528 North New Street

For Sale

528 North New Street, Bethlehem, PA 18018

This Bethlehem property for sale is located at 528 North New Street. The current listed sale price for 528 North New Street is $6,200,000.

Contacts

broker

Ken Wellar

GREA

(215) 454-2879

broker

Corey Lonberger

GREA

(215) 454-2878

broker

Luke DeLuca

GREA

(215) 989-4440

broker

Brian Gola

GREA

(484) 881-1783

broker

Douglas Emrich

GREA

(215) 454-2889

Property Details

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.

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Highlights

  • 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

Getting around

  • 85/100

    Walk Score ®

  • 43/100

    Transit Score ®

  • 63/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Bethlehem, PA
  • Neighborhood Central Bethlehem
  • Zip Code 18018
  • Market Allentown Bethlehem

Points of Interest

  • Lehigh Valley Transportation Services

    1.72 miles

  • Cedar Creek Station

    8.54 miles

  • Zephyr Station

    8.76 miles

  • Taylor Family Fuel

    0.48 miles

  • Sunoco

    0.55 miles

  • Speedway

    0.60 miles

  • Wawa

    0.85 miles

  • Shell

    0.87 miles

  • Gulf

    0.88 miles

  • Gulf

    0.89 miles

  • Citgo

    1.02 miles

  • Exxon

    1.21 miles

  • Friedman's Service Center

    1.36 miles

  • Walnut Street Garage

    0.28 miles

  • 55 E Broad Street Lot

    0.29 miles

  • Lot U

    0.34 miles

  • Lehigh Riverport Garage

    0.38 miles

  • Spring Street Lot

    0.40 miles

  • North Street Garage

    0.42 miles

  • Lehigh Street Lot

    0.42 miles

  • Main Street Commons Parking Deck

    0.43 miles

  • Third & Webster Lot

    0.43 miles

  • Third & Taylor Lot

    0.44 miles

  • Bethlehem Inn

    0.18 miles

  • Historic Hotel Bethlehem

    0.34 miles

  • Hyatt Place

    0.38 miles

  • Comfort Suites

    0.56 miles

  • Sayre Mansion

    0.62 miles

  • Fifth Street Hotel

    0.75 miles

  • Candlewood Suites Bethlehem South

    1.52 miles

  • Holiday Inn Express

    2.63 miles

  • Extended Stay America - Allentown - Bethlehem

    2.98 miles

  • Sonesta ES Suites Allentown Bethlehem Airport

    3.11 miles

  • C-Town

    0.47 miles

  • Linden Food Market

    0.58 miles

  • Ahart's Market

    0.76 miles

  • Sims Quality Market

    0.85 miles

  • PriceRite

    1.32 miles

  • Valley Farm Market

    2.10 miles

  • Weis

    2.10 miles

  • Marshalls

    2.37 miles

  • Big Lots

    2.39 miles

  • Frey's Better Foods

    2.64 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

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