127-129 S. Pennsylvania Ave. Greensburg, PA 15601
Ideal investment property in an excellent Downtown location with strong demand:
Investment opportunity with excellent income and capital appreciation potential in a Prime Commercial Location.
Great Demographics:
- High Average Household Income: Over $80,000
- Owner Occupied: 70.3 %
- Vacant housing units: 7.8%
- Average Home Value $208,175
The property is a nice manageable size low rise mixed commercial/apartment building in an excellent location with very good rental demand to be fully rehabbed to become a great income producer. It is centered in the middle of the City in the pretty historic District of Greensburg on a busy street with a lot of daily traffic and close to transportation and lots of activities and facilities. Strong rental demand is expected as property is situated in a prime location. Occupancy is high in this highly desirable neighborhood.
Description:
The property is a large character red brick building with attractive façade and nice surroundings located in an active and busy neighborhood with high occupancy.
It offers 4 large apartments with balconies and two large store fronts on a busy street.
The apartments may also be rented out as offices as demand is high for offices in that location.
Total building area: 10,320 SF
Condition:
The property has been vacant for a while and now needs a full and complete rehab, but once done the property has tremendous potential.
Externally the brickwork is in good condition, but the building needs a new roof and the City requires that this roof is done right away to protect and preserve the property. The roof permit is ready to be issued. Structural engineer plans and architect plans have been prepared and a UCC permit application submitted for the new roof and this documentation will be provided to a new owner which will facilitate and speed up the permit process and save lots of costs. We have a quote for the replacement of the roof at $29k. Internally the property needs a full rehab. The city has issued a violation notice (copy attached in the ‘Due Diligence’ section), so the buyer will need to start rehab and remediation work on the property without delay starting with the roof as a priority.
The new owner will also be required to sign an affidavit on purchase to take on the responsibility of the rehab of the building. A copy of this standard city of Greensburg affidavit is attached in the” Due Diligence” section.
Pleasant and great location:
The building is located in a convenient and accessible prime commercial location on South Pennsylvania Ave in Downtown Greensburg, right in the middle of a beautiful historic district. It is in the middle of all activities close to Downtown stores, the courthouse, Government buildings, banks, with offices of attorneys, accountants and other small businesses dotted all around the area.
Greensburg is a busy and flourishing community located only about 30 miles south east of Pittsburg.
The property has a high walkable score of 80 (very walkable) is close to excellent local facilities and amenities:
Restaurants
Fat Jacks (.01mi), Oliver's Pourhouse (.04mi), lewistown, pa 17044 (.05mi), Badges Bar & Grille (.07mi), La Vita's (.09mi), Ice House Creamery (.09mi), J. Corks (.1mi), Caffe Barista (.1mi), Baldy's Original Pizza (.1mi), Rialto Café (.1mi), The Supper Club (.2mi), The Recess Grill (.2mi), Papa John's Pizza (.4mi), Rassame Thai Cuisine (.4mi), The Headkeeper (.4mi), Bar Nine (.4mi), Turina's Pizza & Subs (.4mi), Fortune Cookie (.5mi), Anatolia Turkish Restaurant (.5mi), Pizza Siena (.5mi), Laredo Taco Company (.5mi), Dagwood's Subs-N-Suds (.5mi), Subway (.5mi), Gino's Pizza Lynchfield (.6mi), Earnest Gourmet (.6mi), Little E's Pizzeria (.7mi), Bubba's (.7mi), Royal Pizza House & Six Pack (.7mi), Pizza Italiano (.7mi), Fox's Pizza Den Greensburg (.8mi), SUBWAY® (.8mi), Dairy Queen Grill & Chill (.9mi), Dominick's BBQ- A Local BBQ Joint! (.9mi), Abie & Bimbo's Pizza (1mi), Cheyenne Food Services (1mi), Parkwood Inn (1mi), China King (1.1mi), Jioio's Family Restaurant (1.1mi), Giannilli's Home Style Italian (1.1mi), Gino Giannillis Hmstyl Italian (1.1mi), Burger King (1.2mi), Jaffre's Restaurant Bar & Six Pack (1.2mi), Primanti Bros. (1.2mi), Boulevard (Greensburg) (1.2mi), Dino's Sports Lounge (1.2mi), Olive Garden (1.3mi), Wendy's (1.3mi), ROBOKYO Japanese Steakhouse and Sushi (1.3mi), Hoss's Steak & Sea House (1.4mi), Johnny L's Sub & Six Pack Shack (1.4mi), SUBWAY® Restaurants (1.4mi), South Greensburg Restaurant (1.5mi), Domino's Pizza (1.6mi), Degennaro Restaurant & Lounge (1.6mi), Black Rok Ale House (1.6mi), Lupi & Leo (1.6mi), Sonic Drive-In (1.7mi), Denny's (1.7mi), Tapped Brick Oven & Pour House (1.7mi)
Coffee
Dv8 Espresso Bar & Gallery (.07mi), Sundawg Café (.1mi), Connections Café (.1mi), The White Rabbit Cafe and Patisserie (.1mi), Bean and Baguette (.2mi), Sunset Café (.3mi), Victorian Lady of Academy Hill (.4mi), Sheetz #154 (.5mi), Horizon Coffee Services (.8mi), McDonald's (1.2mi), Dunkin Donuts (1.4mi), Curly Willow Inc (1.7mi), McDonald's (1.8mi), Panera Bread (1.9mi), McDonald's (2mi), Panera Bread (2mi), Starbucks (2mi), Village Hall (2mi), Driving Range (2mi), Dunkin' Donuts (2.1mi), McDonald's (2.5mi), Horizon Coffee Services (2.5mi), Starbucks (2.6mi), B'S Coffee and Cones (2.6mi), Starbucks (2.7mi), Pavilion 5 (3.7mi), Dunkin' Donuts (4mi), Co Go's Co (4.2mi), The Keynote Café (4.2mi),
Bars
Pour House (.04mi), Longbada Lounge (.05mi), The Stack Hookah Lounge (.1mi), Mr Toad's. (.1mi), Slovanic American Home (.2mi), Callaghan's (.3mi), Burky's Tavern (.7mi), White Horse Tavern (.7mi), Great Escape Lounge (1.2mi), New Cat Lounge (1.5mi), Black Rok Ale House (1.6mi), Stonewaters (1.7mi), Grapeville Station (3.8mi), Neighbors Tavern (4mi), Smitty's J-Town Tavern (4.1mi), Colors Community Party Center (4.3mi), Punch and Jr S Inc (4.3mi)
Groceries
Big Lots (.1mi), Save-A-Lot (.5mi), Farmers Market – Saturday (.7mi), Ollie's Bargain Outlet (.8mi), Shop 'n Save (.9mi), ALDI Greensburg (1.2mi), HUMAN Healthy Vending - Greensburg, PA (1.3mi), SHOP 'n SAVE (1.7mi), Greensburg Downtown Farmers Market (1.7mi), Style With Pure Scents (1.9mi), Walmart Supercenter (2mi), Giant Eagle (2.5mi), Hempfield Farmers Market (2.7mi), Sam's Club (2.9mi), Sarvers Hill Farmers Market (3.5mi), Arlington Market (3.8mi), Pomodori Gourmet Foods LLC (4mi), George De Lallo Co Inc (4.2mi), C & S Market (4.3mi), Strike Market Inc (4.3mi), Antoniak's Market (4.4mi), Youngwood Corner Market (4.6mi), C & L Grocers (4.8mi),
Parks
St. Clair Park (.3mi), Saint Filumena Shrine (1mi), Mount Odin Park (1.4mi), Ridilla Athletic Fields (1.9mi), Olimpio Park (2.5mi), Oakford Park (3.4mi), Old Hannastown Historical Park (3.6mi),
Schools
Seton Hill University Performing Arts Center (.1mi), Greensburg-Salem Middle School (.3mi), Aquinas Academy (.3mi), Amos K Hutchinson Elementary School (.8mi), Greensburg Central Catholic High School (1.2mi), Westmoreland Christian Academy (1.2mi), Nicely Elementary School (1.5mi), Crossroads School (1.6mi), Greensburg-Salem High School (1.7mi), Maxwell Elementary School (1.8mi), Pressley Ridge Day School – Greensburg (1.9mi), Bovard Elementary School (2.3mi), Wendover Middle School (2.6mi), The Growing Tree Child Care Learning Center Inc (2.6mi), West Point Elementary School (2.7mi), Hempfield Area Senior High School (3.1mi), Fort Allen Elementary School (3.2mi), Harrold Middle School (3.3mi), Jeannette Senior High School (3.5mi), Jeannette McKee Middle School (4mi), Heritage Baptist Academy (4mi), Mountain View Elementary School (4.2mi), Elizabeth Seton Montessori School (4.6mi),
Shopping
Golf For Her Inc (.01mi), Lapels A Fine Mens' Clothier (.02mi), Bella Unique Boutique (.05mi), Crossroads Boutique (.05mi), Millers' Prom And Formal Wear (.06mi), Descendants (.07mi), Greensburg News LLC (.1mi), Personalized Colors & Clothing (.1mi), My Sissy's Closet (.1mi), The Chocolate Shoppe (.1mi), Shop Skateboarding (.1mi), Spa 309 Salon & Boutique (.2mi), Patty Weir's Paperbacks (.3mi), Modern Tux (.4mi), MB Bride & Special Occasion (.4mi), Beverage Warehouse Inc (.4mi), Family Dollar Store (.5mi), Here There Be Dragons (.6mi), Motherhood Maternity Westmoreland Mall (.6mi), CERILLI'S TAILOR SHOP (.6mi), Schaller's Bakery (.7mi), Everyday Gourmet Bakery-Bistro (.7mi), Pastors Special Order Bakery (.7mi), Organic Stores Inc (.9mi), Pittsburgh Street Beverage (1mi), B&KTees (1.2mi), Gabe's (1.6mi), Play It Again Sports - Greensburg, PA (1.7mi), Ross Dress for Less (1.8mi), Big Frog Custom T-Shirts and More (1.8mi), Lane Bryant (1.8mi), Finish Line (1.8mi), Bath & Body Works (1.9mi), Buckle (1.9mi), Pandora (1.9mi), H&M (1.9mi),
Entertainment
Greensburg Volunteer Fire Department Msm (.2mi), The Westmoreland Museum of American Art (.3mi), Carmike 15 (2.1mi), Youngwood Historical Museum (4.6mi),
Errands
Bortz Hardware (.02mi), PNC Bank (.04mi), First Commonwealth Bank (.05mi), Indiana First Bank (.05mi), Citizens Bank (.1mi), Vaccare's Pharmacy (.1mi), Commercial National Bank (.1mi), City Of Greensburg (.2mi), Geri-Med Supply Inc ( .3mi), Hard Surfaces Flooring ( .3mi), Ace Thrift Supply (.3mi), Keystone Integrated Care (.4mi), Thomas P. Sandala, RPH (.4mi), Scott R. Drab, PharmD (.4mi), First Commonwealth Bank (.4mi), Precision Care Pharmacy (.5mi), Mary G. Saloom, RPh (.5mi), Usx Fcu (.6mi), The UPS Store (.8mi), Elliot Federal Credit Union (.9mi), The Hometown Pharmacy (.9mi), Lauren N. Topolosky, PharmD (1mi), Critchfield Specialty Infusion (1mi), First Niagara Bank (1.1mi), CVS Pharmacy (1.1mi), Standard Bank (1.3mi), Hayden's Pharmacy (1.3mi), W G Balph Co (1.4mi), First National Bank (1.4mi), Greensburg Community Federal Credit Union (1.4mi), Harbor Freight Tools (1.6mi), Mailing Specialists Inc (1.7mi), Johnstone Supply (1.7mi), Anne M. Briggs, NCC (1.7mi), First National Bank (1.7mi), Lindsay Smetak, PharmD (1.8mi), Walgreens Pharmacy (1.8mi), Walgreens (1.8mi), First National Bank (1.8mi), Omnicare Pharmacy Services of Greensburg (1.8mi), Westmoreland Community Fcu (1.9mi), First Niagara Bank (1.9mi), Rite Aid Pharmacy (1.9mi), S & T Bank (2mi), Rite Aid Pharmacy (2mi), Citizens Bank (2mi), Walmart Pharmacy (2mi), Summit Bank (2mi)
(walkscore.com)
Demographics:*
2018 Population 58,779
White: 87.95%
Black/ African American: 6.33%
Owner Occupied: 70.3 %
Vacant housing units: 7.8%
Average Household Income $80,509
Average Home Value $208,175
*pennsylvania.hometownlocator.com
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
The property has excellent capital appreciation potential when rehabbed. The median sales price in the neighborhood is $208,175.
Comparables for sale (rehabbed):
121 S. Pennsylvania Ave. Greensburg, PA 15601- 7,050 SF - $400,000
132 S. Pennsylvania Ave. Greensburg, PA 15601- 9,600 SF - $558,000
231 s Main St, Greensburg, PA 15601 – 20,000 SF- $688,000
Excellent income potential once rehabbed*
Strong demand is expected for the apartments and stores as the property is located in a prime location. With strong demand for offices in this location, the 2 lower apartments may also be rented out as offices. Occupancy is high in this highly desired neighborhood.
Average rent of 2 bed property in this area is: $850/ month
Average rent $10-12/ SF for offices
Estimated total gross rental income for this property: $100,000/year
*rentometer.com, hotpads.com
Taxes:
Westmoorland County PA - Parcel Identification Number: 10-04-03-1-032-00-00
Back taxes due: 2016 onward
Base yearly tax $5117.42 (2016)
PROPERTY IS SOLD AS IS, WHERE IS-
Buyer assumes real estate taxes, liens, bills and encumbrances
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit (minimum $1,000) and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment of the balance of the purchase price and the auction premium are to be made within 7 calendar days of the Auction close.
Sold on a Quit Claim deed with buyer assuming taxes, liens and encumbrances so please do your due diligence BEFORE you bid. Escrow and deed preparation and recording to be handled by Standard Title Agency & RDS Group, LLC, who will be emailing buyer within 24 hours of auction's close. Buyer must fund escrow for balances due as above or else may be declared in default.
All bidders to do their due diligence. Buyer is responsible for directly checking the up-to-date amounts of the back taxes, liens and the requirements of the building code department. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. The Buyer is responsible for complying with any building code requirements and notices, installing a new roof and for rehabbing the property without delay. The Buyer is also responsible for ensuring the necessary permits are obtained to carry out any work needed to comply with building, zoning and other requirements. Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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