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Marcus & Millichap Sells Parkway Shopping Center In Allentown For $12.5M
SOLD
$12,500,000
+ 2
Pennsylvania
See Similar DealsRetail133,314 SF
Sold 03/01/2024
SOLD
Marcus & Millichap Sells Parkway Shopping Center In Allentown For $12.5M
1471 Lehigh Street
See Similar DealsRetail133,314 SF
Sold 03/01/2024
+ 2
Summary
PENNSYLVANIA
Asset Type:Retail
Price Per Square Foot:$93
Total Square Footage:133,314 SF
Transaction Type:Sale
Located at 1471 Lehigh Street in Allentown, PA, the Parkway Shopping Center was recently sold for $12.5 million. This retail property spans 133,314 square feet and has seen significant improvements and tenant consolidation efforts in the past five years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $12,500,000
- Brokers: Colin Reder, Derrick Dougherty, Scott Woodard - Marcus & Millichap
- Mortgage Brokers: Ian Nordfors & Neil Campbell - Institutional Property Advisors
- Square Footage: 133,314
- Price Per Square Foot: $94
The sale of the Parkway Shopping Center was managed by Marcus & Millichap's Philadelphia office, with IPA Capital Markets providing debt financing for the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$44,409.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,256.38
Annual Debt Service$711,076.53
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