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11 W Mechanic St 3,800 SF 100% Leased Retail Building New Hope, PA 18938 $1,800,000 ($473.68/SF) 4.93% Cap Rate
EXECUTIVE SUMMARY
The multi-unit investment property located on West Mechanic Street in Downtown New Hope, featuring three commercial spaces and three apartments, presents compelling opportunities due to its prime location, current under-market rents, and the area's ongoing real estate market growth.
Current potential: Under-market rents: The property is currently rented below market rates. This offers a straightforward opportunity for increased income and capitalization by simply bringing the rents up to market rates, as leases expire or renegotiations occur.
Luxury Property Development: The property's location adjacent to luxury market properties suggests strong potential for redevelopment into a high-end luxury property. The area is experiencing a transformation with luxury residential and commercial developments, indicating a receptive market for upscale properties. Acquiring 11 W Mechanic Street and adjacent rear multi-unit residential property, could provide a lucrative redevelopment opportunity.
Realtor Collaboration Welcomed
Current potential: Under-market rents: The property is currently rented below market rates. This offers a straightforward opportunity for increased income and capitalization by simply bringing the rents up to market rates, as leases expire or renegotiations occur.
Luxury Property Development: The property's location adjacent to luxury market properties suggests strong potential for redevelopment into a high-end luxury property. The area is experiencing a transformation with luxury residential and commercial developments, indicating a receptive market for upscale properties. Acquiring 11 W Mechanic Street and adjacent rear multi-unit residential property, could provide a lucrative redevelopment opportunity.
Realtor Collaboration Welcomed
PROPERTY FACTS
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,800 SF
Building Class
C
Year Built
1880
Price
$1,800,000
Price Per SF
$473.68
Cap Rate
4.93%
NOI
$88,800
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.87
Lot Size
0.10 AC
Zoning
CC,New Hope Boro
Parking
1 Spaces (0.26 Spaces per 1,000 SF Leased)
Frontage
40’ on W Mechanic Street
Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 27-010-091 | Improvements Assessment | $42,000 |
| Land Assessment | $23,200 | Total Assessment | $65,200 |
PROPERTY TAXES
Parcel Number
27-010-091
Land Assessment
$23,200
Improvements Assessment
$42,000
Total Assessment
$65,200
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Presented by
NJ Dell Properties, LLC
11 W Mechanic St
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