4 Unit Apartment Building For Sale by Owner
Build Your Wealth One Property at a Time
347 W King St - Front view
Lancaster PA is an excellent place to start
347 W King St, Lancaster PA
- 4 unit apartment building
- Cashflow
- Energy Efficient
- Tenant Paid Heat
- Good property manager in place
- Extensive rehab already done
- Very little maintenance
Surrounding Area
The surrounding area is mixed with commercial and residential. King St is the main route running east through the city. This makes for exceptional public transportation with a bus stop right outside the front door. Restaurants and shopping are within easy walking distance.
This property borders a residential apartment on one side and a nice pharmacy on the other. The pharmacy has a parking lot that wraps the side and rear yards. This parking lot is gated and closed at night. A chain link fence separates the parking lot and the yard. This pharmacy has undergone an extensive upgrade. I am proud to have it beside my property. With a cleanly run business like this beside you your tenants will appreciate the peace and quiet. Well run, clean businesses tend to be better neighbors than residents, in my opinion.
Across the street sits a beautiful chapel. Its high 4 pronged steeple graces the streets below. Living beside a church is a grace in its self.
The convention center which has been creating buzz in the last years is just up the street.
Work completed in the past 6 years
By previous owner
- All new vinyl windows (27)
- Updated kitchens
- Tile installed in kitchens
(All floors are tile and some backsplashes)
Work Completed Since 2009
By our contractors
- Flat rubber roofs; 1 repaired and 1 replaced
- Complete new plumbing
- 4 new water heaters
- Paint front on building
- Complete Painting of 3 units, doors and trim of fourth unit
- Cosmetics that are too long to list
- Brought entire apartment up to City Code
Bonus Unit
This is a licensed 4 unit. There is a bonus unit, #5, in the rear of the building. I state this as a possible extra cashflow opportunity. Currently it is not licensed by the city. I make no guarantees that it is possible. Though I believe the previous owner did rent it. The kitchen of the fifth unit has the same style tile and kitchen as the rest. It is an efficiency. The potential is there. I few hundred dollars a month extra would be nice bonus.
None of the numbers in the Pro Forma have this unit mentioned; this is strictly an additional benefit if made possible by the city.
More Photos
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Contact me with any questions. I will email you a cash flow pro forma with all the numbers at your request.
Dave Miller, Realtor
590 Gibbons Rd
Bird In Hand PA 17505
717 656 0749
717 951 0201 cell
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[...] the last Friday in October I signed a contract for the sale of 347 W King St (Click here to view the property). The contract is contingent on the buyer being able to obtain financing. This hinges on the [...]