Property Attributes
- MLS#PALA2049778
- TypeCommercial
- CountyLANCASTER
- CityManheim
- AreaManheim Boro
- NeighborhoodManheim
- Zip17545
- StyleApartment Building,Restaurant/Bar,Professional,Ban
- Year Built1876
- Taxes$ 18030
- Price$ 1,200,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage10000
- Lot Size0.33 Acres
Data Source:
Bright MLS
Property Description
Amazing investment opportunity in the heart of Manheim! Ability to rent out 28 to 30 units with 10-11% Cap Rate (including fix up cost & debt service).....Formally known as the Summy House, this historic property is comprised of two separate buildings on one parcel. The front building along Rt. 72 features 1 apartment in the basement, 3 commercial spaces on the 1st floor (formally the Sink Restaurant & Bar) and 2 office/studio spaces, the 2nd and 3rd floor was used as a residential boarding house with 19 bedrooms, 3 bathrooms, and 2 kitchens. In addition, a separate apartment built on rear of main building and an additional fully occupied 5-unit apartment building that sits along Wolf St. This is 1 of 2 boarding houses that owners have in Manheim. (See pro-forma of Washington House currently filled) These buildings have been cash cows for them with waiting lists to fill any vacancies. Main building is currently condemned from a fire and needs repaired before renting again to all units. Structural fire damage is contained to 2-3 bedrooms and some smoke damage throughout other parts of 1st and 2nd floor. The 1st floor and 3rd floor was virtually unaffected except for smoke smell. Rear parking lot has 15 parking spaces, with 2 additional spaces in front of the 5-unit building, for a total of 17 spaces. See supporting docs for repair costs, financial analysis, building layouts.....this will not last long, schedule your showing today!
Price History | |
---|---|
4/25/2024 | Listed $1,200,000 |
General Features
Sewer | Public Sewer |
---|---|
Heating | Hot Water & Baseboard - Electric |
Cooling | Window Unit(s) |
Utilities | Electric Available,Natural Gas Available,Sewer Available,Water Available |
Possession | Settlement |
Roof | Rubber |
Zoning | CENTRAL BUS |
Security Features | Smoke Detector |
Construction Materials | Brick |
Year Built | 1876 |
Electric | 200+ Amp Service |
Property SubType | Mixed Use |
Tax Year | 2023 |
Percent Ownership | Fee Simple |
Cool Fuel | None |
Gross Income | 285720.00 |
OwnerPays | Common Area Maintenance,Insurance,Management,Repairs,Sewer,Snow Removal,Taxes - Real Estate,Trash Collection,Water |
Business Type | Apartment Building,Restaurant/Bar,Professional,Banquet Facility/Lodge,Hair Salon and Spa,Health Club,Hotel/Motel,Parking Lot,Religious Facility,Medical,Institutional,Bed and Breakfast |
Accessibility | None |
County | LANCASTER |
Net Operating Income | 180424.00 |
Operating Expense | 82437.00 |
Insurance Expense | 5955.00 |
New Construction | No |
Property Type | Commercial Sale |
MaintenanceExpense | 15450.00 |
Subdivision Name | MANHEIM |
Possible Use | Apartment Building,Apartments,Bar/Tavern/Lounge,Beer/Wine/Liquor,Commercial,Development,Hotel/Motel,Investment,Mixed Use,Multi-Family,Parking,Office,Restaurant |
Water Access Y/N | No |
Property Use | Investment |
Transportation | Bus Stop less than 1 mile,Airport less than 10 miles |
Status | ACTIVE |
Directions | Take RT-772 into Manheim. Property front is along S Main St,less than a block from Market Square. Rear parking lot accessible from S Wolf St. Use 36 S Wolf St in GPS,parking entrance is an alley bet |
ModificationTimestamp | 2024-05-17T04:17:38 |
City | MANHEIM |
Buyer Agent Compensation | 2.5 |
Disclosures | Historic Property,House Code - Current License |
Zoning Description | Mixed Use |
Total Units | 28 |
MLS Area | Manheim Boro (10540) |
Lot Size Square Feet | 14375.00 |
Tax Assessed Value | 748300.0 |
Waterfront Y/N | No |
Street Name | MAIN |
Tax Annual Amount | 18030.0 |
Electric Expense | 6250.00 |
Property Condition | Major Rehab Needed,Good,Average |
Trash Expense | 960.00 |
Price Per Sq Ft Total | 84.06 |
Acceptable Financing | Conventional,Cash,Bank Portfolio,FHA 203(k) |
Historic Y/N | Yes |
Vacation Rental Y/N | No |
Days on Market | 23 |
Location Type | Downtown |
Standard Status | Active |
Year Built Source | Assessor |
Total Actual Rent | 285720.00 |
Cap Rate | 10.61 |
Buyer Agent Compensation Type | % Of Gross |
Interior Features
Heating Fuel | Natural Gas,Electric |
---|---|
Flooring | Hardwood,Vinyl |
Hot Water | Natural Gas |
Heating Y/N | Yes |
Street Suffix | STREET |
Central Air Y/N | No |
Total Restrooms | 14 |
Clear Span Ceiling Height | 10' to 12' |
Exterior Features
Parking Features | Paved Parking |
---|---|
Lot Features | Level,Road Frontage |
Water Source | Public |
Total Parking Spaces | 17 |
Type of Parking | Parking Lot |
Land Use Code | 523 |
Traffic Count | 10000-14999 |
Foundation Details | Stone,Brick/Mortar,Concrete Perimeter |
Water View Y/N | No |
Building Area Total | 14276.00 |
Lot Dimensions | 59' x 264' |
Lot Size Acres | 0.33 |
Road Frontage Length | 54 |
Lot Size Units | Square Feet |
Lot Size Source | Assessor |
Door Features | Double Entry |
Land Assessed Value | 64600.00 |
Navigable Water Y/N | No |
Water Oriented Y/N | No |
LotDimensionsSource | Estimated |
Car Parking Spaces | 17 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool