3444 Penn Ave, Sinking Spring, PA 19608

Property Description

Wilson Schools mixed use semi-detached multi-unit building on a prime very busy Penn Ave location in Sinking Spring with a detached 763 sqft 2 story 2 car garage and parking lot for 8 cars with separate gas heat, hot water and electric for the 2 units in the building. The garage & common area electric are on the unit one's meter. Unit 1 consists of the commercial space and is being used as a beauty salon with a large open space, powder room, kitchenette with storage, basement access, access to the exterior rear deck, side yard and parking lot. This unit has new gas heat with central air, gas hot water, 100 AMP electric, basement storage. The salon unit is in excellent condition and is currently rented by a nearly 3 year tenant at $1,500.00 a month. Unit 2 is the residential apartment, 2nd & 3rd floors consisting of 5 rooms, 3 BRS, living room, kitchen & bath. This unit pays for its gas heat, hot water & electric and also has a new gas furnace and central air unit. This unit needs some minor TLC and updating due to being occupied by the same tenant for 25 years and it was just vacated. Projected market rent is $1,800.00. Unit 3 is the 2 story, 2 car detached garage with electric and heat that is currently owner occupied but market rent is $300 a month. There is paved parking for 8 cars and a side yard that could provide more parking or an outdoor recreational area. Projected income & expenses due to the garage being owner occupied and unit 2 just vacating. Projected income: 43,200K. Breakdown: Unit 1: $1,500.00. Unit 2: $1,800.00. Unit 3: Garage: $3000.00. Expenses: $8,043.00. Breakdown: Insurance: 2500. Water: 800. Sewer: 900. Electric: 0. Gas: 0. Trash: $495.00. Taxes: $3,248.00. NOI: $35,157. Projected Cap Rate: 11%. This is a fantastic investment opportunity for a business owner occupant or an investor.