Exceptional investment opportunity just steps from Lehigh University and located within the City of Bethlehem's desirable Student Overlay District. Currently configured as a two-unit property, the layout features a first-floor one-bedroom, one-bath apartment and a spacious second/third-floor three-bedroom, one-bath apartment. The property also offers the potential to be converted into a single-family student rental with up to five bedrooms and two full baths (buyer to verify permitted use and conversion requirements with the City of Bethlehem). Built for dependable rental performance, the property is separately metered with three electric meters, two natural gas meters, two natural gas boilers (2022), and two natural gas water heaters. Improvements include newer shingle and rubber roofing, select replacement windows, and an updated first-floor kitchen. The first-floor unit includes an in-unit washer and dryer, while the upper unit offers convenient washer and dryer hookups. A mostly above-grade basement provides abundant storage space, including secure storage for tenant bicycles. Tenants will also appreciate the unique views of Bethlehem's iconic blast furnaces, adding to the property's character and appeal. Situated on the highly sought-after 500 block of Hillside Avenue, this is a rare opportunity to acquire an income-producing property in one of Lehigh University's most desirable student housing locations. With consistent rental demand and excellent long-term investment potential, this property is well positioned to generate strong returns for years to come.