15 Apartments - Student Rentals - Indiana, Pennsylvania
Real Estate :: Commercial
15 Apartments - Student Rentals - Indiana, PennsylvaniaMulti Family Apartment Building
This property is currently under contract until July 3rd. We do not expect to allow an extension so we are accepting backup contracts. Income Property For Sale Indiana, PA 15701 We expect to be Fully Leased by August 15th. 11 are currently leased. 1104 Philadelphia St. 15 Unit Apartment Building Close to (Indiana – University of Pennsylvania) (3 Blocks) Apartment sizes vary from Efficiency to 4 bedroom Unit 29 Total Bedrooms, Some bedrooms large enough for 2 students Estimated Capacity: 35 to 45 Students Zoned: Commercial (5 persons max per Apt) Estimated Regular Income: $ 94,630 2006/2007 Scheduled Rents Estimated Summer Income: $ 6,750 (6X375X3 months) Estimated Total $101,380 2007 Income: $91,692 Expenses: (2005) (2006) (2007) Insurance 6363 5985 5208 Taxes 5522 5611 5856 Utilities 25646 29944 25836 Parking 3600 3600 3,600 Total 41131 45140 40500 Building was renovated in 2001/2002. New carpet, paint, gen upgrades, and thermopane windows. Smoke Alarm System upgraded in 2004 to comply with current code. Building has a full basement. Separate meters for most Units Units are complete with appliances (most appliances purchased in 2001) and furniture. Most tenants are IUP (Indiana-University of Pennsylvania) college students. See www.iup.edu/ for information about the University of Penn at Indiana, PA. IUP is the fifth largest university in Pennsylvania. Student enrollment at IUP is over 14,000 students. This property is generally in good condition and is a basic rental property. Disclosure: This property is a converted older building and has some flaws. Some of the floors are not level (there are raised areas) but there has not been any noticeable additional settling since a 1975 renovation. Some bedrooms are quite small. FAQ’s Why is the owner selling? The owner wants to reduce the number of units they manage When did the owner purchase this property? 2001 Will the owner finance this property? Possibly with 50%down. 8% Balloon Note. Will the current management stay? Only through a transition stage, to be negotiated by buyer and existing manager. What will a local management company charge to manage this property? Approx 10% Is the Seller an Agent or Owner? Owner What is the Zoning classification? Commercial Is parking available? There is no on-site parking. We rent a lot nearby. There are also 3 Boro parking permits. Landlord pays utilities. Does the property have upgraded electrical boxes, i.e. breakers? Yes What kind of heating systems? Central Steam with some electric. What kind of Roof: Rubber Roof installed around 1996. City Water/Sewer? Yes Are there currently any outstanding code violations? No. When did the local authorities last inspect the property? August 2007 Are rents paid monthly? Monthly and Semester Lot Size: 38' X 110' Inspections will be possible on an appointment basis. Students are on summer break. rwood52@aol.com or fax to 703-691-7866. $10,000 Deposit required with signed contract. Financing: Purchaser to obtain. Possibly some owner financing with 50% down. Brokers protected. Price: Best offer over $480,000. Any other offer will be considered on its own merits. Furniture and Appliances (valued at $37,500) In 2001 this property was appraised for $460,500 by a certified appraiser in connection with a bank loan. Contact: Roger Wood, 703.203.1337, rwood52@aol.com For an ariel view of the area go to www.zillow.com and type in 1117 Philadelphia St, Indiana, PA. Our property is at the SW corner of 11th and Philadelphia Sts. ALL INFORMATION CONTAINED HEREIN IS CORRECT TO THE BEST OF THE SELLER'S KNOWLEDGE. PROSPECTIVE PURCHASERS SHOULD VERIFY ALL INFORMATION TO THEIR SATISFACTION AND PERFORM DUE DILIGENCE TO THEIR OWN SATISFACTION. | ||||||||||||
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