York, PA
Property Type: MultifamilySize: 34 Units
Price: $2,800,000
CAP: 5.84%
Highlights:
- 34 Units in Strong York Location
- Excellent Basis at ~$83,000 Per Unit
- Value-Add Opportunity: Rents Significantly Below Market
- Delivered Free and Clear of Debt
Description:
Marcus & Millichap is pleased to present for sale the Newberry Park Apartments - A value-add 34-unit community located in York, Pennsylvania. The properties are located conveniently between Farquhar Park and Downtown York, providing residents with excellent shopping, dining, and recreation opportunities. The list price of $2,800,000 ($82,352/unit) is well below replacement cost.
The offering consists of two buildings - 403 North Newberry Street and 283 Park Street, which back up to one another and can function as one community. The unit mix consists of 17 one-bedroom one-bath units and 17 two-bedroom one-bath units. Each building has laundry facilities. Each building has a parking lot for tenants’ use.
Current rents are significantly below market, providing an investor the ability to increase rents with unit upgrades. The buildings will be delivered free and clear of debt, allowing an investor to use new debt.
Newberry Park represents a unique opportunity to purchase a stable apartment community with considerable rental upside at a great basis. York’s apartment fundamentals are strong as evidenced by the rents achieved in the comparable properties.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
