Skip to main content

Multifamily

Iron Works Apartments

560 S Prince St, Lancaster, PA 17603

Listing Price: $1,500,000

Cap Rate
5.55%
Number of Units
11
GRM
11.39
Occupancy
95.0%
Price/Unit
$136,364
Price/Gross SF
$197.63
Gross SF
7,590

Investment Overview

Marcus & Millichap is pleased to offer for sale to qualified investors the fee simple interest in the Iron Works Apartments - An 11-unit apartment building located on Prince Street, within walking distance of downtown Lancaster. The owner finished renovated the entire building in 2014, and all of the units were leased soon after. The scope of the renovations includes, but is not limited to, high efficiency central air, thermal windows, state-of-the-art security, and every unit redone with high-end finishes. These extensive renovations have yielded an elite and very desirable apartment product, which allows the property to net some of the higher rents in Lancaster City.

Lancaster is home to more than 59,000 people, and is located 40 miles southeast of Harrisburg and 95 miles west of Philadelphia. This turnkey asset is in proximity to all of the amenities Lancaster has to offer, including stores, restaurants, banks, and the Lancaster Central Market. There is off-street parking available, along with a laundry room in the basement of the building. The Iron Works Apartments represents a rare opportunity to acquire a completely renovated apartment building with stabilized income stream in desirable Lancaster City.

Investment Highlights

  • Turn-Key Asset, Entire Building Renovated in 2014
  • Excellent Unit Interior, Hardwood Flooring, Granite Countertops and New Appliances
  • Convenient Location, Walking Distance to Downtown Lancaster
  • Off-Street Parking Available

Exclusively Listed By

Listing Price: $1,500,000

Cap Rate
5.55%
Number of Units
11
GRM
11.39
Occupancy
95.0%
Price/Unit
$136,364
Price/Gross SF
$197.63
Gross SF
7,590

Investment Highlights

  • Turn-Key Asset, Entire Building Renovated in 2014
  • Excellent Unit Interior, Hardwood Flooring, Granite Countertops and New Appliances
  • Convenient Location, Walking Distance to Downtown Lancaster
  • Off-Street Parking Available

Investment Overview

Marcus & Millichap is pleased to offer for sale to qualified investors the fee simple interest in the Iron Works Apartments - An 11-unit apartment building located on Prince Street, within walking distance of downtown Lancaster. The owner finished renovated the entire building in 2014, and all of the units were leased soon after. The scope of the renovations includes, but is not limited to, high efficiency central air, thermal windows, state-of-the-art security, and every unit redone with high-end finishes. These extensive renovations have yielded an elite and very desirable apartment product, which allows the property to net some of the higher rents in Lancaster City.

Lancaster is home to more than 59,000 people, and is located 40 miles southeast of Harrisburg and 95 miles west of Philadelphia. This turnkey asset is in proximity to all of the amenities Lancaster has to offer, including stores, restaurants, banks, and the Lancaster Central Market. There is off-street parking available, along with a laundry room in the basement of the building. The Iron Works Apartments represents a rare opportunity to acquire a completely renovated apartment building with stabilized income stream in desirable Lancaster City.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower