Listed By:
RE/MAX Realty Associates
Address
2 W Market Street, Gratz, PA
Price
$ 300,000
Property Attributes
  • MLS#PADA2026792
  • TypeCommercial
  • CountyDAUPHIN
  • CityGratz
  • AreaGratz Boro
  • Zip17030
  • StyleApartment Building,Banquet Facility/Lodge,Bed and
  • Year Built1935
  • Taxes$ 4102
  • Price$ 300,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage9734
  • Lot Size0.33 Acres
Data Source:
Bright MLS
Property Description

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!

Price History
9/9/2023 Listed $350,000
3/2/2024 15% - $300,000

General Features

Sewer Public Sewer
Heating Hot Water
Cooling Central A/C,Window Unit(s),Ductless/Mini-Split
Possession Settlement
Roof Composite
Zoning COMMERCIAL
Security Features Exterior Cameras,Monitored
Construction Materials Frame,Masonry,Metal Siding
Exclusions All Restaurant and Kitchen Equipment and All Items Inside of the Building
Year Built 1935
Electric 200+ Amp Service,100 Amp Service
Property SubType Five Or More Units
Tax Year 2023
Percent Ownership Fee Simple
Cool Fuel Electric
Business Type Apartment Building,Banquet Facility/Lodge,Bed and Breakfast,Day Care Facility,Flex,Other/General Retail,Parking Lot,Professional,Restaurant/Bar,Storage
Accessibility None
County DAUPHIN
New Construction No
Property Type Commercial Sale
Possible Use Apartment Building,Apartments,Bar/Tavern/Lounge,Barber/Beauty,Bed & Breakfast,Beer/Wine/Liquor,Commercial,Convenience Store,Day Care,Flex Space,Food & Beverage,Food Market,Hotel/Motel,Investment,Laun
Water Access Y/N No
Property Use Investment
Status ACTIVE
Directions I-81 N 5.6 mi Use the right 2 lanes to take exit 67A-67B to merge onto US-22 W/US-322 W toward Lewistown W/State College 6.1 mi Take the PA-225 N exit toward Halifax 0.5 mi Continue onto PA-225
ModificationTimestamp 2024-03-05T13:17:05
City GRATZ
Buyer Agent Compensation 2.5
Zoning Description Commercial/Mixed Use/Apartments
MLS Area Gratz Boro (14027)
Lot Size Square Feet 14374.80
Tax Assessed Value 149400.0
Waterfront Y/N No
Street Name MARKET
Tax Annual Amount 4102.0
Price Per Sq Ft 30.82
Acceptable Financing Cash,Conventional,Bank Portfolio
Lease Considered Y/N No
Vacation Rental Y/N No
Days on Market 159
Standard Status Active
Year Built Source Assessor
Total Actual Rent 30000.00
Buyer Agent Compensation Type % Of Gross

Interior Features

Heating Fuel Oil,Propane - Leased,Electric
Hot Water Propane
Total Stories 3
Heating Y/N Yes
Street Suffix STREET
Central Air Y/N Yes

Exterior Features

Water Source Public
Total Parking Spaces 25
Type of Parking Parking Lot
Land Use Code C04
Water View Y/N No
Building Area Total 9734.00
Lot Size Acres 0.33
Lot Size Units Square Feet
Lot Size Source Estimated
Land Assessed Value 9300.00
Navigable Water Y/N No
Water Oriented Y/N No
Car Parking Spaces 25

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in 17030

Price
AVG $300K
$300K
Taxes
AVG $4,102
$4,102
Visits
AVG 49
49
Data Provided by Inside Real Estate®
Year Built
AVG 1935
1935