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143-159 King , Multiple

LANCASTER, PA 17602
  • $1,733,400
  • STATUS: Active
  • ON SITE: 61 Days
  • ID#: PALA2025794
UPDATED: 85 min ago
$1,733,400
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1846
County:

School Information

Middle School:
High School:
School District:

Description

The $1,733,400 Investment Package includes:-7 storefronts-3 office condos with 2 of the units combined for the use by one tenant. The other condo is currently vacant and could be converted to a residential unit.-3 walk-up apartments/condominium units at 159 East King StreetThe other units are sold or will be sold to unit owner occupantsIt is important to note that no AirBNB units are allowed in Historic East Side CondominiumsINVESTMENT PACKAGE SUMMARYThe Historic East Side Investment at 145-159 East King Street in Lancaster, is a mixed use investment including commercial and residential condominiums at Historic East Side Condominiums. The entire property includes a total of 27 units including storefronts, offices and 17 residential units. Of the 17 residential units, 14 are designed as +G+for sale+G- units and 3 units in 159 East King Street are designed as apartment rentals. Historic East Side Condominiums has several parking spaces in the lot directly behind the buildings and accessed from Grant Street. The lot has a shared ownership and a cost sharing agreement in place with the other lot owners. The spaces used by the various units at Historic East Side are owned by those units as Limited Common Elements.Historic East Side Suites is owned by a partnership of executives from Wohlsen Construction Company and John Meeder of Meeder Development. Historic East Side was redeveloped in 2011 and involved a near total rebuild of all of the structure inside of the historic brick walls. Even the facade of the 145 East King Street Building had to be removed from the building and then replaced brick by brick. The units have very little unit to unit sound transfer due to the design of the redevelopment and the quality of the construction. The retail storefronts and office uses at Historic East Side have frontage on King Street that offers excellent exposure to local foot and vehicular traffic. The residential units have their primary entrance behind the buildings and benefit from the quiet neighborhood feel of Grant Street. This investment offers a well managed and stable property with exceptional construction quality. The Historic East Side Condominium Association is responsible for the facility management. This allows the Investment Package Owners to focus on maintaining occupancy. If the new owner is looking for more fee income, the Association management is available at the beginning of 2023. Both the Historic East Side Investments and the Association are managed through Buildium Property Management System, a software that enables the payment of monthly fees and rents to be paid online.

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©2022 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Joy Daniels Real Estate Group. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2022-11-29T23:50:11.33.
www.centralpahomehunter.com/homes/133526656
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143-159 King , Multiple LANCASTER, PA 17602

  • Price: $1,733,400
  • Status: Active
  • On Site: 61 Days
  • Updated: 85 min ago
  • ID#: PALA2025794
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1846
Built
Neighborhood:
Lancaster City (10533)
County:
Lancaster
Area:
Lancaster City (10533)
Middle School:
Abraham Lincoln
High School:
Mccaskey Campus
School District:
School District Of Lancaster
Property Description
The $1,733,400 Investment Package includes:-7 storefronts-3 office condos with 2 of the units combined for the use by one tenant. The other condo is currently vacant and could be converted to a residential unit.-3 walk-up apartments/condominium units at 159 East King StreetThe other units are sold or will be sold to unit owner occupantsIt is important to note that no AirBNB units are allowed in Historic East Side CondominiumsINVESTMENT PACKAGE SUMMARYThe Historic East Side Investment at 145-159 East King Street in Lancaster, is a mixed use investment including commercial and residential condominiums at Historic East Side Condominiums. The entire property includes a total of 27 units including storefronts, offices and 17 residential units. Of the 17 residential units, 14 are designed as +G+for sale+G- units and 3 units in 159 East King Street are designed as apartment rentals. Historic East Side Condominiums has several parking spaces in the lot directly behind the buildings and accessed from Grant Street. The lot has a shared ownership and a cost sharing agreement in place with the other lot owners. The spaces used by the various units at Historic East Side are owned by those units as Limited Common Elements.Historic East Side Suites is owned by a partnership of executives from Wohlsen Construction Company and John Meeder of Meeder Development. Historic East Side was redeveloped in 2011 and involved a near total rebuild of all of the structure inside of the historic brick walls. Even the facade of the 145 East King Street Building had to be removed from the building and then replaced brick by brick. The units have very little unit to unit sound transfer due to the design of the redevelopment and the quality of the construction. The retail storefronts and office uses at Historic East Side have frontage on King Street that offers excellent exposure to local foot and vehicular traffic. The residential units have their primary entrance behind the buildings and benefit from the quiet neighborhood feel of Grant Street. This investment offers a well managed and stable property with exceptional construction quality. The Historic East Side Condominium Association is responsible for the facility management. This allows the Investment Package Owners to focus on maintaining occupancy. If the new owner is looking for more fee income, the Association management is available at the beginning of 2023. Both the Historic East Side Investments and the Association are managed through Buildium Property Management System, a software that enables the payment of monthly fees and rents to be paid online.
Exterior Features

Construction Materials BrickConcreteHardiplank TypeGlassMasonryRigid InsulationStone Garage YN No Parking Features PublicPrivate Parking Types Leased To Off SiteOn StreetParking Lot Property Condition Excellent Riparian Rights YN No Roof FlatRubber Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 12840.00 Cooling Central A/C Exclusions Commercial Ff&E Flooring CarpetEngineered Wood Heating 90% Forced Air Heating YN Yes Inclusions Appliance in The 3 Apartments Net Square Feet 12840.00

Property Features

Acceptable Financing Conventional Accessibility Features 48"+ HallsElevatorLevel Entry - MainOther Business Type ProfessionalRestaurant/BarOther/General RetailApartment Building Central Air YN Yes Cooling Fuel Electric Entry Level 1 Gross Income 228514.00 Heating Fuel Natural Gas Hot Water Natural Gas Lease Considered YN No Municipality Lancaster City Navigable Water YN N Net Operating Income 120831.00 New Construction YN No Number Of Units Total 13 Operating Expense 107831.00 Operating Expense Includes ElectricManagement FeesInsuranceRepair/MaintenanceSewerTrashWater Original MLSNumber 801915837962 Ownership Interest Condominium Possession ImmediateSubject To Existing Lease Property Sub Type Mixed Use Sale Type Standard Sewer Public Sewer Tax Annual Amount 41682.00 Tax Assessment Amount 1049600.00 Total Actual Rent 206196.00 Transportation Airport Less Than 10 MilesBus Stop Less Than 1 MileMetro/Subway Station Less Than 1 Mile Vacation Rental YN No Water Source Public Year Built Effective 2011 Zoning Central Business

Listing courtesy of Meedcor Realty: .


©2022 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Joy Daniels Real Estate Group. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2022-11-29T23:50:11.33.
 
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