Mechanicsburg, PA

Property Type: Multifamily
Size: 37 Townhouses
Price: See Broker for Details
CAP: See Broker for Details

Highlights:

  • 37-Unit Brand New Construction Luxury Townhouse Community
  • Four-Bedroom Units Feature High-End Finishes, Attached Garage, Deck & More
  • High Quality Construction with Minimal Operating Expenses - Tenants Responsible for All Utilities
  • Strong Mechanicsburg Location, Near U.S. Route 15 & Pennsylvania Turnpike
  • Free & Clear of Debt

Description:

The Opportunity
Marcus & Millichap is pleased to present for sale the Terraces at Shepherdstown - A 37-unit new construction luxury townhouse community located in Mechanicsburg, Cumberland County, Pennsylvania. The property is currently under construction. Two of the nine buildings are completed and occupied. The remaining seven buildings are nearing completion. Once the Owner receives the certificate of occupancies for the remaining buildings, they will lease these units up. Current leases average $2,199, which equates to $1.27/ft. As the building nears stabilization, it is projected that these units should be able to command higher rents. Our Pro Forma rents of $1.36/ft are still below the market averages per our rent comparables section.

Luxury Units
The brand new three-story four-bedroom units feature high-end finishes, including fully equipped kitchens with stainless steel appliances and granite counters, designer lighting, wood-look vinyl plank flooring, modern paint colors, and much more. Each unit also has an attached garage on the ground floor, private deck, and a washer/dryer hookup.

Strong Location
The borough of Mechanicsburg is a desirable suburb of Harrisburg, located on the West Shore of the Susquehanna River. The Terraces at Shepherdstown is conveniently located less than half-a-mile from U.S. Route 15 – This highway connects commuters to the Pennsylvania Turnpike in less than 5 minutes.

High Quality Construction & Minimal Operating Expenses
Terraces at Shepherdstown boasts high quality construction and unique four bedroom floorplans. These units will command a tremendous amount of interest to a tenant base looking for spacious units with garages and outdoor space, in a convenient location in Mechanicsburg. A new owner will benefit from minimal operating expenses, due to the fact that the residents pay for electric, gas, water/sewer, and trash removal.

Free & Clear of Debt
Terraces at Shepherdstown will be delivered free and clear of debt, allowing an investor to take advantage of strong financing options for multifamily properties. Marcus & Millichap Capital Corporation can help to arrange acquisition financing. Contact listing agent for details.

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