148 Sheraton Dr - Apartments FOR SALE


New Cumberland, PA 17070
$23,000,000 USD
484-467-0701
148 Sheraton Dr, New Cumberland, PA for Sale
$23,000,000 USD
Apartments - FOR SALE
1/29
null | Request Cap Rate

148 Sheraton Dr
New Cumberland, PA 17070


OVERVIEW

Newmark, as exclusive agent, is pleased to present ReVi Harrisburg (“ReVi” or the “Property”), a recently redeveloped, 194-unit rental community with a 10,000+ SF restaurant space and 6,500 SF of event space in New Cumberland, PA. The Property’s strategic and high visibility location off the PA Turnpike at Interchange 83 in York County, which sees an average of ±70,000 vehicles per day, provides easy access to all major employment hubs, demand drivers and recreational amenities in the region. Situated on 8.37 acres, ReVi Harrisburg is a former hotel property that was completely renovated and redeveloped by the current Owner into apartment units in 2023-2024. The Property features 194 units as well as a full amenity package including an indoor pool, fitness center, business center, media room, resident lounge and outdoor courtyard. In addition, the offering includes a vacant restaurant with a full commercial kitchen, bar and liquor license, ready for a new operator. The Property also offers two banquet/conference spaces that have already been well received in the market and will prove to be a lucrative revenue stream. ReVi Harrisburg is comprised almost entirely of studio units (97% of the Property), and five one bedroom units, with an average unit size of 294 SF. Its rents, which average $910 per month, along with its extensive lifestyle amenity offering, present a high quality but attainable housing option for renters in the market. The Property, which is currently 95% occupied, was delivered in two phases between the end of 2023 and 2024, with the first phase stabilizing after just four months. With its rapid lease up and consistent occupancy of 95%+ since opening, ReVi Harrisburg has established itself as a community of choice among area renters. In addition, given the unit mix, ample amenity space, banquet/event spaces, and restaurant space with full commercial kitchen, there is optionality in the future for a business plan that could include an alternative use such as a personal care facility (senior, assisted living, memory care), affordable housing, or some other use. ReVi Harrisburg represents a unique and compelling investment opportunity for investors who are looking for a stable income stream with multiple paths to additional revenue, as well as potential for a variety of exit strategies in the future.

FOR SALE DETAILS

PRICE

$23,000,000 USD

PRICE/SF

$178 USD /SF

# OF UNITS

194

PRICE/UNIT

$118,557

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

ReVi Harrisburg

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2023

PARKING SPACES

-

LAND DETAILS

LAND ACRES

8.37 AC

LAND SF

364,597 SF

ZONING

CB

APN/PARCEL ID

27-000-SF-0002.C0-00000

ASK ABOUT THIS PROPERTY

484-467-0701

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484-467-0701

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