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Location:


Lancaster, PA

Property Type: Multifamily
Size: 11 Units
Price: $1,500,000
CAP: 5.55%

Highlights:

  • Entire Building Gut Renovated in 2014
  • Under-Market Rents, Opportunity to Increase Upon Lease Turnover
  • Luxury Unit Interiors Feature Hardwood Flooring, Granite Countertops, and New Appliances
  • Walking Distance to Downtown Lancaster

Description:

Marcus & Millichap is pleased to present for sale to qualified investors the fee simple interest in the Iron Works Apartments - An 11-unit apartment building located on Prince Street, within walking distance of downtown Lancaster. The owner completed a renovation of the entire building in 2014, and all of the units were leased soon after. The scope of the renovations includes, but is not limited to, high efficiency central air, thermal windows, state-of-the-art security, and every unit redone with high-end finishes. These extensive renovations have yielded an elite and very desirable apartment product, which allows the property to net some of the higher rents in Lancaster City.

Lancaster is home to more than 59,000 people, and sits 40 miles southeast of Harrisburg and 95 miles west of Philadelphia. This turnkey asset sits in close proximity to all of the amenities Lancaster has to offer, including stores, restaurants, banks, and the Lancaster Central Market. There is off-street parking available at the property, as well as a laundry room located in the basement of the building.

The Iron Works Apartments represents a rare opportunity to acquire a completely renovated apartment building with a stabilized income stream in desirable Lancaster City.


Full Summary:

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