Dodson Building Apartments 528 N New St 21 Unit Apartment Building $6,200,000 ($295,238/Unit) 6.14% Cap Rate Bethlehem, PA 18018

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 electric, 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 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.