Fixer Upper
Listed By:
Coldwell Banker Realty
Address
31 S Main Street, Manheim, PA
Price
$ 1,200,000
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 2022
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 2024-05-10T12:56:27
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 84.06
Acceptable Financing Conventional,Cash,Bank Portfolio,FHA 203(k)
Historic Y/N Yes
Vacation Rental Y/N No
Days on Market 16
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

Property vs Commercial Average in 17545

Price
AVG $540K
$1.2M
Taxes
AVG $20,596
$18,030
Visits
AVG 188
51
Data Provided by Inside Real Estate®
Year Built
AVG 1964
1876

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