THE BISHOP 527 Northampton St Immeuble residentiel 18 lots 3 210 340 € (178 352 €/Lot) Taux de capitalisation 7 % Easton, PA 18042

The Bishop, a historic 19-unit mixed-use building featuring 18 apartment units and a prime commercial space (2,300 SF), located at 527 Northampton Street in Easton, Pennsylvania. The Property is situated just two blocks from Center Square in the heart of Downtown Easton, which is quickly becoming one of the hottest markets in Pennsylvania due to its culinary scene and historic charm.
Under current ownership, The Bishop has undergone significant capital improvements, most notably $70,000 in façade work, $20,000 in sidewalk repairs, and $95,000 for new windows (128 windows were changed out). The Property is in excellent condition allowing the next owner to focus on renovating units and increasing rents.
In addition to The Bishop, ownership will offer prospective buyers the adjacent property with approvals in place for a ground-up development project. The approved development at 533 Northampton Street allows for a six-story structure to accommodate 14 residential units and a ground-floor commercial space. The project could feature units averaging 775-950 SF each, with a mix of one-bedroom/one-bath and two-bedroom/two-bath units. The parcel, estimated at 18,700 GSF, would support a compact, vertical design maximizing its footprint. The Bishop, along with the development site, represents a rare value-add opportunity in a market experiencing rapid rental appreciation and economic expansion.
The Lehigh Valley Region has received national recognition for its economic expansion, ranking 65th out of 384 largest metropolitan areas in the U.S. Easton has become a major driver of this growth, often referred to as the "Affordable Brooklyn" due to its flourishing restaurant scene, popular festivals, and a creative class reshaping the city’s urban core. Strategically positioned at the confluence of the Delaware, Bushkill, and Lehigh Rivers, Easton provides a unique and picturesque living environment. Roughly $1 billion in new development and over 650 new Class-A luxury units are under construction; demand for housing in the area has never been stronger. This surge is fueled by young professionals and urban dwellers seeking walkability, convenience, and a vibrant lifestyle - all of which The Bishop Apartments delivers.
With strong rental demand, a robust economic backdrop, and a commitment from the local government for growth, quality, and sustainability, The Bishop is poised for both immediate rental income and long-term capital appreciation. This investment aligns with investors' goals seeking growth, stability, and value in a dynamic real estate market.