PROPERTIES FOR SALE - SELLER-FINANCING!!
Address: 1547 Hancock Avenue, Apollo, PA 15613
Units: 4 units as 3 residential + 1 commercial
This is a great investment opportunity. It's a money maker and we're offering seller financing. Please read on for all the details.
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.
$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
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.
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.
Front 2nd Floor Apartment
Rear 2nd Floor Apartment
3rd Floor Apartment
We are an equal opportunity housing provider, and we rent our homes without regard to race, color, religion, national origin, marital or familial status, sex, or physical disability.