528 North New Street

528 North New Street, Bethlehem, PA 18018

The Dodson Building is a 21-unit luxury apartment community located in Downtown Bethlehem, Pennsylvania. This area is well known as the Historic District of Bethlehem and is highly sought-after due to its close proximity to employers, shops, bars, and fine dining. Originally built in 1915 as a five-story, 32,000 SF corporate office building for the Lehigh Coal & Navigation Company, The Dodson Building was repurposed into a luxury rental community in 2014 by Allied Building Corporation. The property boasts an outstanding unit mix of (57%) one-bedroom units ranging from 703 to 782 square feet, and (43%) two-bedroom units at 1,033 to 1,248 square feet.

The five-story building was repurposed with all new plumbing, HVAC, and electrical. Each unit features high-end finishes with energy-efficient stainless-steel appliances and granite countertops in the kitchens with custom cabinetry and finishes. The bathrooms were renovated with high-end finishes as well. There is a full-size washer/dryer in all two-bedroom units. Tenants are responsible for electricity, heat, and hot water.

The Dodson’s outstanding finishes and premium location result in ±95% occupancy and a strong tenant base. Due to the quality of the product the apartments offer, current rents can be increased upwards of 15% without any needed capital expenditures.

The Dodson Building is a unique opportunity to acquire a high-end residential building in the heart of Downtown Bethlehem. The property offers a new owner the opportunity to increase rents and provide an effective cash-on-cash return with minimal work needed.

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Highlights

  • Conversion from Office to Apartments: Property Repurposed with New Plumbing, Electrical, and HVAC
  • Opportunity to Increase Rents: In-Place Rents are 15% - 20% Below Market with No CapEx Required to Achieve Rental Increase
  • Excellent Location: Situated in Highly Sought-After Historic District of Downtown Bethlehem
  • Well Constructed: Double Wall Construction and Suspended 5/8" Drywall Ceilings Throughout for Sound Rating
  • Premium Finishes: Custom Cabinetry, Granite Countertops, Wood Plank Flooring, and Stainless Steel Appliances

Contacts

broker

Ken Wellar

GREA

(215) 454-2879

broker

Corey Lonberger

GREA

(215) 454-2878

broker

Luke DeLuca

GREA

(215) 989-4440

broker

Brian Gola

GREA

(484) 881-1783

broker

Douglas Emrich

GREA

(215) 454-2889

Location

Getting Around

  • Walk Score ®

    85/100 Very Walkable

  • Transit Score ®

    43/100 Some Transit

  • Bike Score ®

    63/100 Bikeable
Powered by Walk Score ®
  • City Bethlehem, PA
  • Neighborhood Central Bethlehem
  • Zip Code 18018
  • Market Allentown Bethlehem

Points of Interest

  • Lehigh Valley Transportation Services

    1.72 miles

  • Cedar Creek Station

    8.54 miles

  • Zephyr Station

    8.76 miles

  • Taylor Family Fuel

    0.48 miles

  • Sunoco

    0.55 miles

  • Speedway

    0.60 miles

  • Wawa

    0.85 miles

  • Shell

    0.87 miles

  • Gulf

    0.88 miles

  • Gulf

    0.89 miles

  • Citgo

    1.02 miles

  • Exxon

    1.21 miles

  • Friedman's Service Center

    1.36 miles

  • Walnut Street Garage

    0.28 miles

  • 55 E Broad Street Lot

    0.29 miles

  • Lot U

    0.34 miles

  • Lehigh Riverport Garage

    0.38 miles

  • Spring Street Lot

    0.40 miles

  • North Street Garage

    0.42 miles

  • Lehigh Street Lot

    0.42 miles

  • Main Street Commons Parking Deck

    0.43 miles

  • Third & Webster Lot

    0.43 miles

  • Third & Taylor Lot

    0.44 miles

  • Bethlehem Inn

    0.18 miles

  • Historic Hotel Bethlehem

    0.34 miles

  • Hyatt Place

    0.38 miles

  • Comfort Suites

    0.56 miles

  • Sayre Mansion

    0.62 miles

  • Fifth Street Hotel

    0.75 miles

  • Candlewood Suites Bethlehem South

    1.52 miles

  • Holiday Inn Express

    2.63 miles

  • Extended Stay America - Allentown - Bethlehem

    2.98 miles

  • Sonesta ES Suites Allentown Bethlehem Airport

    3.11 miles

  • Vegout Bethlehem

    0.12 miles

  • Francisco's Salvadoreño Restaurant

    0.25 miles

  • Milan's Bistro

    0.26 miles

  • The Other Fish

    0.26 miles

  • Hunan Inn

    0.27 miles

  • Billy's Downtown Diner

    0.27 miles

  • Rosanna's Restaurant

    0.27 miles

  • The Brick

    0.28 miles

  • The Melting Pot

    0.28 miles

  • Sibris

    0.30 miles

  • Salem School

    0.26 miles

  • Brethren's House

    0.31 miles

  • Hearst Hall

    0.32 miles

  • South Hall

    0.32 miles

  • Peter Hall

    0.33 miles

  • West Hall

    0.33 miles

  • Community Service Foundation

    0.36 miles

  • International Institute for Restorative Practices

    0.37 miles

  • Applied Motion Technologies

    0.42 miles

  • Lehigh Valley Charter High School for the Arts

    0.45 miles

  • A Child's Choice Montessori School

    0.61 miles

  • Lehigh Valley Children's Centers

    0.67 miles

  • Lehigh Valley Children's Center

    0.68 miles

  • Youngsters Daycare

    0.70 miles

  • Above & Beyond

    0.72 miles

  • Lehigh Kidz Academy

    0.73 miles

  • Educare Learning Academy

    0.75 miles

  • Foundation Early Learning Academy

    0.77 miles

  • Sayre Child Center

    1.33 miles

  • Bonaventure Academy

    1.48 miles

Frequently Asked Questions

What is the lease rate for 528 North New Street?

Rental asking rate at 528 North New Street is $3,100,000.00/YR.

What is the total square footage of 528 North New Street?

528 North New Street totals 29,890 square feet.

When was this property built?

528 North New Street was built in 2014.

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