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Location:


Gettysburg & Hanover, PA

Property Type: Multifamily
Size: 144 Units
Price: $12,000,000
CAP: 5.66%

Highlights:

  • 144-Unit, Five-Property Value-Add Apartment Portfolio Located in Central Pennsylvania
  • Large Value Add Potential – Rents are Well Below-Market
  • Strong Historical Occupancy Consistently 95%+ - Currently 98%
  • Excellent Unit Mix – 75% Two- and Three-Bedroom Units
  • Tenant-Paid Utilities
  • Three of the Properties Offered Free-and-Clear of Debt

Description:

THE OFFERING
Marcus & Millichap is pleased to present the ShoreGate Portfolio - A 144-unit, 5-property value-add apartment portfolio located in the Central Pennsylvania towns of McSherrystown, Hanover, and Gettysburg. The portfolio is being offered at a list price of $12,000,000.

THE PROPERTIES
West Park - 69 Units in McSherrystown, PA
ShoreGate - 34 Units in Hanover, PA
250 South Franklin - 22 units in Gettysburg, PA
Driftwood - 13 units in Hanover, PA
133 Chambersburg - 6 units in Gettysburg, PA

The properties are close enough to each other to afford an investor management efficiencies. They are currently being run by a local third-party management company. While occupancy at the properties has consistently been 95%+ (currently 98% occupied), the rents are well below market. Average in-place rents at the properties range from $650-$764, which is well below comparable communities in these submarkets.

These five properties are being offered as a package. The ShoreGate property in Hanover, along with 250 South Franklin in Gettysburg, are being offered with assumable financing. The other three properties will be delivered free-and-clear of debt.

This offering represents the rare opportunity to obtain a portfolio of scale in a very strong rental market. An investor will generate stable cash flow while increasing rents upon turnover.

More detailed information about each individual property can be found in their respective sections of the Offering Memorandum, via the link below.

CLICK HERE TO VIEW THE OFFERING MEMORANDUM

 


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