MARLA SCHECHTER

Description

Prime value add investment opportunity. A 7-unit mixed-use portfolio in the heart of Lansdale Borough. Two adjoining parcels (11-00-09667-006 and 11-00-09668-005) are offered together as a package and are not available separately. The site provides exceptional off-street parking with 20 spaces. Kindly do not visit the property without an appointment. The property includes 3 street level commercial retail spaces and 4 residential apartments, offering current income with meaningful upside in NOI. Storefronts have strong visibility on the main corridor and sit across from national brands including: Starbucks, Domino’s, Walgreens, and Pizza Hut. Current commercial tenants include: Modern Male Barber, The Lord’s Shop, and The Moon Gazing Rabbit. The four vintage residential units consist of two 1BR 1BA apartments above The Lord’s Shop (835 W Main), one 2BR 1.5BA apartment above the barber shop (833 W Main), and one 4BR 1BA twin style home (built in 1928) connected to The Moon Gazing Rabbit (831 W Main). 833-835 W Main was built in 1962. One 1BR is currently vacant. Most leases are under 1 year, giving a buyer flexibility to execute their desired business plan. Pro forma effective gross income projected at $133k+/- and NOI of $82k+/- for an 8+% pro forma cap rate. See Offering Memorandum for details. Revenue upside includes closing the loss-to-lease gap and growing other income: pet fees, utility reimbursement and renting out the 1-car garage. Expense savings may be available through a possible conversion to natural gas and running heat through the existing ductwork in the two larger retail suites already fitted with ductwork for central A/C. Buyer to independently confirm feasibility and code compliance. With below market rents and stable tenancy, the property offers both secure income and significant value-add potential. The buildings total 8,198+/- square feet (per public records) on a combined 0.28+/- acre lot with a paved rear lot providing 20 parking spaces plus additional on street parking. Main Street frontage of approximately 74 feet offers visibility to 15,000+/- vehicles per day. The location sits within a diverse cluster of retail and services and the property is walkable to the Lansdale SEPTA Regional Rail station with service to Center City Philadelphia. Positioned in Lansdale’s Downtown Business District and within the Downtown Business Overlay District, buyers are welcome to investigate development opportunities with the municipality. Major nearby employers include: Merck, Clemens Food Group, and Jefferson Abington Lansdale Hospital. Convenient access to the NE Extension of the PA Turnpike, Routes 309 and 202. A rare opportunity to acquire a well located, income producing mixed-use asset with clear upside in one of Montgomery County’s most active growth corridors.

Features