Tri-State » 528 North New Street

Address: 528 N New St, Bethlehem, PA 18018, USA

New York & Tri-State + Apartment Buildings

Created date: September 5, 2023

Date last updated: September 20, 2024

Conversion from Office to Apartments: Property Repurposed with New Plumbing, Electrical, and HVAC
Opportunity to Increase Rents: In-Place Rents are 15% - 20% Below Market with No CapEx Required to Achieve Rental Increase
Excellent Location: Situated in Highly Sought-After Historic District of Downtown Bethlehem
Well Constructed: Double Wall Construction and Suspended 5/8" Drywall Ceilings Throughout for Sound Rating
Premium Finishes: Custom Cabinetry, Granite Countertops, Wood Plank Flooring, and Stainless Steel Appliances

Property Description

The Dodson Building is a 21-unit luxury apartment community located in Downtown Bethlehem, Pennsylvania. This area is well known as the Historic District of Bethlehem and is highly sought-after due to its close proximity to employers, shops, bars, and fine dining. Originally built in 1915 as a five-story, 32,000 SF corporate office building for the Lehigh Coal & Navigation Company, The Dodson Building was repurposed into a luxury rental community in 2014 by Allied Building Corporation. The property boasts an outstanding unit mix of (57%) one-bedroom units ranging from 703 to 782 square feet, and (43%) two-bedroom units at 1,033 to 1,248 square feet.The five-story building was repurposed with all new plumbing, HVAC, and electrical. Each unit features high-end finishes with energy-efficient stainless-steel appliances and granite countertops in the kitchens with custom cabinetry and finishes. The bathrooms were renovated with high-end finishes as well. There is a full-size washer/dryer in all two-bedroom units. Tenants are responsible for electricity, heat, and hot water.The Dodson’s outstanding finishes and premium location result in ±95% occupancy and a strong tenant base. Due to the quality of the product the apartments offer, current rents can be increased upwards of 15% without any needed capital expenditures.The Dodson Building is a unique opportunity to acquire a high-end residential building in the heart of Downtown Bethlehem. The property offers a new owner the opportunity to increase rents and provide an effective cash-on-cash return with minimal work needed.

Available

Request Information

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$6,200,000
No. of Units:	21
Average Occupancy:	6.14%
Year Built:	2014
Lot Size:	29,890.00 Sq ft
Opportunity Zone:	No
Price per unit:	$295,238
Property Website	Click Here