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Established 17 Room Boarding House 359 Main St 17 Unit Apartment Building $929,900 ($54,700/Unit) Mcsherrystown, PA 17344
Investment Highlights
- Stabilized cash flowing room house
- Long term tenant base
- The property is located in McSherrystown, a small community in Adams County, adjacent to the Hanover area.
- Very well maintained property
- Significant upside on rents
- McSherrystown connects easily to major Pennsylvania routes such as PA-116 and PA-94, providing access toward Hanover, Gettysburg,
Executive Summary
Established 17 Room boarding house plus two garage rentals is offered for sale in the suburbs of Hanover.
Long time owners have taken great care of this well built property, and have a long established tenant base. This property has a Labor & Industry Certificate for code items, and is a long standing established Boarding house under the Commercial 1 zoning in McSherrystown Borough. The property was constructed in 1930 originally as a well built grand home, and was converted into a group home and later Boarding House.
The property consists of 17 rooms over 4 floors. There are 3 Common bathrooms and one room that has a private bath. Residents use a common kitchen and have access to laundry area in basement. There are several generous porches for tenant use around the exterior, and on site parking for 17 cars.
Many of the major components of the building are well within useful life, with the roof, Boiler, water heater all 10 years old approximately or newer.
Each room is all- inclusive, with the Landlord covering the utilities, common area cleaning, Wi-Fi access, parking and basic furniture included. This increases the appeal for the tenant base with rent that provides all of their living costs. Each tenant signs an initial 6-month lease, converting to Month-to-Month at lease end. They are provided an option to pay weekly or monthly for rent.
There is significant upside on rents, as Landlord has not recently done an increase, but has completed nice cosmetic upgrades recently. With significant operating efficiency and great upside in rents, The McSherrystown Rooming house presents investors opportunity to realize current 7% Cap with upside to 9% Cap.
Long time owners have taken great care of this well built property, and have a long established tenant base. This property has a Labor & Industry Certificate for code items, and is a long standing established Boarding house under the Commercial 1 zoning in McSherrystown Borough. The property was constructed in 1930 originally as a well built grand home, and was converted into a group home and later Boarding House.
The property consists of 17 rooms over 4 floors. There are 3 Common bathrooms and one room that has a private bath. Residents use a common kitchen and have access to laundry area in basement. There are several generous porches for tenant use around the exterior, and on site parking for 17 cars.
Many of the major components of the building are well within useful life, with the roof, Boiler, water heater all 10 years old approximately or newer.
Each room is all- inclusive, with the Landlord covering the utilities, common area cleaning, Wi-Fi access, parking and basic furniture included. This increases the appeal for the tenant base with rent that provides all of their living costs. Each tenant signs an initial 6-month lease, converting to Month-to-Month at lease end. They are provided an option to pay weekly or monthly for rent.
There is significant upside on rents, as Landlord has not recently done an increase, but has completed nice cosmetic upgrades recently. With significant operating efficiency and great upside in rents, The McSherrystown Rooming house presents investors opportunity to realize current 7% Cap with upside to 9% Cap.
Property Facts
| Price | $929,900 | Building Class | C |
| Price Per Unit | $54,700 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 5,292 SF |
| No. Units | 17 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1930 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-1 - Neighborhood or Local Commercial District | ||
| Price | $929,900 |
| Price Per Unit | $54,700 |
| Sale Type | Investment |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,292 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | C-1 - Neighborhood or Local Commercial District |
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Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 28-005-0184-000 | Improvements Assessment | $347,500 |
| Land Assessment | $37,800 | Total Assessment | $385,300 |
Property Taxes
Parcel Number
28-005-0184-000
Land Assessment
$37,800
Improvements Assessment
$347,500
Total Assessment
$385,300
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Established 17 Room Boarding House | 359 Main St
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