APARTMENT BUILDING

Start Price	-
Current Price	-
Time Left	-
Bid Count	0
Buy It Now Price	-
Reserve Price	-
Start Time	Wednesday, July 16, 2008
End Time	Tuesday, October 14, 2008
Location	lower burrell, PA

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Description
I am selling a 19 unit apartment building located on a major road in Washington, PA. Washington is located about 20 miles south of Pittsburgh and is a rapidly developing area. The building is about 90 years old and was converted from an old schoolhouse about 7 years ago. It still contains the original hardwood flooring and staircases but everything else has been updated with quality materials. The apartments have either hardwood ,marble or ceramic flooring and plaster walls. All are equippped with electric baseboard heating. No gas is used in entire building. Each apartment is also equipped with a refrigerator and electric range. The building sits on a 3/4 acre corner lot on a developing block located directly off a main interstate exit. (There is currently an empty 1 acre parcel on same block with an asking price of 1.3 million dollars!) This building is not only currently a moneymaker, but has potential to make money on a resale to a developer (bank, fastfood, etc..) The property is currently about 85% occupied and will be higher once the 2 apartments currently under renovation are completed which should be about 2-3 weeks. There is usually not a vacancy problem and signage on the building usually serves as enough advertising since about 40,000 vehicles drive by per day! It is currently being managed by an on-site maintainance person who would be more than willing to remain with new owner if desired. There are 2 laundry rooms with leased machines that bring in additional income. There is a third floor in the building that could easily be converted into more apartments! approximately 8000 square feet! There is also plenty of room if additional parking if needed. The building is in good condition except for gutters and downspouts which i am in the process of getting bids on. If they are not repaired by time of purchase, i am willing to reflect it in price of property. The property is very cash positive with a cap rate of over 10 percent!! I am selling the property due to other financial commitments. I will be more than willing to send rent rolls and p&l to any seriously interested parties. Preferably those who are pre-approved or qualified buyers! Please ask questions because i am sure I am forgetting things!!! Thank you for looking!!!

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