506 Northampton St
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506 Northampton St
7 Unit Apartment Building $1,595,000 ($227,857/Unit) 6.34% Cap Rate Easton, PA 18042
Investment Highlights
- Opportunity to Add High-End Finishes for Increased Value. Rental comparables support demand for higher-level finishes in the area.
- Projected 23-29% AAR and 8-9% CoC Return. Finish our business plan by renovating units to capture local demand for high-end fit/finishes.es.
- Existing Lease Schedule Allows for Buyer Flexibility. All leases due for renewal by July 2025, allowing flexibility for buyer.
- Renovation of Units Can Increase Rents by 20-25%. Improve Gross Scheduled Rent from $11,320 to $14,050 (based on Sep rental comps, see OM).
- Realistic Renovation Budget of $20-25k per Unit. Pro Forma includes renovations for 4 units and lighter updates for 2 units at $5-10k each.
- Located two blocks from the Downtown Easton Circle on Northampton Street.
Executive Summary
Excellent value-add opportunity. For sale by owner, we just need to exit before fully running our business plan to free up capital for other projects. Proposed business plan is to renovate units to match the B+/A- fit/finishes in neighboring rentals/comparables. Clear path to increase monthly rental income from ~$11k/mo. to ~$14k/mo. (see our rental comparables and pro forma by accessing the offering memorandum by registering/inquiring). Capturing this $36k revenue bump should net you a $450-$515k value increase at a 7-8% cap rate.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | $1,420 | 650 - 1,050 |
| 3+1 | 1 | $1,545 | 1,050 |
| Studios | 1 | $3,700 | 2,700 |
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Walk Score ®
Walker's Paradise (93)
PROPERTY TAXES
| Parcel Number | L9SE2A 14 10 0310 | Improvements Assessment | $51,600 |
| Land Assessment | $26,100 | Total Assessment | $77,700 |
PROPERTY TAXES
Parcel Number
L9SE2A 14 10 0310
Land Assessment
$26,100
Improvements Assessment
$51,600
Total Assessment
$77,700
zoning
| Zoning Code | BRI |
| BRI |
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Decimal Ventures
506 Northampton St
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