521 Walnut Street

Allentown, PA 18101

$379,000
Price
5
Beds
4
Baths
2,564 Sq. Ft.
$148 / Sq. Ft.
2,564
Sq. Ft.
$148
per Sq. Ft.

Description

3-unit recently renovated apartment building for rent in desirable downtown Allentown. This building sits in a prime location that is currently being under-utilized. The front building has two units - unit one is a studio/one bedroom apartment that is currently leased, ending mid-April 2025. Unit two is currently month to month. The rear two-story building holds a large garage with separate entrances that is not currently leased. The upstairs unit is set up as an apartment and currently zoned as...3-unit recently renovated apartment building for rent in desirable downtown Allentown. This building sits in a prime location that is currently being under-utilized. The front building has two units - unit one is a studio/one bedroom apartment that is currently leased, ending mid-April 2025. Unit two is currently month to month. The rear two-story building holds a large garage with separate entrances that is not currently leased. The upstairs unit is set up as an apartment and currently zoned as a commercial unit by the City. It has a tenant and a back-up tenant for the space. This property has great potential to substantially increase its value due to its location, current rents, utility charges and the explosive growth in downtown Allentown. There are a total of four income streams for this property. This is CURRENTLY a 9.5 CAP RATE with garage rented and room to grow!
  1. Listed by Lenore J. Mohr • Keller Williams Northampton

Property Details for 521 Walnut Street

Area
Allentown-Central
Sub division
Not in Development
LISTING UPDATED: 01/02/2025 01:42 PM

Property Details for 521 Walnut Street

StatusAvailable
MLS #750467
Days on Market6
Taxes$5,246 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti-Family / Apartment Style
Year Built1901
CountyLehigh County

Building Information for 521 Walnut Street

Building/Complex521 Walnut StFloor-Stories3Residences3Pet Policy-Year Built1901Building Size-

Property Information for 521 Walnut Street

Summary
Location and General Information
  • Directions: PA-145 South, past 7th Street. Turn LEFT onto Walnut Street, park in front of building.
  • School District: Allentown
Parking
  • Garage: Detached
  • ParkingSpaces: 1
Taxes and HOA Information
  • Association: Lehigh Valley MLS
  • County Taxes: $606.31
  • Lawn Snow Removal: $0
  • Maintenance Repair: $1,000
  • Management: 0
  • Municipal Taxes: $1,008.14
  • School Taxes: $3,631.97
  • Total Taxes: $5,246.42
Property
Lot Information
  • Acres: 0.051
  • APN: 640720024878001
  • Lot Dimensions: 17.65x125
  • Zoning Code: B-2-CENTRAL BUSINESS
Property and Assessments
  • County Assessment: $160,400.00
  • Property SubType Category: Apartment Style, Detached, Mixed Use
  • Adult Comm 55 Over: No
Utilities
  • Cooling: Window ACs
  • Electric: 349
  • Gas: $0
  • Sewer: Public
  • Water: Public
  • Water Sewer: 1600
Interior and Exterior Features
Exterior Features
  • Construction: Brick
Interior Features
  • Baths: Semi Modern
  • Heat: $0
  • Heat Type: Electric, Gas
Multi Family
Multi-Family Information
  • Gross Income: $45,360.00
  • Insurance: $1,095
  • Net Income: $36,070.00
  • Operating Expense: $9,290
  • Other Expenses: $0
  • Trash Removal: 0
  • Total Unit Count: 4
  • Total Units: 3
Unit 1
  • Unit Total1 Bedroom: 1
Unit 4
  • Unit Total4 Bedrooms: 1

Property History for 521 Walnut Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 521 Walnut Street

Taxable ValueLand$15,400Additions$145,000Total$160,400
Tax Record2024$5,246 ($437 / month)
Home Facts
Baths4Total Finished SqFt1,970 SqFtAbove Grade Finished SqFt1,970 SqFtStories3Lot Size2,212 SqFtStyleOffice BuildingYear Built1901ZoningB-2CountyLEHIGHAPN640720024878-1

Schools near 521 Walnut Street

This home is within Allentown City School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

South Mountain Middle School
Public6 to 8

William Allen High School
Public9 to 12

Building 21 Allentown
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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521 Walnut Street is a multi-family home for sale in Allentown, PA 18101. This property was listed for sale on January 2, 2025 by Keller Williams Northampton, it's currently listed at $379,000. It has been on the market for a total of 6 days and was last sold on April 22, 2021. This listing's school district is Allentown City School District. Nearby schools include Roosevelt Elementary School, South Mountain Middle School and William Allen High School. 521 Walnut Street is a 5-bed, 4-bath, 2,564 sqft multi-family home built in 1901.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Northampton

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.