$7,300,000

941 Wheatland Ave

LANCASTER PA, 17603

Description

100% Commercial Investment Opportunity in the desirable West End of Lancaster City near Franklin & Marshall College. This 4 Story building known as Wheatland Place, is just 2 miles to Route 30 and consists of 75,483 gross sqft, with 40,304 leasable sqft. Income is generated by 18 Tenant suites (all NNN leases) + 2 rooftop cell tower leases. Wheatland Place main entrance features a welcoming lobby with a full glass vestibule, high ceilings, directory signage + seating area. Modernized Tenant suites offer an abundance of large operable windows, flexible floor plans and varying suite sizes. A rare City amenity is the large onsite parking lot offering 109 striped spaces. Additional amenities: Security via an automatic door locking schedule and 24/7 keycard access; 100% Sprinklered; ADA access +ADA Restrooms; passenger elevator by lobby and freight elevator by delivery door for ease of Tenant move in/out; Restrooms on each floor; Central heating system with individual central air for each suite, which are both Tenant controlled and Tenant paid. Tenant Longevity: 50% of Tenants have leased at Wheatland Place for over 10 years. *** Annual Net Operating Income is over $498,000 which includes non-recovered Owner expenses for Management Fee, Leasing Commissions, Landlord repairs and a 5% Vacancy Factor. List price provides a 6.83% CAP. Rent Roll is available upon signing an NDA. - Copy/paste for video preview of property: https://vimeo.com/444197115/f692ffd94d

Details

MLS#PALA168850
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
Status10000069142
Year1949
Days On Site64

Features

SQ Feet75,483
Units18
ZoningMIXED USE

Market Activity 17603

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Area Information
StatePA
CountyLANCASTER-PA
CityLANCASTER
Zip Code17603
AreaLancaster City (10533)
Listing VS Median (in 17603)
Price:
$7,300,000
low | high
Med:
$199,000
100% of Average
SqFt:
75,483
low | high
Med:
0
100% of Average
$ / SqFt:
$97
low | high
Med:
$0
100% of Average
On Site:
64
low | high
Med:
56
100% of Average
Listing Updated: 10/26/2020
Tracy L Horst LogoMLS Number: PALA168850
Listing Provided By:
Tracy L Horst  of  Progressive Property Mgmt.
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