524 E Lincoln Hwy


(Group Showing Sat 2/16 @ 2 pm). Turn-Key, 7 unit, fully rented with automatic electronic rents (no checks!). The 6 residential apartments average $824 per month, resulting in high NOI and ROI. In addition to the apartments, the detached 3 car garage with service pit, loft, and decommissioned bathroom facility, fronting on Harmony St., is rented for an additional $310mo. The garage has been continuously rented for the entire duration of the landlord's ownership. Additional income is produced by storage rental units located in the basement (on leases) and a coin-op laundry in the basement, which is managed by a coin-op laundry company (no landlord interaction needed, the equipment is owned and serviced by the coin-op management company). The electrical is upgraded with circuit breakers and separate meters for each unit. Tenants also pay heat based on actual use. Service provided by Energy Management System (EMS). A single gas fired boiler heats the entire building and the EMS system measures the amount of heat used by each unit. In addition to actual heat used, tenants also pay a $30/mo flat fee for hot water. Landlord pays sewer, water, and trash.The on-street parking removes the maintenance cost and liability of a parking lot. On-street parking is plentiful in front of the subject building. A convenient adjoining parking lot is available to the tenants if desired, for $30/month, courtesy of the neighboring landlord. This beautiful 7,000 SF Victorian Mansion was ideal for creating 6 large apartments without being all chopped-up, many with private balconies and porches, plus a common space with a wraparound porch. Situated in a beautiful location across from the renovated Public Library, the gorgeous New Life Christ Fellowship Church is one door down, and the Genesis A.M.E. Zion Church is the next property on 5 th Ave. Zoned mixed use, office, professional & retail use permitted (currently all residential use due to owners preference). All rents are paid via stress-free automated Electronic Payment, 5 units are tenant paid, and two are HUD paid via section 8. Priced to sell, based on the Comps, the most recent Comp is the best match and most heavily weighted. 402W Lincoln Hwy, settled 1/7/19, $360,000, 6 unit (verse 7 unit subject property), 4,400SF verse (7,000 SF subject property), $4,150 mo projected rents, with only 1 unit rented (verse $5,290 actual monthly rents of the subject property). Showings will be grouped together in an effort to minimize inconveniences to the tenants. The first showing group is on Sat


Days On Site5


SQ Feet7,814

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Area Information

Zip Code19320
AreaCoatesville City (10316)
Listing VS Median (in 19320)
low | high
78.579594169763% of Average
low | high
100% of Average
$ / SqFt:
low | high
100% of Average
On Site:
low | high
29.411764705882% of Average
Listing Updated: 02/16/2019
MLS Number: PACT415216
Listing Provided By:
Sherman B Senn  of  RE MAX Professional Realty

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