215 Quarry St · Fullerton, PA 18052

$1,500,000

None bd · None ba · 35,365 sqft · MultiFamily · 318 Days on market

Built 1905 1.24 ac lot ↓ 12% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 28 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

.. .. .. .. .. 28 UNIT APARTMENT REHAB IN WHITEHALL. .. .. .. .. .. .. .. .. .. . Incredible adaptive reuse opportunity from sportswear manufacturing to 28 unit apartment approval in Whitehall for the new owner to build. Take a close look at this façade and location and you'll know these apartments will be rented quickly and at top of the market at this terrific location. Beautiful views from upper floors, 12 ft ceilings to design with, large open space feeling to achieve these will be high demand apartments. Already designed with attractive plan for (10) 1 bedroom apartments and (18) 2 bedroom apartments. Enjoy the charm of a historic structure creating a wonderful blend of old a

Key facts

• Historic structure
• Suburban location
• Courtyard ambiance

Tags

• 28 UNIT APARTMENT APPROVAL
• HISTORIC STRUCTURE
• COURTYARD AMBIANCE
• SUBURBAN LOCATION
• POPULAR SCHOOL DISTRICT

What this means for you Summary

Snapshot

• This is a 10×1bd/1.0ba + 18×2bd/1.0ba units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $28k ($336k/yr) — positive. Per door: $999/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($49k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#227 in PA, #1,976 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, commute F.
• Whitehall-Coplay SD (suburban): math 28% / reading 50% proficiency, ranked #356 of 539 in PA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 107 active listings in the ZIP; solid renter incomes; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• At $48,517/mo this rent would consume 769% of the median local household income ($76k/yr) (locally 1172% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Lehigh County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $420k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 318 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 318 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.23% ✓
• Cap rate: 28.66%
• Cash-on-cash: 79.89%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 80.1%
• Equity multiple: 4.66×
• Total profit: $1,538,599
• Equity at exit: $223,655

10-year hold

• IRR: 83.5%
• Equity multiple: 9.66×
• Total profit: $3,635,993
• Equity at exit: $129,693

Cash invested: $420,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 18052

• Active inventory: 107
• Price-to-rent: 78.1×

Monthly cashflow live

• Estimated rent: $48,517 high
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,189
• Net cashflow: $27,962

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 37%

28-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$16,020
▸ 18× units	2	1	$32,508
Total (28 units)			$48,517

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-25
   status Pending
2. 2026-01-13
   price $1,500,000
3. 2025-06-10
   listed $1,700,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $582,204
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$46,576
• − Management: −$46,576
• − Depreciation: −$43,636
• Taxable income: $331,392
• Est. tax owed @ 24.0%: −$79,534
• After-tax cash flow: $256,013/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Whitehall-Coplay SD
• NCES district ID: 4226250
• Math proficiency: 28% ▼ -17.00%
• Reading proficiency: 50% ▼ -15.00%
• Median HH income: $54,716
• Composite: 34.03/100
• National rank: #5309
• State rank: #356 of 539 in PA

Livability — Fullerton

• Score: 80/100
• State rank: #227
• US rank: #1976

Category grades

Amenities B+ Commute F Cost of living A+ Crime B Employment B+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fullerton, PA
• County: Lehigh County · 333,019 people
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 29,451
• Household income: $75,665
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1172.0

Population outlook (Lehigh County) Hauer SSP2

• Today (2025): 392,957 people
• By 2030: 408,319 · +3.9%
• By 2040: 440,007 · +12.0%
• By 2050: 475,940 · +21.1%
• By 2075: 590,448 · +50.3%
• By 2100: 690,314 · +75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (63%)
• Race & ethnicity: White 63% Hispanic / Latino 23% Two or more races 15% Black 9% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 11% Dominican 7%
• Common ancestry: Romanian 3% Polish 3% Danish 2%
• Foreign-born: 16% · Canada, Jamaica, Vietnam
• Languages at home: 75% English-only · Spanish 13% Arabic 7% Other Indo-European 1%

Political lean MEDSL · Lehigh

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.2%
• 2008→2024 swing: -12.9pp toward R · 2008: 15.6pp · 2024: 2.7pp
• All cycles: 2024: D+2.7 2020: D+7.6 2016: D+4.4 2012: D+7.5 2008: D+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.83%
• Current HPI: 290.0115
• Rent YoY: —
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

-11.8% since first listed

3 events — show timeline

• 2026-04-25 Pending — GLVRMLS
• 2026-01-13 Price Changed $1,500,000 GLVRMLS
• 2025-06-10 Listed $1,700,000 GLVRMLS