10 E Main St Kutztown, PA – $675,000

10 E Main St Kutztown, PA  – $675,000
For Sale
Building Size 4115 sq ft Lot Size .35 Units / Bedrooms 4 / 11 Current Zoning CC Real Estate Taxes 5969 / 2020 Cap Rate 7.32 Property Use Student Housing Kutztown

Commercial Real Estate –  Student Housing

KUTZTOWN STUDENT HOUSING – Incredible opportunity to purchase a well maintained 4 unit building just minutes from Kutztown University.  7.32% Cap Rate.  12.87% Cash on Cash Return.  Property consists of four apartments licensed for 11 students with 11 individual bedrooms, common area laundry room, oof street parking for 13 cars and 3 oversized garage bays.  All apartments have one full bath. 0ne 2 student apartment and three 3 student apartments. Landlord pays water, hot water, sewer, taxes, insurance, basement and laundry area electric.  Tenant pays electric, trash, cable and internet (all apartments are electric baseboard heat).  5 meters, one for each unit plus landlord meter.  New improvements include new water heater (2019), New Roof (2014) and $58k addition of two bedrooms to unit 4 apartment to increase total student permit from 9 to 11 bedrooms (2013).  All appliances are included in the sale.  Centrally located next to Turkey Hill and within walking distance to downtown dining & shopping.  Great rental history.  Apartments 1,2,3 leased for Spring 21, Fall 21, and Spring 22 semesters.   Apartment 4 is on annual lease until 08/15/2021 and tenants have expressed great interest to sign for an additional year.   Additional rent from summer occupancy and garage rental.

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