Apartment Building Development Opportunity in Bethlehem | 810 Monocacy

By
Managing Real Estate Broker with Keller Williams Real Estate PA# AB066822 | TN# 344201
https://activerain.com/droplet/5lCB

Apartment buildings are a popular investment these days, and for good reason.  The population is growing across most of the nation, and more people are choosing to rent.  In Bethlehem, Pennsylvania, there is strong demand for apartment housing near the Center City area and the nearby colleges (Moravian and Lehigh in particular).  

Our latest listing gives investors and developers the opportunity to turn a blighted building with a long, storied history into a modern marvel.  The building at 810 Monocacy Street in Bethlehem was the site of Uhl's Brewery for decades.  The four story structure was designed to help beer flow downward as it was created.  Sometime after Uhl's Brewery departed in 1941, Miller Wholesale Company occupied the space.  In recent years, the grounds became vacant.

Another great benefit for developers and investors is that there are three - yes, three - tax savings programs that the owner could qualify for.  

  1. Local Economic Revitalization Tax Assistance (LERTA).  When a developer improves the property, the tax assessment will go up.  LERTA allows the owner to save on the increase in taxes over a 10 year period.  
  2. Opportunity Zone.  Created by The Tax Cut and Jobs Act of 2017, investors can defer taxes on capital gains by investing that money into property within the Opportunity Zone.  More information can be seen here:  https://www.bethlehemopportunityzone.com/  
  3. Enterprise Zone.  Pennsylvania provides tax credits to those who renovate properties within the Enterprise Zone.  More information can be seen here:  https://dced.pa.gov/programs/neighborhood-assistance-enterprise-zone-tax-credit-napezp/

This property is located in North Bethlehem, just a five-minute walk from Center City Bethlehem and only a few blocks from Moravian College.  There is an initiative called Northside 2027, which is a push to revitalize the Northside Neighborhood.  More infomation can be seen here:  https://www.northside2027.org/

The Lehigh Valley is a burgeoning metropolitan area.  Numerous Fortune 500 companies operate here, and there are major colleges like Lehigh University, Lafayette College, Penn State Lehigh Valley, Moravian College, Cedar Crest College, and others.  Situated within a two hour drive of New York City and a one hour drive to Philadelphia, there are high income jobs in the major cities and also within the Lehigh Valley.

The building at 810 Monocacy Street includes a two-story former office, an attached section with a loading dock and overhead door, and an attached four-story structure.  The largest part is the four-story side, which features 13 to 20 foot high ceilings.  The highest and best use is likely conversion to apartments.  The property is zoned CL - Limited Commercial.  However, a multi-dwelling use must conform to RT - Residential requirements.  Permitted uses include multi-family dwelling, group home, auditorium, bakery, bed and breakfast, artisan's studio, custom printing, club, bank, flea market, funeral home, laundromat, office, recording studio, appliance service, restaurant, shopping center, trade school, or veterinarian office.

This project will require a substantial amount of capital and ingenuity to complete.  Our sense is that the City of Bethlehem would welcome a renovation of this formerly glorious building.  Don't wait - this one will get a lot of attention!

 

 


 

Tai and Amira DeSa of Keller Williams Real Estate used to live near this listing, so we are biased in favor of this great neighborhood!  You can call us at 610-435-1800 (office) or at 484-626-1278 (cell), or send an email to taidesa@kw.com or amiradesa@kw.com.  We love transforming lives through real estate while taking care of our infant twin girls.  #diapersandrealestate  lehighvalley.kw.com/

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Tags:
apartments
real estate investor
bethlehem
real estate development
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lehigh university
obt
opportunity zone
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810 monocacy
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128 w union
uhls brewery
miller wholesale
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Tai,  Congratulations on this great listing.  What a fantastic opportunity for investors.  I am sure you will have an offer soon.

Dec 07, 2019 05:51 PM #1
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Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

What a find for an investor with a vision looking for a development opportunity with tax incentives in North  Bethlehem PA .  

Dec 10, 2019 06:36 PM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Tai DeSa this property is an excellent opportunity for the right Buyer.  Congratulations on the listing.

Dec 15, 2019 01:22 PM #3
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Tai DeSa

Husband and wife team. #diapersandrealestate
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