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862 Iron Ridge Rd
Spring Grove, PA 17362
Multifamily Property For Sale
·
11 Units
INVESTMENT HIGHLIGHTS
- Diversified unit mix with diversified income streams
- 95% modern window replacement between 2022 & 2024
- Unique 11-unit investment property includes 3 residential buildings and a laundry facility
- Asphalt driveway & parking area fully repaved in 2022
- Picturesque rural setting with high demand in submarket
EXECUTIVE SUMMARY
862 Iron Ridge Rd presents the opportunity to acquire a well-maintained 11-unit multifamily property set on a picturesque 2.7-acre site in Spring Grove,
Pennsylvania. The property includes three residential buildings and an on-site coinoperated laundry facility, offering a unit mix of three (3) 2-bedroom/1-bath
apartments (B, C, and D) and eight (8) 1-bedroom/1-bath units. The rural, park-like setting contributes to strong tenant retention and steady income.
Since 2021, approximately $200,000 has been invested in renovations and infrastructure upgrades, positioning the asset for stable operations with limited near-term capital needs. Improvements include renovated units, new electric baseboard heating systems, updated water heaters, plumbing and electrical upgrades, modern appliances and lighting, insulation, energy-efficient windows, and a fully overhauled well system. The property also benefits from a re-paved driveway and parking area (2022), separate electric service for 8 of 11 units, professionally maintained well and septic systems, and a stream running through the property, enhancing its unique investment appeal.
Pennsylvania. The property includes three residential buildings and an on-site coinoperated laundry facility, offering a unit mix of three (3) 2-bedroom/1-bath
apartments (B, C, and D) and eight (8) 1-bedroom/1-bath units. The rural, park-like setting contributes to strong tenant retention and steady income.
Since 2021, approximately $200,000 has been invested in renovations and infrastructure upgrades, positioning the asset for stable operations with limited near-term capital needs. Improvements include renovated units, new electric baseboard heating systems, updated water heaters, plumbing and electrical upgrades, modern appliances and lighting, insulation, energy-efficient windows, and a fully overhauled well system. The property also benefits from a re-paved driveway and parking area (2022), separate electric service for 8 of 11 units, professionally maintained well and septic systems, and a stream running through the property, enhancing its unique investment appeal.
PROPERTY FACTS
| Price Per Unit | $86,273 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.70 AC |
| Cap Rate | 7.41% | Building Size | 9,670 SF |
| No. Units | 11 | Average Occupancy | 92% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1879/2017 |
| Apartment Style | Low-Rise | Parking Ratio | 1.09/1,000 SF |
| Zoning | Residential - Land Use: 201 A – House Converted to Apt- 4 Family + | ||
| Price Per Unit | $86,273 |
| Sale Type | Investment |
| Cap Rate | 7.41% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.70 AC |
| Building Size | 9,670 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1879/2017 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | Residential - Land Use: 201 A – House Converted to Apt- 4 Family + |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Balcony
- Cable Ready
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Carpet
- Yard
- Built-In Bookshelves
- Deck
- Dining Room
- Double Pane Windows
- Lawn
- Linen Closet
- Office
- Pantry
- Porch
- Smoke Free
- Vinyl Flooring
- Window Coverings
- Large Bedrooms
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Gas Range
- Smoke Free
- Trash Pickup - Curbside
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 450 - 1,100 |
| 2+1 | 1 | - | 1,166 |
PROPERTY TAXES
| Parcel Number | 30-000-EE-0069.00-00000 | Improvements Assessment | $171,130 |
| Land Assessment | $73,330 | Total Assessment | $244,460 |
PROPERTY TAXES
Parcel Number
30-000-EE-0069.00-00000
Land Assessment
$73,330
Improvements Assessment
$171,130
Total Assessment
$244,460
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