$2,550,000
$2,700,000
5.6%For more information regarding the value of a property, please contact us for a free consultation.
0.33 Acres Lot
SOLD DATE : 09/09/2022
Key Details
Sold Price $2,550,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PAMC2038310
Sold Date 09/09/22
Originating Board BRIGHT
Year Built 1973
Annual Tax Amount $8,364
Tax Year 2021
Lot Size 0.333 Acres
Acres 0.33
Lot Dimensions 61.00 x 0.00
Property Description
We are pleased to present the unique opportunity to acquire Green Lane Apartments, a fully occupied 16-unit community in the desirable Montgomery County boro of Green Lane, PA. Located in the heart of downtown Green Lane boro, residents at the community are just steps away from parks, dining, and shopping.
The property features 16 apartments with a unit mix of (8) large 1 Bed-1 Bath and (8) 2 Bed-1Bath units. The majority of units have been renovated in the last year; however, with additional minor cosmetic updates and simple lease renewal management, a new owner has the ability to increase rents by 18%+.
Current ownership completed an extensive renovation program on the community in the last 14 months which included full renovation of 6 units, moderate renovation of 6 units, roof and window replacement, sewer upgrades, extensive concrete and front entry rebuilds, new locks/fire/smoke system, new parking lot, hot water heater replacements, etc. Typical renovated apartment unit features include in-unit washer/dryers, stainless steel appliances, wood cabinets, granite countertops, updated bathrooms, and LVT plank flooring throughout. Additionally, the open and expansive basement provides for large storage lockers which are not currently being monetized by ownership and provide an additional tenant amenity and potential revenue stream. Owner(s) is a PA real estate licensee
Location
State PA
County Montgomery
Area Green Lane Boro (10607)
Zoning GA
Interior
Hot Water Electric
Heating Baseboard - Electric
Cooling Wall Unit
Heat Source Electric
Exterior
Garage Spaces 20.0
Waterfront N
Water Access N
Accessibility None
Parking Type Parking Lot
Total Parking Spaces 20
Garage N
Building
Sewer Public Sewer
Water Well
New Construction N
Schools
School District Upper Perkiomen
Others
Tax ID 07-00-00501-005
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Bought with Nicholas Mele • Compass RE
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "