507 N Lime St
3 Unit Apartment Building $399,000 ($133,000/Unit) Lancaster, PA 17602
INVESTMENT HIGHLIGHTS
- Excellent location adjacent to Lancaster General Hospital Downtown Campus
- Value-add potential through modest renovations
- Supply constrained neighborhood suggesting consistent organic rent growth into the future
- Recently replaced furnace and recently installed PEX plumbing
- Increasing demand among young professionals for Downtown Lancaster apartments
- Potential to lease to traveling nurses at Lancaster General Hospital on mid-term basis at premium rates
EXECUTIVE SUMMARY
Presented by Landmark Commercial Realty, this well-located 3-unit property offers an outstanding investment opportunity in Downtown Lancaster, directly across from the Lancaster General Hospital Downtown Campus. The property spans 2,496 SF and features recent updates, including a new furnace and PEX plumbing in 2 of the 3 units.
With average rental rates of $1,077 per month, the property consists of two 1- bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. This property will be a valuable addition to an existing multi-family portfolio, while its size and price point are also modest enough to appeal to first time investors and house hackers.
Set on a 0.07-acre lot along Park Ave, the property offers easy access to all the amenities Downtown Lancaster has to offer. Tenants will enjoy close proximity to
shopping, dining, healthcare, and recreational options, including nearby parks and Clipper Magazine Stadium, home of the Lancaster Barnstormers. With strong rental demand and significant investment potential, this property represents a valuable addition to any real estate strategy
With average rental rates of $1,077 per month, the property consists of two 1- bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. This property will be a valuable addition to an existing multi-family portfolio, while its size and price point are also modest enough to appeal to first time investors and house hackers.
Set on a 0.07-acre lot along Park Ave, the property offers easy access to all the amenities Downtown Lancaster has to offer. Tenants will enjoy close proximity to
shopping, dining, healthcare, and recreational options, including nearby parks and Clipper Magazine Stadium, home of the Lancaster Barnstormers. With strong rental demand and significant investment potential, this property represents a valuable addition to any real estate strategy
PROPERTY FACTS
| Price | $399,000 |
| Price Per Unit | $133,000 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 2,496 SF |
| No. Stories | 3 |
| Year Built | 1897 |
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
1 of 1
Walk Score®
Very Walkable (88)
