624-626 N MAXWELL ST Active Save Request In-Person Tour Request Virtual Tour
Allentown,PA 18109
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID PALH2012416
Year Built 1914
Annual Tax Amount $12,846
Tax Year 2024
Lot Size 9,017 Sqft
Property Sub-Type Mixed Use
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.
Location
State PA
County Lehigh
Area Allentown City (12302)
Zoning B-3
Interior
Hot Water Electric
Heating Radiator
Cooling Window Unit(s)
Exterior
Garage Spaces 12.0
Water Access N
Building
Sewer Public Septic
Water Public
New Construction N
Schools
School District Allentown
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard