Over the past handful of years, apartment building construction has beem booming, especially in the Northeast United States. There has also been a wave of investors renovating former warehouses and other commercial properties into multi-unit dwellings. 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 mixed-use building with a long, storied history into a modern marvel.
Another great benefit for developers and investors is that there are two tax savings programs available for the owner:
- 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.
- 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/
This property is located in North Bethlehem, just a few minutes by foot 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 growing 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 10-16 West Goepp Street comprises two apartments on the top floor, a large warehouse area on the second level, and two commercial spaces on the ground level. The zoning is RT - Residential. 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 ingenuity to complete. We believe the City of Bethlehem would welcome a renovation of this building.
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 email@example.com or firstname.lastname@example.org. We love transforming lives through real estate while taking care of our infant twin girls. #diapersandrealestate lehighvalley.kw.com/