$1,200,000
31 S Main St, Manheim, PA, 17545
10,000
Square feet
0.33
Acres
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!
Facts & Features
MLS® # | PALA2049778 |
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Price | $1,200,000 |
Bathrooms | 0.00 |
Square Footage | 10,000 |
Acres | 0.33 |
Year Built | 1876 |
Type | Commercial Sale |
Sub-Type | Mixed Use |
Status | Active |
Community Information
Address | 31 S Main St |
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Area | Manheim Boro (10540) |
Subdivision | MANHEIM |
City | Manheim |
County | LANCASTER-PA |
State | PA |
Municipality | MANHEIM BORO |
Zip Code | 17545 |
Senior Community | No |
Amenities
Utilities | Electric Available, Natural Gas Available, Sewer Available, Water Available |
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Parking | Paved Parking |
Is Waterfront | No |
Interior
Heating | Hot Water & Baseboard - Electric |
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Cooling | Window Unit(s) |
Has Basement | No |
Fireplace | No |
Exterior
Exterior | Brick and Siding |
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Lot Description | Level, Road Frontage |
Roof | Rubber |
Foundation | Stone, Brick/Mortar, Concrete Perimeter |
School Information
District | MANHEIM CENTRAL |
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Middle | MANHEIM CENTRAL |
High | MANHEIM CENTRAL |
Additional Information
Date Listed | April 25th, 2024 |
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Days on Market | 12 |
Zoning | CENTRAL BUS |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Office | Coldwell Banker Realty |
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Contact Info | (717) 735-8400 |