926-928 Walnut Street 926 W Walnut St 10,698 SF 100% Leased Retail Building Allentown, PA 18102 $2,442,860 CAD ($228.35 CAD/SF) 7.53% Cap Rate

926 - 928 West Walnut Street is a 14-unit apartment property strategically located in the heart of Center City, Allentown, Pennsylvania. The Property comprises (8) one-bedroom/one-bath units averaging $987 per month in rent and (6) two-bedroom/one-bath units averaging $1,177. Currently, a one-bedroom unit (Unit #1 at 926 Walnut Street) is rented as a commercial unit. Further, the asset includes (2) large garages that are leased well below market rates and present further revenue potential through releasing or repositioning.
Current average rents across the Property are ±$1,125 per unit, well below market for the area. With interior renovations, common area improvements, and exterior upgrades, rents could be raised to approximately $1,400 per unit per month, bringing the Property in line with comparable product in the market. Even at this projected rent level, the building would remain more affordable than similar properties nearby, offering a combination of value, stability, and long-term appreciation.
Allentown has become one of Pennsylvania’s fastest-growing and most dynamic cities, driven by over $1 billion in public and private investment. The downtown core has experienced a remarkable revitalization, with new Class A multifamily, retail, office, and entertainment developments reshaping the urban landscape and fueling population growth, job creation, and tenant demand.
926 - 928 West Walnut Street sits steps from one of Center City’s newest mixed-use developments, positioning it at the heart of Allentown’s continued transformation. While the surrounding neighborhood has benefited from significant new investment, the Property’s full potential remains untapped, providing the next owner with a clear opportunity to unlock value through renovations and strategic repositioning. With its prime location and proven market fundamentals, this asset represents a unique opportunity for investors seeking both stability and growth in a revitalized urban core.