Highest/best 10/26 5 PM. NOT pragmatically convertible to residential. Parking/Storage (indoor/outdoor) on gated/fenced/paved enclave in quiet residential Rosemont section of W. Bethlehem. Unique opportunity to own productive asset for self-use or income generation. What you’re buying: 2 garage bays (top over bottom) and big paved parking pad for 8 +/- vehicles. If buyer wants, a long-term lease for 1 additional garage bay (lower right) - is transferable for 7 more years @ $75/mo. Upper left garage owner is the Landlord. Afterwards, owner of that garage unit has a recorded permanent easement to access the unit if a lease extension does not transpire. The value proposition here is akin to income producing storage units, where demand is persistently robust nationwide. Per ChatGPT, the average rent for a 10x10 (100SF) non-climate controlled unit in the Northeast is $130-$180/mo. Our bays are 162 SF. 10-15% of households in the Northeast rent storage units. For those who drive the Lehigh Valley, you can’t miss the robust construction of storage facilities. Genoa complex offers (a) affordable ownership for cash buyers with future appreciation potential and (b) easy ingress/egress in accessible neighborhood convenient to major roadways in a high-density metropolitan area where demand for storage space is strong. Pro-forma rents/expenses cap rate of + 10% on this curated property assemblage, which is economically impossible to duplicate/reproduce from a cost/location perspective.
