3 Unit In Manheim Township Coming Soon Dont Wait

Dated: 01/22/2018

Views: 202

 Image title 


1127 North Water Street, Lancaster PA 17603

3 Unit Gross Income: $32,100.00

5% management, 5% vacancy, 5% Repairs

$27,285.00 

Operating Cost: $5,000.00

----------------------------------------------------Income $22,285.00--------------------------------

Image title

 Completed/In Progress Repairs:

The property now has/will have:                         Off street parking lots, Brick pointing complete, exterior completely repainted, new custom shutters, new replacement windows in addition, landscape updated.

(This is a list of exterior upgrades)

----------------------------------------------------------------------------------------------------------------

Interior Upgrades:

*** Each apartment will have a new hvac unit (mini split/state of the art) that supplies heat and a/c.  ($4000.00 per unit average cost)******

       All apartments are being totally renovated as follows:

  Electric was checked by a licensed electrician and updated per code

  All bathrooms have tiled showers, tiled floors, and painted. 

  All kitchens have been remodeled to include: new cabinets, counter tops, tile floor, ceiling, lights, faucet, plumbing and new appliances .

  All bedrooms and living rooms have new carpet and fresh paint.

  All plumbing was checked and updated if needed.

---------------------------------------------------------------------------------------------------------------------

  This building should not require anything more than normal maintenance for the next 10-15 years. (This is my opinion-Inspection by certified inspector welcomed and encouraged)

---------------------------------------------------------------------------------------------------------------------

Below is a basic CAP rate breakdown. Current market activity shows cap rates as low as 4.5 in Manheim Township. (owner/occupant) I believe an average cap rate in Manheim Township is between 5.5 to 7.   

Cap Rate

10- equals $222,850.00

09- equals $247,600

08-equals $278,500

07-equals $318,357

06-equals $371,500

---------------------------------------------------------------------------------------------------------------------

Lancaster is a booming home market, and projections look even hotter for this year! This property is a diamond but only after being found, cleaned up and polished. Some of the tenants have been here over 6 years and want to live here forever. It's a great location and sooner or later F&M is going to do something with the 10 acre grass field across the road. This property is a keeper, and honestly I will regret selling it but that was the deal when I bought it. I believe this property will appreciate at a very high rate.  

-

   Please call me direct as this property is not yet listed. The repairs are underway but as with anything, if you want to make offer as is, we will entertain anything within reason. 717-808-1764 Dan parson


     Statements in this blog are the opinion of a professional Realtor. Same Realtor actively flips and buys homes in the Lancaster area. Same Realtor is highly rated and reviewed on Zillow and other like websites. This property is owned by same Realtor and although his track record is impressive this blog is entirely opinion. Please do all research and consult a professional that serves your best interest.

  

                                                                   

1 comments in this topic

  • Posted by Toya Santz
    01/23/2018
    How many bedrooms are the units in manheim twp

Latest Blog Posts

Dreaming Of Lititz

There is a (4) four way stop in Lititz that is said, to sometimes tell you everything you ever needed to know about Lititz!    Now imagine you are pulling up to that intersection. The

Read More

Kitchen Situation Settlements Of Landis Valley

I have an incredible Kitchen situation:        Some of the greatest real estate minds have differing opinions on my particular situation.  The beauty in finding the

Read More

3 Unit In Manheim Township Coming Soon Dont Wait

  1127 North Water Street, Lancaster PA 176033 Unit Gross Income: $32,100.005% management, 5% vacancy, 5% Repairs$27,285.00 Operating Cost: $5,000------------------------------------

Read More

Small Piece Of Heaven On Earth Spangler Circle

Have You Ever Been To A Home That Aligns So Perfectly With The Sun?   If you have, you will never want to go back to the house that lurks in the shadows. Spangler Circle Awakes

Read More