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31 S Main Street,  Manheim PA, 17545

(Active)
$1,200,000
|
14,276 sqft
|
MLS# PALA2049778
Last Updated: 5/17/2024 10:58 PM
Description for 31 S Main Street Manheim, PA 17545
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
$1,200,000
MANHEIM
LANCASTER
14,276 (approx)
PALA2049778
Active
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!
Listing Information
Property Type: Mixed Use, Business Opportunities, Other
0.33 Acres 14,276 (approx) 1876
Brick
MANHEIM
Public
Public Sewer
Natural Gas Available
28 Total
Neighborhood
Room Information
Interior Features
Hardwood, Vinyl
Window Unit(s)
Gas Heat, Electric Heating, Baseboard, Hot Water
Smoke Detector(s)
Exterior / Lot Features
17 Parking Spaces,
Brick
Rubber
59' x 264'
Mixed Use
Community Features
Smoke Detector(s)
Driving 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 between the apartments and a guardrail.
Financial Considerations
400-48566-0-0000
$18,030
Listing Price History

Manheim Real Estate

Manheim is located in Pennsylvania. Manheim, Pennsylvania 17545 has a population of 4,942.

The median household income in Manheim, Pennsylvania 17545 is $72,364. The median household income for the surrounding county is $68,791 compared to the national median of $66,222. The median age of people living in Manheim 17545 is 40 years.

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Courtesy: Coldwell Banker Realty
BRIGHT MLS - All information, regardless of source, should be verified by personal inspection by and/or with the appropriate professional(s). The information is not guaranteed. Measurements are solely for the purpose of marketing, may not be exact, and should not be relied upon for loan, valuation, or other purposes.
This content last refreshed on 5/17/2024 10:58 PM CST. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.

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