PROPERTIES FOR SALE - SELLER-FINANCING!!
Property Information
Neighborhood: Apollo
Address: 1547 Hancock Avenue, Apollo, PA 15613 Units: 4 units as 3 residential + 1 commercial Building Information
This is a great investment opportunity. It's a money maker and we're offering seller financing. Please read on for all the details.
Building Layout There are 4 units + a garage. The first floor is a commercial space in the front (former beauty salon) & the garage is in the back. The second floor is a 2BR apartment in the front & a 1BR apartment in the back. The third floor is a 2BR apartment. Financials Rents are $550 - commercial space + $485 - front 2nd floor (2BR) apartment + $375 - 3rd floor (2BR) apartment + $335 - rear 2nd floor (1BR) apartment + $50 - garage = $1795 gross rent Fixed expenses are $390 taxes & insurance $325 utilities Seller Financing Up to 100% seller financing is available. Just let us know how much you could pay per month & how much you can put down (if any). Price and loan terms are dependent upon the monthly payment you want. A 10% cap rate indicates a value of around $108K w/o increasing rents. Current Condition The commercial space & 3rd floor apartments are currently vacant, but could be reoccupied with minimal work. The building exterior has a small amount of deferred maintenance, but is fully functional as-is. In time consider vinyl siding on the back of the building & repainting the fire escape. The apartments could use cosmetic upgrades in time, but are very adequate for the time being. Please see the photos for a good look at current conditions. Room for Improvement Beyond filing the vacant units, it would be advantageous to make a few cosmetic improvements to maximize rents. Beyond that consider separating out the gas for the front 3 units. The rear unit already has separate gas & all the units have separate electric. Largely it's a very adequate building, just in need of fresh management. Rentometer.com reports average rent in the area is $524 for 2BR & $437 for 1BR, indicating these units are under market, particularly given that 3 of the units include heat. |
Commercial SpaceFront 2nd Floor ApartmentRear 2nd Floor Apartment
3rd Floor Apartment
Exterior
Basement
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