Hanover, PA

Property Type: Multifamily
Size: 40 Units
Price: $3,300,000
CAP: 6.98%

Highlights:

  • 40-Unit Residential Portfolio in the Borough of Hanover, York County, Pennsylvania
  • Seven Revenue-Producing Garages
  • Diverse Unit Mix Including Studios, One-Bedrooms, Two-Bedrooms, and Three-Bedrooms
  • Buildings Located Near One Another for Management Efficiency
  • Ability to Increase Rents

Description:

Marcus & Millichap is pleased to present the Hanover Portfolio - A 40-unit residential portfolio in the borough of Hanover in York County, PA. The portfolio is comprised of twelve properties all located within a mile of one another, affording management efficiencies. The buildings range in size from duplexes to a seven-unit apartment building. The unit mix of the portfolio is comprised of six studios, seventeen one-bedrooms, thirteen two-bedrooms, and four three-bedrooms.

All of the buildings in the portfolio are brick. Windows have been replaced in most units by the current Owner. All utilities are paid for by the tenants. 415 Broadway will be delivered completely remodeled by the Owner. In addition to the apartments, this portfolio includes seven income-producing garages.

While current ownership has maintained strong occupancy, they have not pushed rents, leaving rental upside for the next investor. This portfolio affords an astute investor the rare opportunity to acquire a stable portfolio with upside at a going-in cap rate of 7%. The portfolio will be delivered free and clear of debt.

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