Log In/Sign Up
Your email has been sent.
862 Iron Ridge Rd 11 Unit Apartment Building $949,000 ($86,273/Unit) 7.41% Cap Rate Spring Grove, PA 17362
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 | $949,000 | Building Class | C |
| Price Per Unit | $86,273 | Lot Size | 2.70 AC |
| Sale Type | Investment | Building Size | 9,670 SF |
| Cap Rate | 7.41% | Average Occupancy | 92% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1879/2017 |
| Property Subtype | Apartment | Parking Ratio | 1.09/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Residential - Land Use: 201 A – House Converted to Apt- 4 Family + | ||
| Price | $949,000 |
| 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 |
1 1
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
1 of 2
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
862 Iron Ridge Rd
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.