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The Schoolhouse Lofts 232 Ann St 27 Unit Apartment Building $4,950,000 ($183,333/Unit) 6.89% Cap Rate Middletown, PA 17057
Investment Highlights
- The property has maintained 100% occupancy since its multifamily conversion in 2009.
- Existing apartment use in place, minimizing redevelopment risk.
- Just 0.3 miles from Middletown Amtrak Station.
- Leases currently extending through Summer 2027.
- Over $200,000 in furniture included in sale.
- Less than 1 mile from Penn State Harrisburg.
Executive Summary
Schoolhouse Lofts presents a straightforward acquisition opportunity with minimal operational lift and durable income characteristics, ideally suited for private capital, family offices, and 1031 exchange investors seeking stable, yield-driven returns.
Property Facts
| Price | $4,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $183,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.02 AC |
| Cap Rate | 6.89% | Building Size | 24,016 SF |
| No. Units | 27 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1962/2009 |
| Property Subtype | Apartment | ||
| Zoning | R2 | ||
| Price | $4,950,000 |
| Price Per Unit | $183,333 |
| Sale Type | Investment |
| Cap Rate | 6.89% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.02 AC |
| Building Size | 24,016 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1962/2009 |
| Zoning | R2 |
Amenities
Site Amenities
- Controlled Access
- Furnished Units Available
- Vintage Building
- Public Transportation
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 505 - 525 |
| 2+2 | 17 | - | 832 |
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Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 40-002-001 | Improvements Assessment | $775,800 |
| Land Assessment | $177,000 | Total Assessment | $952,800 |
Property Taxes
Parcel Number
40-002-001
Land Assessment
$177,000
Improvements Assessment
$775,800
Total Assessment
$952,800
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