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Multifamily

ShoreGate Apartments

404 Baltimore St, Hanover, PA 17331

Listing Price: $2,300,000

Cap Rate
5.78%
Number of Units
34
Price/Unit
$67,647
Price/Gross SF
$83.64
Gross SF
27,500

Investment Overview

Marcus & Millichap is pleased to present for sale the ShoreGate Apartments - A 34-unit apartment portfolio located in the borough of Hanover, York County, Pennsylvania. York County is situated along the Pennsylvania/Maryland border in south-central Pennsylvania. The Property is located 14 miles east of Gettysburg, 19 miles southwest of York, and 40 miles south of the state capital of Harrisburg. ShoreGate is located just four blocks from the heart of Downtown Hanover. Built in the early 1900s, ShoreGate is comprised of 4 adjacent buildings located along Baltimore Street in Hanover. The buildings were gut renovated as part of a tax credit rehab in 1996. The current owners also did an exterior renovation in 2015. The unit mix is comprised of 16 one-bedroom/one-bath units, 2 two-bedroom/one-bath units, 15 three-bedroom/one-bath units, and one retail space. The two- and three-bedroom units are spacious, averaging over 1,000 SF. The property has off-street parking behind the buildings. Many of the units feature private entrances. ShoreGate was rehabbed with tax credits approximately 25 years ago, and is subject to income and rent restrictions. The current rents are well below the max rents at the property, allowing an investor to increase rents and enhance their returns. The property is currently encumbered by a 10 year Fannie Mae loan that commenced in early 2019 and would need to be assumed. The balance is approximately $1,075,000 and the interest rate is 4.6%, with a 30 year amortization.

Investment Highlights

  • 34-Unit Apartment Portfolio of 4 Adjacent Buildings, Located in the Borough of Hanover, York County, Pennsylvania
  • Part of the "ShoreGate Portfolio" - A 5-Property Value-Add Apartment Portfolio Located in the Central Pennsylvania Towns of McSherrystown, Hanover, and Gettysburg
  • Built in the Early 1900s and Gut Renovated in 1996
  • Value Add Opportunity - Current Rents are Well Below Market

Exclusively Listed By

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

Listing Price: $2,300,000

Cap Rate
5.78%
Number of Units
34
Price/Unit
$67,647
Price/Gross SF
$83.64
Gross SF
27,500

Investment Highlights

  • 34-Unit Apartment Portfolio of 4 Adjacent Buildings, Located in the Borough of Hanover, York County, Pennsylvania
  • Part of the "ShoreGate Portfolio" - A 5-Property Value-Add Apartment Portfolio Located in the Central Pennsylvania Towns of McSherrystown, Hanover, and Gettysburg
  • Built in the Early 1900s and Gut Renovated in 1996
  • Value Add Opportunity - Current Rents are Well Below Market

Investment Overview

Marcus & Millichap is pleased to present for sale the ShoreGate Apartments - A 34-unit apartment portfolio located in the borough of Hanover, York County, Pennsylvania. York County is situated along the Pennsylvania/Maryland border in south-central Pennsylvania. The Property is located 14 miles east of Gettysburg, 19 miles southwest of York, and 40 miles south of the state capital of Harrisburg. ShoreGate is located just four blocks from the heart of Downtown Hanover. Built in the early 1900s, ShoreGate is comprised of 4 adjacent buildings located along Baltimore Street in Hanover. The buildings were gut renovated as part of a tax credit rehab in 1996. The current owners also did an exterior renovation in 2015. The unit mix is comprised of 16 one-bedroom/one-bath units, 2 two-bedroom/one-bath units, 15 three-bedroom/one-bath units, and one retail space. The two- and three-bedroom units are spacious, averaging over 1,000 SF. The property has off-street parking behind the buildings. Many of the units feature private entrances. ShoreGate was rehabbed with tax credits approximately 25 years ago, and is subject to income and rent restrictions. The current rents are well below the max rents at the property, allowing an investor to increase rents and enhance their returns. The property is currently encumbered by a 10 year Fannie Mae loan that commenced in early 2019 and would need to be assumed. The balance is approximately $1,075,000 and the interest rate is 4.6%, with a 30 year amortization.

Exclusively Listed By

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

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