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Fairfield Lodge 5104 Fairfield Rd 11 Unit Apartment Building $850,000 ($77,273/Unit) 8% Cap Rate Fairfield, PA 17320
Investment Highlights
- Perfect option for an owner/operator complex to live in the house while rental income pays for your home and even more.
- Potential option to build more units - with 2.59 acres of land, there is plenty of open land that can be built upon to add more units
- Potential to subdivide off the house to sell separately. The house has an estimated value of $300,000.
- Excellent potential for a combination of STR and MTR to maximize gross rents.
Executive Summary
Established mid-term rental property in the desirable Gettysburg travel market.
Property includes 10 single room rentals, each with an attached bath. Each room has a microware, fridge, table & chairs, queen bed and space to spread out. The rooms rent for an average of $925 per month.
Also included is a house with five bedrooms, 2 ½ bathrooms, 2 car garage, and a framed attic for an additional bedroom/bath. The house is rented on a 1-year lease at $1,875 per month. The property has recently received over $136,000 in upgrades and improvements, and has been well maintained. Each private room rental is rented for seven days or longer, with many stays that are 6-9 months. The property is provided furnished to residents.
Excellent potential for a combination of STR and MTR to maximize gross rents.
Since the property is located near a ski resort and the destination town of Gettysburg, this provides consistent bookings year-round with ski traffic filling the winter months and tourism traffic during the warmer months.
Potential option to build more units - with 2.59 acres of land, there is plenty of open land that can be built upon to add more units. The current use as rentals is pre-existing non-conforming, so clients should check with the township to verify opportunities.
Potential to subdivide off the house to sell separately. The house has an estimated value of $300,000. This may require a township variance. Perfect option for an owner/operator complex to live in the house while rental income pays for your home and even more.
Property includes 10 single room rentals, each with an attached bath. Each room has a microware, fridge, table & chairs, queen bed and space to spread out. The rooms rent for an average of $925 per month.
Also included is a house with five bedrooms, 2 ½ bathrooms, 2 car garage, and a framed attic for an additional bedroom/bath. The house is rented on a 1-year lease at $1,875 per month. The property has recently received over $136,000 in upgrades and improvements, and has been well maintained. Each private room rental is rented for seven days or longer, with many stays that are 6-9 months. The property is provided furnished to residents.
Excellent potential for a combination of STR and MTR to maximize gross rents.
Since the property is located near a ski resort and the destination town of Gettysburg, this provides consistent bookings year-round with ski traffic filling the winter months and tourism traffic during the warmer months.
Potential option to build more units - with 2.59 acres of land, there is plenty of open land that can be built upon to add more units. The current use as rentals is pre-existing non-conforming, so clients should check with the township to verify opportunities.
Potential to subdivide off the house to sell separately. The house has an estimated value of $300,000. This may require a township variance. Perfect option for an owner/operator complex to live in the house while rental income pays for your home and even more.
Property Facts
| Price | $850,000 | Building Class | C |
| Price Per Unit | $77,273 | Lot Size | 2.24 AC |
| Sale Type | Investment | Building Size | 6,348 SF |
| Cap Rate | 8% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1950/2021 |
| Property Subtype | Apartment | Parking Ratio | 2.05/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3 - an area for moderate to high-density residential development, allowing for a variety of housing types and potentially some community services | ||
| Price | $850,000 |
| Price Per Unit | $77,273 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.24 AC |
| Building Size | 6,348 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1950/2021 |
| Parking Ratio | 2.05/1,000 SF |
| Zoning | R3 - an area for moderate to high-density residential development, allowing for a variety of housing types and potentially some community services |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | 200 |
| 5+2.5 | 1 | - | 4,500 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 18-C16-0018-000 | Improvements Assessment | $312,400 |
| Land Assessment | $90,500 | Total Assessment | $402,900 |
Property Taxes
Parcel Number
18-C16-0018-000
Land Assessment
$90,500
Improvements Assessment
$312,400
Total Assessment
$402,900
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Fairfield Lodge | 5104 Fairfield Rd