Terrace Garden Apartments | 1501 Elk St
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Terrace Garden Apartments 1501 Elk St
20 Unit Apartment Building $1,495,000 ($74,750/Unit) 7.49% Cap Rate Franklin, PA 16323
Executive Summary
Take advantage of this rare opportunity to own this fabulous 20 unit building and add this to your portfolio. This well built BRICK property is constructed with 18 2-bedrooms and 2 1-bedrooms divided up into 4 sections. Terrace Garden Apartments come with a rich history of being fully occupied with long term residents and a waiting list! The units are consistent in layout and finishes with the galley kitchen: fully furnished, dining area, living room, and plenty of closets. The basement houses the coin operated laundry and each unit has their own storage area. There is extra storage outside along with terraces and patios! The common parking lot has an assigned space for each unit but there is plenty of parking on 15th and Elk streets. Tenant pays electric while owner pays water, sewage, trash. So many improvements since 2019
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,495,000 | Building Class | C |
| Price Per Unit | $74,750 | Lot Size | 0.60 AC |
| Sale Type | Investment | Building Size | 25,302 SF |
| Cap Rate | 7.49% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 0.79/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,495,000 |
| Price Per Unit | $74,750 |
| Sale Type | Investment |
| Cap Rate | 7.49% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.60 AC |
| Building Size | 25,302 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1986 |
| Parking Ratio | 0.79/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
- Dining Room
Site Amenities
- Laundry Facilities
- Picnic Area
- Storage Space
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PROPERTY TAXES
| Parcel Number | 10-217-069-000 | Total Assessment | $416,670 (2024) |
| Land Assessment | $33,750 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $382,920 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
10-217-069-000
Land Assessment
$33,750 (2024)
Improvements Assessment
$382,920 (2024)
Total Assessment
$416,670 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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Terrace Garden Apartments | 1501 Elk St
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