704 W MARKET STREET

Property Description

Creek side apartments located in charming Orwigsburg, walking distance to dining and the square, near by shopping, schools, hospital and country club. This charming building with four units on property allows the tenants to enjoy the grounds and near by parks, wineries, fishing streams. Great school district desirable for tenants with small families in a active community. Located across the stream from the post office and shopping center and restaurants within walking distance. Large updated building with vinyl siding and most windows and doors updated, large high ceilings inside with great craftsmanship and details. All units have been updated and each has their own charm featuring large rooms with lots of closets and windows make this a comfortable setting. The tenants can us the coin laundry in the laundry room at the rear of the building. Current rents: unit 1 (2bdr.) $1,100/mo., Unit 2 (1 bdr.) $1,000/mo. , Unit 3 (3 bdr.) $1,300/mo. and Unit 4 (1bdr.) $1150/mo. = $4,550/mo. gross income some of the rents are soft for the area and could be increased, Note Laundry income not included ($2/ per wash or dry). Each unit pays their own electric ( electric heat). Expenses: Taxes $4,166/yr, Common area electric (including running the laundry) and. heat in lobbies, $1,440, Dumpster $1,100/qt. owner figures it looks better then a lot of trash cans ( but this could probably be converted and they would each have there on trash cans and service). The buildings pest service is ($200 every six months) or $400 annual. Insurance is approximately $3000 for hazard, and $1,700 for flood a year. And owner currently cuts the grass and plows the snow in the parking lot as he works near by. Note: since converting each unit and the common area to their own electric heat the oil boiler in the basement is a potential back up but no longer required for heating the four units and hot water ( this is in working condition but was converted for costs savings). Also Note: they are selling the property to buy a farm hence the short time of ownership, but he does farm maintenance and has an opportunity to purchase a farm. This would be a great investment for a potential live in owner looking to downsize and have income or a snow bird too.