862 Iron Ridge Rd - Apartments FOR SALE


Spring Grove, PA 17362
$949,000 USD
717-731-1990
862 Iron Ridge Rd, Spring Grove, PA for Sale
$949,000 USD
Apartments - FOR SALE
1/1
null | 7.41% Cap Rate

862 Iron Ridge Rd
Spring Grove, PA 17362


HIGHLIGHTS

  • Diversified unit mix with diversified income streams
  • Asphalt driveway & parking area fully repaved in 2022
  • 95% modern window replacement between 2022 & 2024
  • Picturesque rural setting with high demand in submarket
  • Unique 11-unit investment property includes 3 residential buildings and a laundry facility

OVERVIEW

862 Iron Ridge Rd presents the opportunity to acquire a well-maintained 11-unit multifamily property set on a picturesque 2.7-acre site in Spring Grove, Pennsylvania. The property includes three residential buildings and an on-site coinoperated laundry facility, offering a unit mix of three (3) 2-bedroom/1-bath apartments (B, C, and D) and eight (8) 1-bedroom/1-bath units. The rural, park-like setting contributes to strong tenant retention and steady income. Since 2021, approximately $200,000 has been invested in renovations and infrastructure upgrades, positioning the asset for stable operations with limited near-term capital needs. Improvements include renovated units, new electric baseboard heating systems, updated water heaters, plumbing and electrical upgrades, modern appliances and lighting, insulation, energy-efficient windows, and a fully overhauled well system. The property also benefits from a re-paved driveway and parking area (2022), separate electric service for 8 of 11 units, professionally maintained well and septic systems, and a stream running through the property, enhancing its unique investment appeal.

FOR SALE DETAILS

PRICE

$949,000 USD

PRICE/SF

$98 USD /SF

# OF UNITS

11

PRICE/UNIT

$86,273

CAP RATE

7.41%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1879

PARKING SPACES

12

LAND DETAILS

LAND ACRES

2.7 AC

LAND SF

117,612 SF

ZONING

Residential

APN/PARCEL ID

30-000-EE-0069.00-00000

ASK ABOUT THIS PROPERTY

Mike Rohm CCIM, MAILandmark Commercial RealtyMore Info
717-731-1990

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Mike Rohm CCIM, MAILandmark Commercial RealtyMore Info
717-731-1990

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.