The multi-unit investment property located on West Mechanic Street in Downtown New Hope, featuring three commercial spaces and three apartments, presents compelling opportunities due to its prime location, current under-market rents, and the area's ongoing real estate market growth.
Current potential: Under-market rents: The property is currently rented below market rates. This offers a straightforward opportunity for increased income and capitalization by simply bringing the rents up to market rates, as leases expire or renegotiations occur.
Luxury Property Development: The property's location adjacent to luxury market properties suggests strong potential for redevelopment into a high-end luxury property. The area is experiencing a transformation with luxury residential and commercial developments, indicating a receptive market for upscale properties. Acquiring 11 W Mechanic Street and adjacent rear multi-unit residential property, could provide a lucrative redevelopment opportunity.