628 S Fawn Street
Property Description
Fully occupied 12-unit garden-style apartment building built in 1985, currently generating $206,040 in actual annual gross income and $159,742 in actual annual net income. The property features twelve 1-bedroom apartments across three floors, offering a consistent and desirable unit mix in the heart of the Lehigh Valley. Unlike many older multifamily buildings in the area, this property benefits from more modern construction, layouts, and building systems, helping reduce long-term maintenance concerns. The seller has invested nearly $100,000 in improvements recently. All three floors of interior hallways have been updated with new carpeting, fresh paint, and lighting. Most apartments have received new appliances, while many units have undergone significant renovations, including updated kitchens, new countertops, cabinets, vinyl plank flooring, and fresh paint. Tenants pay their own electric and heat, with separate electric baseboard heating in each apartment. This eliminates the need for the owner to maintain or replace a central heating system, helping keep operating expenses low. The property also offers coin-operated laundry on-site, with two recently replaced machines, providing additional income beyond apartment rents. Located in South Allentown, a core Lehigh Valley location, the property offers convenient access to Route 309, I-78, Lehigh Valley Hospital-Cedar Crest, St. Luke's, and major employment centers throughout the region. The surrounding area benefits from strong rental demand driven by healthcare, logistics, retail, and other major employers. With full occupancy, nearly $100,000 in recent improvements, tenant-paid heating, additional laundry income, and room for rent growth, this property is an excellent opportunity for investors looking to acquire a larger, well-maintained multifamily asset with strong cash flow and long-term potential in the Lehigh Valley.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,049,000 |
| No. of Units: | 12 |
| Year Built: | 1985 |
| Lot Size: | 8,004.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $170,750 |
| Property Website | Click Here |
| Number of Bedrooms: | 12 |
| Number of Bathrooms: | 12 |
ID: 3yd-LVARPA-786693
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
105 2nd Street
Slatington Boro, Pennsylvania
8610 EVERGREEN PL #201
PHILADELPHIA, Pennsylvania
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout