624-626 N MAXWELL ST, Allentown, PA 18109

Property Description

The residential component of this offering includes eight apartments: four 1-bedroom units and four 2-bedroom units. Tenants are responsible for their own electricity, which covers both cooking and hot water. Additionally, the two lower-level units also pay for their own heat, while the owner provides heat for the remaining six apartments, as well as water, sewer, and trash service for all eight units. Recent upgrades include the installation of a high-efficiency, gas-fired, direct-vent condensing boiler (Evergreen Series EVG-299, 95.5% AFUE) with outdoor reset control, along with baseboard electric heaters in the two lower-level units. Five of the eight apartments have been renovated, offering a value-add opportunity for a new owner to renovate the remaining three and increase rental income. The commercial portion of the property is currently leased to La Esquina de Jorge Restaurant. The lease includes 3% annual rent increases (the next scheduled increase begins August 1, 2025) and requires the tenant to cover all maintenance and utility expenses, except for water/sewer, which is billed back at $75 per month.

Listing Status:

Active

Listing Office:

Coldwell Banker Hearthside - Bethlehem : 6109369953

Listing Agent:

Dan Russoli : 6104174788

MLS ID:

PALH2012416

Interior

• A/C: Window Unit(s)
• Heating: RadiatorNatural Gas
• Disability Feature: None

Construction

• General: Brick

Location

• Originating MLS: BRIGHT_MAIN
• School District: ALLENTOWN
• County: LEHIGH-PA

Lot

• Zoning: B-3641706985690-00001

Utilities

• Water: Public
• Sewer: Public Septic

Financial

• Source: BRIGHT_MAIN

This listing courtesy of Dan Russoli, Coldwell Banker Hearthside - Bethlehem