Kathy Santy - Coldwell Banker Hearthside

Description

This is an exciting opportunity to own a 34+ unit property with lots of parking in the fastest growing area in Lehigh county, ten of the largest building developments are in the area including Jaindl~s Spring Creek Properties. Located just off the Route 222 by-pass and near the I-78 Interstate, this property is in desirable East Penn School district, near the largest corporate, industrial, distribution centers in Western Lehigh County, close to recreation such as Bear Creek Ski Area, cycling & sports centers, shopping and more. The property consists of 26,122 sq. ft of finished buildings that was appraised a few years ago at $4,145,000 for the real estate only. Table 1 that follows shows current room rentals in the three buildings at $15,645/mo. with full occupancy or $187,740 annual income. The current annual income will be increased from $187,740 a year to $329,100 a year when the apartments on the 3rd & 4th fl. are completed. Ten plus additional units can be created in the space that the Tavern and Lodge, currently occupy for the passive investor just looking for rental income. Great Site for a Brew Works, or sports bar with its gaming license. And additional rental conversion would move the annual cashflow to $468,300 a year, or hire an operator for the tavern and make more. The owner is asking for a $4,488,000 purchase price which you see from the Netsheet Data Entry sheet after Table 1 monthly payment of $31,115.24 can be fully supported and then enhanced with the Tavern conversion to additional 10 rental apartments, or lease tavern to a food operator. Either way its a win, win!There are few investment opportunities of this magnitude and location is always key. It~s a great location, recently updated, lots of parking and serves a growing community. Call now for further information

Details

MLS#1009984992
StyleIndustrial
Sub-TypeResale
StatusActive
Year1901
Days On Site49

Features

SQ Feet26,122
Story(s)0
ZoningC- 1

Market Activity 18011

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Area Information

StatePA
CityALBURTIS
Zip Code18011
AreaAlburtis Boro (12301)
Listing VS Median (in 18011)
Price:
$4,488,000
low | high
Med:
$365,000
100% of Average
SqFt:
26,122
low | high
Med:
1,664
100% of Average
$ / SqFt:
$172
low | high
Med:
$219
22.328747386192% of Average
On Site:
49
low | high
Med:
29
100% of Average
Listing Updated: 12/10/2018
MLS Number: 1009984992
Listing Provided By:
Theodore M Van Wert  of  Iron Valley Real Estate of Lehigh Valley

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