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Multifamily

Driftwood Apartments

1 Driftwood Ct, Hanover, PA 17331

Listing Price: $1,050,000

Cap Rate
6.20%
Number of Units
13
Price/Unit
$80,769
Price/Gross SF
$87.50
Gross SF
12,000

Investment Overview

Marcus & Millichap is pleased to present for sale the Driftwood Apartments - A 13-unit apartment community 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. Driftwood is located one mile from the heart of Downtown Hanover. Driftwood is comprised of 7 adjacent buildings located on the outskirts of Downtown Hanover. The unit mix is comprised of 2 one-bedroom/one-bath units, and 11 two-bedroom/one-bath units. There is ample off-street parking. The units feature private entrances and full kitchens with washer/dryer hookups. In place rents of $764 are well below the market and provide a new investor to push rents closer to market levels. The property will be delivered free and clear of debt, allowing the investor to capitalize on the strong financing market.

Investment Highlights

  • 13-Unit Apartment Community 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
  • Unit Mix Features 2 One-Bedroom Units, and 11 Two-Bedroom Units
  • 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: $1,050,000

Cap Rate
6.20%
Number of Units
13
Price/Unit
$80,769
Price/Gross SF
$87.50
Gross SF
12,000

Investment Highlights

  • 13-Unit Apartment Community 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
  • Unit Mix Features 2 One-Bedroom Units, and 11 Two-Bedroom Units
  • Value Add Opportunity - Current Rents are Well Below Market

Investment Overview

Marcus & Millichap is pleased to present for sale the Driftwood Apartments - A 13-unit apartment community 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. Driftwood is located one mile from the heart of Downtown Hanover. Driftwood is comprised of 7 adjacent buildings located on the outskirts of Downtown Hanover. The unit mix is comprised of 2 one-bedroom/one-bath units, and 11 two-bedroom/one-bath units. There is ample off-street parking. The units feature private entrances and full kitchens with washer/dryer hookups. In place rents of $764 are well below the market and provide a new investor to push rents closer to market levels. The property will be delivered free and clear of debt, allowing the investor to capitalize on the strong financing 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

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