$920,000
$1,050,000
12.4%For more information regarding the value of a property, please contact us for a free consultation.
14,276 SqFt
SOLD DATE : 09/13/2024
Key Details
Sold Price $920,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 14,276 sqft
Price per Sqft $64
Subdivision Manheim
MLS Listing ID PALA2049778
Sold Date 09/13/24
Originating Board BRIGHT
Year Built 1876
Annual Tax Amount $18,570
Tax Year 2024
Lot Size 0.330 Acres
Acres 0.33
Lot Dimensions 59' x 264'
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!
Location
State PA
County Lancaster
Area Manheim Boro (10540)
Zoning CENTRAL BUS
Interior
Hot Water Natural Gas
Heating Hot Water & Baseboard - Electric
Cooling Window Unit(s)
Flooring Hardwood, Vinyl
Heat Source Natural Gas, Electric
Exterior
Garage Spaces 17.0
Utilities Available Electric Available, Natural Gas Available, Sewer Available, Water Available
Waterfront N
Water Access N
Roof Type Rubber
Accessibility None
Total Parking Spaces 17
Garage N
Building
Lot Description Level, Road Frontage
Foundation Stone, Brick/Mortar, Concrete Perimeter
Sewer Public Sewer
Water Public
New Construction N
Schools
Middle Schools Manheim Central
High Schools Manheim Central
School District Manheim Central
Others
Tax ID 400-48566-0-0000
Ownership Fee Simple
SqFt Source Assessor
Security Features Smoke Detector
Acceptable Financing Conventional, Cash, Bank Portfolio, FHA 203(k)
Listing Terms Conventional, Cash, Bank Portfolio, FHA 203(k)
Financing Conventional,Cash,Bank Portfolio,FHA 203(k)
Special Listing Condition Standard
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Bought with Christopher J Good • Keller Williams Elite