445 W Lemon Street
Lancaster, Pennsylvania PA 17603-3342
Sold For: $510,000
Listing ID: PALA2030230
Price/SqFt: $217.13
Status: CLOSED
Sold Date: 6/09/2023
SqFt: 2,464 Sq Ft
Acres: 0.060 Acres
Subdivision: CHESTNUT HILL
Year Built: 1898

Rare opportunity to own a 4-unit building in the heart of Lancaster's West side and Chestnut Hill neighborhood. Located on West Lemon Street, within walking distance to downtown and Central Market, F&M, Buchanan Park, schools, Nightlife, restaurants, galleries, neighborhood stores and shops. Also located in the City's STR (Short Term Rental) district (see attached). We have completely gutted the property and all Electrical (including panels), Mechanical (dedicated, individual heat pump systems in each unit) and Plumbing is brand new (supply and waste lines). Two units have beautiful 1" original wood floors. Architect sealed commercial plans approved and all MEPI's will be signed off by Lancaster City and provided to buyer prior to settlement. This means that the property will be delivered to buyer framed and ready for drywall and fixtures. Unit 1 has kitchen cabinets, sink and faucet. SEE Document section for more info and plans. The hard stuff is done! It's ready for your vision! Projected NET annual Income is $50,700. *This property is best suited for an experienced "flipper". Seller is licensed PA Realtor and property owner.

Primary Features

County: Lancaster
Price/SqFt: 217.13
Property Sub Type: Detached
Property Type: Multi Family
Subdivision: CHESTNUT HILL
Year Built: 1898
Zoning: R2

Interior

Basement: yes
Basement Type: Drain, Outside Entrance, Partial, Sump Pump
Central Air: yes
Cooling Type: Central A/C, Heat Pump(s)
Fireplace: no
Heating: yes
Heating Type: Heat Pump - Electric BackUp, Forced Air
Living Area SqFt Source: Assessor
Room Count: 17
Total Below Grade SqFt Source: Assessor
Total SqFt: 4928
Total SqFt Source: Estimated

External

Architectural Style: Traditional
Building Units Total: 4
Construction Materials: Brick, Masonry
Cooling Fuel: Electric
Electric Service: 200+ Amp Service
Exterior Features: Exterior Lighting, Fire Escape, Flood Lights, Gutter System, Sidewalks
Foundation Details: Block, Crawl Space, Wood
Garage: no
Heating Fuel: Electric
Hot Water: Natural Gas
Lot Dimensions Source: Assessor
Lot Size Dimensions: 0.00 x 0.00
Lot Size Source: Assessor
Lot Size Units: Square Feet
New Construction: no
Other Structures: Above Grade, Below Grade
Other Units: Unit 1,Unit 2,Unit 4,Unit 3
Pool: No Pool
Roof: Architectural Shingle, Rubber
Sewer Septic: Public Sewer
Tidal Water: no
Type of Parking: On Street
Utilities: Cable TV, Natural Gas Available
Water Access: no
Water Oriented: no
Water Source: Public
Water View: no
Window Features: Double Hung, Double Pane, Insulated, Replacement, Screens, Storm, Vinyl Clad

Location

Country: US
Elementary School: WHARTON
Elementary School Source: Listing Agent
High School: MCCASKEY CAMPUS
High School Source: Listing Agent
MLS Area: Lancaster City (10533)
Municipality: LANCASTER CITY
School District Name: SCHOOL DISTRICT OF LANCASTER
School District Source: Listing Agent
Waterfront: no
Zoning Description: Multi unit Commercial

Additional

Accessibility Features: 32"+ wide Doors
Base Off Market Date: 2023-06-10T00:00:00+00:00
Days on Market: 31
Historic: no
Land Use Code: 116
Property Sub Type: Quadruplex
Year Assessed: 2023
Year Built Source: Assessor

Financial

Acceptable Financing: Cash
Association Recreation Fee: N
Automatically Update Tax Values: yes
Buyer Financing: Cash
Cap Rate: 8
Electric Average per Month: 20
Electric Previous 12 Months: 240
Existing Lease Type: None
Gross Income: 62400
Gross Scheduled Income: 62400
Income Includes: Apartment Rentals
Insurance Expense: 2000
Net Operating Income: 50700
Operating Expense: 11700
Ownership Interest: Fee Simple
Possession: Immediate, Coin w/Sell Sett
Rent Control: no
Riparian Rights: no
Sale Type: Standard
Tax Annual Amount: 6862
Tax Assessed Value: 176400
Tax Data Updated: no
Tax Total Finished SqFt: 2464
Tax Year: 2023
Total Actual Rent: 62400
Trash Expense: 8800
Vacation Rental: no
Water Average/Month: 100
Water Previous 12 Months: 1200

Zoning Info


Area Info


Listing courtesy of Iron Valley Real Estate of Lancaster (717) 740-2221

© 2024 Bright MLS. All rights reserved. Information Deemed Reliable, but Not Guaranteed. Listing information is from various brokers who participate in IDX and not all listings may be visible on the site. The property information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Listing courtesy of Iron Valley Real Estate of Lancaster. Data last updated on Thursday, March 28th, 2024 06:48:25 AM.

Contact - Listing ID PALA2030230

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Jennifer L. King

1290 Broadcasting Rd.
Wyomissing, PA 17601
Phone: 717-723-9080
Main Office 717-509-2880 x3346

Data services provided by IDX Broker
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