MLS® ID: PACT415492

524 E LINCOLN HIGHWAY

COATESVILLE, Pennsylvania, 19320

$349,900 Active
  • 11 Beds
  • 6 Baths
  • 6950 SQFT
See Commercial Listing# PACT415216 for itemized apartment rents & descriptions. This 7-unit, 7,000 SF Mansion can easily be converted back to its original glory as a single-family home, if desired. Turn-Key, 7 unit, fully rented with automatic electronic rents (no checks!), currently creating $63,476 yr. gross rent. (Group Showing Sat 2/16 @ 2 pm). The 6 residential apartments average $824 per month, resulting in high NOI and ROI. In addition to the apartments, the detached 3 car garage with service pit, loft, and decommissioned bathroom facility, fronting on Harmony St., is rented for an additional $310mo. The garage has been continuously rented for the entire duration of the landlord's ownership. Additional income is produced by storage rental units located in the basement (on leases) and a coin-op laundry in the basement, which is managed by a coin-op laundry company (no landlord interaction needed, the equipment is owned and serviced by the coin-op management company). The electrical is upgraded with circuit breakers and separate meters for each unit. Tenants also pay heat based on actual use. Service provided by Energy Management System (EMS). A single gas fired boiler heats the entire building and the EMS system measures the amount of heat used by each unit. In addition to actual heat used, tenants also pay a $30/mo flat fee for hot water. Landlord pays sewer, water, and trash. The on-street parking removes the maintenance cost and liability of a parking lot. On-street parking is plentiful in front of the subject building. A convenient adjoining parking lot is available to the tenants if desired, for $30/month, courtesy of the neighboring landlord. This beautiful 7,000 SF Victorian Mansion was ideal for creating 6 large apartments without being all chopped-up, many with private balconies and porches, plus a common space with a wraparound porch. Situated in a beautiful location across from the renovated Public Library, the gorgeous New Life Christ Fellowship Church is one door down, and the Genesis A.M.E. Zion Church is the next property on 5 th Ave. Zoned mixed use, office, professional & retail use permitted (currently all residential use due to owner~s preference). All rents are paid via stress-free automated Electronic Payment, 5 units are tenant paid, and two are HUD paid via section 8. Priced to sell, based on the Comps, the most recent Comp is the best match and most heavily weighted. 402W Lincoln Hwy, settled 1/7/19, $360,000, 6-unit (verse 7-unit subject property), 4,400SF verse (7,000 SF subject property), $4,150 mo projected rents, with only 1 unit rented (verse $5,290 actual monthly rents of the subject property). Showings will be grouped together in an effort to minimize inconveniences to the tenants. The first showing group is on Saturday 2/16 @ 2 pm. The second showing group is scheduled for Monday 2/18 @ 3 pm. The group schedule can be changed if multiple prospects need a different day/time. Listing Agent present for all showings. Seller will respond to offers on 2/19. If an agreement is not reached, additional group showings will be scheduled. Pre-approval/Letter for commercial financing (5+ unit require commercial financing) or, if cash, reasonable POF required prior to showing. Notify listing agent for showing (buyer agents, please use ShowingTime). The property is fully rented at time of advertisement, and maintaining full occupancy is intended, however, there is no guarantee, credit, or contingency provided if one or more tenant(s) moves out prior to settlement.
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Listing courtesy of RE/MAX Professional Realty

Amenities

  • Full baths
    6
  • Half baths
    0
  • Full Baths Range
    4+ Baths
  • Total Baths
    6
  • Zip
    19320
  • Office name
    RE/MAX Professional Realty
  • Subdivision
    000
  • SQFT
    6950
  • Bedrooms
    11
  • Property type
    Single Family
  • Zoning type
    C2
  • Year built
    1940
  • Lot size
    0.3
  • Sewer
    Public Sewer
  • Heating
    Hot Water
  • Agent name
    Sherman B Senn
  • Purchase Type
    Active
  • Price Range
    $300k-$400k
  • Square Feet Range
    5000-7000 sq ft.
  • Bedrooms Range
    11 Beds
  • Year Built Range
    1989 (and earlier)
  • Office ID
    RMPROF
  • Agent ID
    3147525

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