Price Reduction
Address
221 W King Street, Lancaster, PA
Price
$ 2,548,500
Property Attributes
- MLS#PALA2046434
- TypeCommercial
- CountyLANCASTER
- CityLancaster
- AreaLancaster City
- Zip17603
- StyleApartment Building
- Year Built1920
- Taxes$ 12100
- Price$ 2,548,500
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage8666
- Lot Size9,583 SqFt
Data Source:
Bright MLS
Property Description
15 Unit Property - 13 Residential Units & 2 Commercial Units- Seller open to holding a second mortgage- see agent for details. Just off a top-to-bottom renovation that brought fresh and innovative ideas, the Kings Place Apartments is a 15-unit property set up for long term cash flow and appreciation. Units have been thoughtfully designed to provide all the amenities tenants wany in an efficient and comfortable space. Each unit includes a washer & dryer, dishwasher, granite counters, luxury vinyl plank floors, tile bathrooms, gleaming white cabinets, stainless steel appliances, and much more The building has been outfitted with new electric, HVAC, plumbing, new doors, and upgraded hallways. There are 16 on-site parking spaces, which are leased separately to tenants and neighbors. The property has a detached "Carriage House" in the rear that is a complete house with a 1 car garage, 3 bedrooms, and an open living space. The ground floor front has 2 commercial spaces. One is leased on a 5-year initial term with options to Denim Coffee, a regional favorite and established brand. The second space has a tenant lined up. Located in rapidly appreciating neighborhood of Lancaster City with future benefit from CRIZ programs.
| Price History | |
|---|---|
| 2/3/2024 | Listed $2,600,000 |
| 3/8/2024 | 2% - $2,549,000 |
| 4/10/2024 | 1% - $2,548,500 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Forced Air |
| Cooling | Ductless/Mini-Split |
| Possession | Settlement |
| Zoning | CB WITH CRIZ |
| Construction Materials | Brick |
| Year Built | 1920 |
| Property SubType | Five Or More Units |
| Tax Year | 2022 |
| Percent Ownership | Fee Simple |
| Cool Fuel | Electric |
| Business Type | Apartment Building |
| Accessibility | 2+ Access Exits |
| County | LANCASTER |
| New Construction | No |
| Property Type | Commercial Sale |
| Water Access Y/N | No |
| Property Use | Investment |
| Status | ACTIVE |
| Directions | 221 S King St,Lancaster PA 17603 |
| ModificationTimestamp | 2024-04-10T12:55:49 |
| City | LANCASTER |
| Buyer Agent Compensation | 2 |
| Zoning Description | CB with GRIZ in Downtown Investment District |
| Total Units | 15 |
| MLS Area | Lancaster City (10533) |
| Lot Size Square Feet | 9583.00 |
| Tax Assessed Value | 305800.0 |
| Waterfront Y/N | No |
| Street Name | KING |
| Tax Annual Amount | 12100.0 |
| Price Per Sq Ft | 294.08 |
| Vacation Rental Y/N | No |
| Days on Market | 76 |
| Standard Status | Active |
| Year Built Source | Assessor |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Electric |
|---|---|
| Hot Water | Electric |
| Heating Y/N | Yes |
| Street Suffix | STREET |
| Central Air Y/N | No |
Exterior Features
| Water Source | Public |
|---|---|
| Total Parking Spaces | 16 |
| Type of Parking | Parking Lot |
| Land Use Code | 573 |
| Water View Y/N | No |
| Building Area Total | 8666.00 |
| Lot Dimensions | 0.00 x 0.00 |
| Lot Size Acres | 0.22 |
| Lot Size Units | Square Feet |
| Lot Size Source | Assessor |
| Land Assessed Value | 110000.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
| Car Parking Spaces | 16 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 17603
Price
Taxes
Visits
Year Built
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