$190,000
$225,000
15.6%For more information regarding the value of a property, please contact us for a free consultation.
2,300 SqFt
SOLD DATE : 05/18/2023
Key Details
Sold Price $190,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 2,300 sqft
Price per Sqft $82
MLS Listing ID PABK2028640
Sold Date 05/18/23
Originating Board BRIGHT
Year Built 1910
Annual Tax Amount $3,054
Tax Year 2023
Lot Size 5,663 Sqft
Acres 0.13
Lot Dimensions 35x160
Property Description
Wilson Schools mixed use semi-detached multi-unit building on a prime very busy Penn Ave location in Sinking Spring with a detached 2 story 2 car garage and parking lot for 8 cars with separate gas heat, hot water and electric for the 2 units in the building. The garage & common area electric are on the unit one's meter. Unit 1 consists of the commercial space currently being used as an owner occupied beauty salon with a large open space, powder room, kitchenette with storage, basement access, access to the exterior rear deck, side yard and parking lot. This unit has gas heat with central air, gas hot water, 100 AMP electric, basement storage. The salon unit is in excellent condition and projected rent is $1,500.00. Unit 2 is the residential apartment, 2nd & 3rd floors consisting of 5 rooms, 3 BRS, living room, kitchen & bath. This unit pays for its gas heat, hot water & electric. This unit needs some TLC and updating. Projected market rent is $1,500.00. Unit 3 is the 2 story, 2 car detached garage with electric that is currently rented for $125 a month but should be at $250 a month. There is paved parking for 8 cars and a side yard that could provide more parking or an outdoor recreational area. Projected income & expenses due to the salon being owner occupied and unit 2 being a 20 year tenant that is not paying anywhere close to market rent. Projected income: 39K. Breakdown: Unit 1: $1,500.00. Unit 2: $1,500.00. Unit 3: Garage: $250.00. Expenses: $8,203.00. Breakdown: Insurance: 1,611. Water: 729.08. Sewer: 838.67. Electric: 1,352.58. Gas: 772.43. Trash: $495.00. Taxes: $3,054.00. NOI: $30,797. Projected Cap Rate: 14%. This is a fantastic investment opportunity for a business owner occupant or an investor. Please see the items remaining for a more detailed list of what's staying on the salon and apartment.
Location
State PA
County Berks
Area Sinking Spring Boro (10279)
Zoning C1
Interior
Hot Water Natural Gas, Electric
Heating Forced Air, Baseboard - Electric
Cooling Central A/C
Flooring Carpet, Vinyl, Tile/Brick
Heat Source Natural Gas, Electric
Exterior
Garage Spaces 8.0
Utilities Available Phone, Above Ground, Electric Available, Natural Gas Available, Water Available, Sewer Available
Water Access N
Roof Type Pitched,Shingle,Rubber
Accessibility None
Road Frontage State
Total Parking Spaces 8
Garage N
Building
Lot Description Cleared, Front Yard, Level, Rear Yard, SideYard(s)
Foundation Stone
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Wilson
Others
Tax ID 79-4386-10-46-8005
Ownership Fee Simple
SqFt Source Estimated
Security Features Carbon Monoxide Detector(s),Exterior Cameras,Smoke Detector,Surveillance Sys
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
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