GREAT INVESTMENT OPPORTUNITY! Once this building is completely renovated, projected rent should be in the 10k - 12k range.
This commercial property is almost 10,000 sq ft and has ENDLESS EARNING possibilites! Located in the heart of the town with a very visible, easy access spot on Route 25, this mixed use building has so much to offer! The restaurant which was totally renovated in 2021 encompasses approximately 4000 sq ft on the first floor and is thriving. With a bar and two rooms for dining, there is plenty of sit down seating in the restaurant plus there is a small gift shop on site. Attached to the restaurant, there is a flex space with a half bathroom that could easily be convereted to a full bathroom and would be a perfect conference room, office space, hair salon, constructed into another apartment, or just used for an additional dining room for the restaurant if so desired. Beyond the restaurant's spacious and open kitchen is a sizable unfinished space that the sellers were entertaining turning into a laundromat or mini storage units. There is also a small shed like structure adjoining the kitchen space that could be a small coffee shop or ice cream stand.
There are five apartments in this buiding all in different levels of renovation that need completed with the 3 bedroom apartment on the first floor being the closest to finished. The additional four other apartments are located on the 2nd and 3rd floors. Projected rents are as follows (please note these are estimates and what the future owner does in renovations to these apartments and how they are marketed in the future will dictate what exactly they get in rents):
Apt 1: $1400/mo. (1st floor - 3 bed, 1 1/2 ba, approx 40 ft x 28 ft with an open laundry area, hardwood floors and ceramic tiles with private entrance)
Apt 2: $1200/mo (2nd floor - 2 bd, 1 ba, approx 58 ft x 14 ft with hardwood floors and ductwork that needs to be removed to make the 2nd bedroom as well as a hall finalized as the 2nd exit for the 3rd floor apartment)
Apt 3: $900/mo (2nd floor - 1 bd, 1 ba, approx 27 ft x 19 ft with hardwood floors)
Apt 4: $900/mo (2nd floor - 1 bd, 1 ba approx 28 ft x 15 ft with hardwood floors)
Apt 5: $1200/mo (3rd floor - 2 bd, 1 ba, approx 90 ft x 25 ft with hardwood floors, a mudroom, and a large wooden deck with steps down to the yard)
There is a metal fire escape for the second floor apartments that needs attached to the building, and all 5 apartments have 2 exits.
The restaurant rents for $2500/mo but fair market value should be approx $4500/mo.
The conference room attached to the restaurant is approx 29 ft x 29 ft and rents would vary depending on what the future owner decides to do with this space.
The shed like structure (perfect for a coffee shop/ice cream stand) is approx 24 ft x 10 ft and also would have rent dependent on future use and lease.
This property sees a lot of through traffic with a variety of local attractions that pull thousands of visitors such as the Gratz Fair, the Crossroads Farmers Market & Auction, the Lykens Valley Golf Course, and Lake Tobias Wildlife Park.
With its earning potential, visibility, and square footage, this is an investment opportunity that does not come along often and you don't want to miss!