266 E Walnut St Allentown, PA 18109
Rittersville NeighborhoodEstimated payment $4,958/month
About This Home
6-Unit Investment Property | 13 Bedrooms | $85K+ Gross Annual Income
Turnkey 6-unit multifamily asset in East Allentown offering over 5,200 square feet of income-producing real estate. Built in 1910 and situated on a 0.138-acre lot, this fully leased brick property features 13 total bedrooms across six spacious units — a mix of 2- and 3-bedroom layouts — with leases in place and some units on month-to-month for added flexibility.
Tenants cover gas heat via RUBS (Ratio Utility Billing System), and five of six units also pay water/sewer, keeping operating expenses lean. Property generates a gross annual income of $85,448 with net income of $60,552 and low owner-paid utilities (only one unit not on RUBS). Recent annual expenses total approx. $22,372, including taxes, management, and maintenance.
Investment Highlights:
• Gross Scheduled Income: $85,448
• Net Operating Income (NOI): $60,552
• 6 Units / 13 Bedrooms
• Off-Street Parking for 8+ Vehicles
• Fully Occupied with Reliable Rental History
• RUBS Utility Billing | Brick Construction | Stable Cash Flow
Perfect for investors seeking immediate returns and long-term equity growth in the heart of Allentown. Showings by appointment only due to tenant occupancy.
Current property management company is offering a discount if new buyer stays in management.
Property Details
Home Type
- Condominium
Est. Annual Taxes
- $8,681
Year Built
- Built in 1910
Home Design
- Brick or Stone Mason
Interior Spaces
- 5,280 Sq Ft Home
- 3-Story Property
Bedrooms and Bathrooms
- 13 Bedrooms
- 6 Full Bathrooms
Parking
- On-Street Parking
- Parking Lot
- Off-Street Parking
Utilities
- Heating Available
Community Details
Overview
- 6 Units
Building Details
- Electric Expense $500
- Gardener Expense $715
- Insurance Expense $2,650
- Maintenance Expense $2,488
- Professional Management Expense $6,839
- Water Sewer Expense $500
- Operating Expense $22,372
- Gross Income $85,448
- Net Operating Income $60,552
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/23/2025 07/23/25 | Off Market | $795,000 | -- | -- |
| 07/14/2025 07/14/25 | Pending | -- | -- | -- |
| 06/21/2025 06/21/25 | For Sale | $795,000 | +63.9% | $151 / Sq Ft |
| 12/15/2020 12/15/20 | Sold | $485,000 | -3.0% | $92 / Sq Ft |
| 10/24/2020 10/24/20 | Pending | -- | -- | -- |
| 10/15/2020 10/15/20 | For Sale | $500,000 | -- | $95 / Sq Ft |
Source: Greater Lehigh Valley REALTORS®
MLS Number: 759320
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