Investment Highlights
- Freestanding Former KeyBank, Huge Parking Lot, and Excess Land Available at a Significant Discount Below Replacement Cost
- 19,872 Sq Ft Building on Two Adjacent Hard Corners totaling 1.25 Acres; Frontage on Main Street (±12,859 VPD)
- Neighboring Retailers include McDonald’s, Burger King, Taco Bell, Giant Grocery, Domino’s, Truist Bank, and USPS
- Attractive Demographics with ±35,704 People and Annual Household Income of ±$101,105 within a 5-Mile Radius
- Flexible Zoning Ideal For Office Or Apartment Conversion
- Absolute $1 Auction – NO RESERVE
Offering Summary
Marcus & Millichap and RI Marketplace are pleased to present a vacant, free-standing, mixed-use building with separate parking lot located at 502 Main Street in Slatington, Pennsylvania (the “Property”). The Property is offered significantly below replacement cost and offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount. FIRST BID MEETS RESERVE!
Built in 1900, the Property is improved with a three-story, free-standing, single-tenant building containing ±19,872 square feet. This offering consists of four separate parcels, totaling ±1.25 acres (±54,480 square feet) of land. One of these parcels, measuring ±0.21 acres, includes the former bank building. The other three parcels across the street add up to approximately 1.04 acres and are used as an asphalt parking lot and land. The Property was formerly occupied by KeyBank on a triple net lease and offers potential owner users/investors the ability to acquire a mixed-use commercial building with significant value add through lease up at long term market rates (CoStar estimated rents of $14-17/SF NNN). Zoned TR, Town Residential, this zoning offers favorable flexible zoning allowing for a variety of commercial and retail uses via adaptive reuse or repositioning. This former bank building and additional parking lot offers both conversion and development potential. The paved parking lot offers 44 surface spaces and is easily accessible via multiple points of egress/ingress with frontage along Main Street, 2nd Street, and Sell Alley. The building is positioned on a hard corner and features a brick exterior, a walk-in vault, and office space.
The Property is located within Lehigh County and is part of the Lehigh Valley area as well as the larger Philadelphia metropolitan area. Slatington is a suburb of Allentown (±25-minutes) and is located just ±60 minutes from Philadelphia and ±90 minutes from New York City. This Property sits on the primary corridor through downtown Slatington, a small borough located about ±15 miles northwest of Allentown. The Building is positioned on two corner parcels with frontage on Main Street (±12,859 VPD) and proximate to I-465/the PA Turnpike (±29,680 VPD) and offers easy access to the greater area and other major markets. There are also several major demand drivers nearby including Northern Lehigh High School (±470 students) and Slatington Elementary School (±480 students) both of which are just ±1.5-miles from the Property; ±5-minutes from Slatington Airport; just ±20-min from Lehigh Valley Zoo; and ±25-min from Lehigh Valley International Airport. The Property is positioned in an area that serves ±13,884 people with an AHHI of $86,204 within a 3-mile radius and ±35,704 people with an AHHI of $101,105 within an expanded 5-mile area.
