Investment opportunity with excellent income and capital appreciation potential
Nice manageable size low rise apartment building in an area of good rental demand to be rehabbed to become a great income producer.
Gross Income potential when rehabbed: $6,775/ month ($81,300 /year)
Large character red brick building with an attractive front porch sitting on a 7,405 sq ft corner lot with a paved parking area on the side. The front and side porches add character to the building and most of the windows are decorated with blue external shutters.
Strong demand: Located in a convenient and accessible location, slightly off the Highway, on a main road and only about 5 minutes’ drive from Downtown New Castle.
Ideal investment property:
Three story brick property plus basement. Built in 1925. Total area: 14,080 SF (including the basement).
The property consists of
A general layout of the building is included in the “Due Diligence” section.
Most of the rooms are of a decent size and there are several built in closets. Apartments 4 to 5 are accessed through the front porch, apartments 6 to 12 are accessed through the main side entrance through a small porch and common area, while apartments 1 to 3 are accessed through another side entrance. The building has 2 external metal fire escapes.
There is a paved parking along the length of the whole building on Marshall St.
Internally
The property has been vacant for a while and now needs a full rehab, but once completed the property has tremendous potential. While the roof need repairs, the building is structurally sound. In general, the building is externally in good condition; the brickwork, the windows, the porches, the steps, the gutters, the shutters, the fire escapes are all in good condition. Internally the property needs a full rehab and updating. The city has issued a violation notice, so the buyer will need to start rehab and remediation work on the property without delay.
Pleasant and quite location:
The building is located on the on the corner of Marshall and E Washington street. It is located on a quiet street with a mix of residential and small businesses, within a short walking distance from local amenities.
Fast Check Foodmart: 1 min walk
Mr Pizza: 1 min walk
Riardo’s Bar & Grill: 1 min walk
Pagley’s Pasta & More: 2 min walk
The property is also is very accessible being located on a main road and being 1.6 miles away from Downtown New Castle and less than a Mile off of Route 60 exit.
Nearest major cities:
Pittsburg PA: 51 miles
Cleveland OH: 107 miles
The property is close to excellent local facilities and amenities:
Restaurants
Mr. Pizza (.07mi), Twenty Six Bar & Grill (.09mi), Pagley's Pasta & More (.1mi), New Yerages (.2mi), Starwood Rib & Steakhouse (.3mi), Subway (.4mi), Jimmy's (.7mi), Faraone Brothers (.8mi), Big Pauly's Sports Bar (.8mi), Mary's Restaurant & Bakery (.9mi), Four Star Pizza (.9mi), Elham Restaurant And Bar (.9mi), Mary's Restaurant & Bakery (.9mi), Refresh Stage 11 (.9mi), Fourstar Pizza & Fresh-Baked Subs (.9mi), Elham Restaurant And Bar (.9mi), Mary's Restaurant And Bakery (.9mi), Unione Calabro Americana Soc (1mi), Rocca's Italian Foods Inc (1mi), Pita A Sandwich Stop (1mi), La mangia (1mi), Mister B's (1.1mi), The Riverplex (1.1mi), The Dirty Pickle (1.1mi), Little Johnny's II (1.1mi), Loyal Order of Moose (1.1mi), The Nest at The Eagles (1.2mi), Big Jay's Hurricane Grill (1.2mi), SUBWAY® Restaurants (1.2mi), Pizza Man's Pizza (1.2mi), Coney Island (1.3mi), Town Mall Pizza (1.3mi), Capitol Grill (1.3mi), Ladies of the Dukes (1.3mi), Hazel's Restaurant (1.3mi), China Banquet (1.3mi), Domino's Pizza (1.3mi), BURGER KING® (1.3mi), Pizza Joe's (1.3mi), Eat'n Park (1.4mi), Bruno's Oceans 11 (1.4mi), The Pasta King (1.4mi), Pizza Hut (1.4mi), Walid's Fish & Chicken (1.5mi), El-Canelo (1.5mi), Pizzas By Marchelloni (1.6mi), Food Therapy Restaurant And Catering (1.6mi), SUBWAY® Restaurants (1.7mi), Little Caesars Pizza (1.7mi), Taco Bell (1.8mi), Arby's (1.9mi), Augustines Pizza (1.9mi), Edwards Restaurant & Lounge (1.9mi), New Castle Chili Co Inc (1.9mi), Hugger-Mugger Tasty Recipes (1.9mi), Marty's Deli (1.9mi), Fat Jimmy's LLC (2mi), Great Wall (2mi), Pizza Joe's (2mi), Dairy Queen Grill & Chill (2.1mi)
Coffee
GetGo Gas Station (.8mi), Double D Café (.8mi), Pita A Sandwich Stop (1mi), The Confluence (1.1mi), Two Rivers Artisan Coffee Works (1.1mi), Dunkin' Donuts (1.3mi), GetGo Gas Station (2.8mi), McDonald's (3mi), Dunkin' Donuts (3.1mi), Sheetz New Castle (3.4mi), McDonald's (3.8mi), GetGo Gas Station (4.7mi)
Bars
Cedars (.4mi), Prost Tavern (.6mi), Oasis Bar (1.1mi), Turf Bar (1.2mi), The Pub (2.6mi), Caravan II Albergo - Maze Entertainment (3.4mi)
Groceries
Save-A-Lot (.3mi), Arlington Market (.4mi), Top's Market (.6mi), Dave's Supermarket (.7mi), Country Food Mart (.7mi), Giant Eagle Supermarket (.8mi), Family Pride Inc (1.4mi), Joseph's Produce Co (2.2mi), SHOP 'n SAVE (3mi), ALDI New Castle (3.7mi), Walmart Supercenter (3.8mi), Pasture Maid Creamery (4.7mi), ALDI (4mi), Shee's Gas & Grocery (4.2mi), Pasture Maid Creamery (4.7mi), Giant Eagle Supermarket (4.7mi), Giant Eagle Deli (4.7mi), Tuesday Morning (5mi)
Parks
Gaston Park (.7mi), Cascade Park (.9mi), Riverwalk Memorial Park (1.1mi), Kennedy Square (1.3mi), Grant Street Park (1.3mi), Sunton Park (2.2mi), Lakewood Park (4mi), State Game Lands Number 178 (4.4mi)
Schools
Thaddeus Stevens School (.1mi), Lawrence County Career & Technology Center (.8mi), St Vitus School (1mi), New Castle Junior Senior High School (1.3mi), John F Kennedy School (1.5mi), Shenango Elementary School (1.7mi), Shenango High School (1.7mi), West Side School (1.7mi), Washington Intrmd School (2.1mi), Union Memorial Elementary School (2.7mi), Union Area Middle School (3.1mi), Laurel Junior/Senior High School (3.9mi), Laurel Elementary School (4mi)
Shopping
Higher Level Sports and Apparel (.1mi), Ho Ho Food Mart (.4mi), New Castle Costumes (.5mi), Nickles Bakery Inc (.8mi), Main Street Clothiers & Custom (1.1mi), Boost Mobile (1.1mi), Butz Flowers & Gifts (1.1mi), Castle Kicks (1.2mi), Sporting Goods Inc (1.2mi), American Newstand (1.2mi), The Neighborhood Bookshop (1.3mi), Darlene's Accessories (1.3mi), Family Dollar Store (1.3mi), Haney's Comfort Living Furniture (1.3mi), Marathon Gas (1.4mi), 7-Eleven (1.5mi), Inspiretees Co (1.7mi), Critter Corner (1.9mi), Last Minit Mart - Wilmington Road (1.9mi), Kmart (1.9mi), Diane's Boutique (2.3mi), Family Dollar Store (2.4mi), All My Children (2.5mi), Unique Uniforms (2.5mi), Uptown Gear (2.5mi), Geno's (2.6mi), Township Tan (2.6mi), Claire Brown Shoppe (2.6mi), A Grand Day (2.6mi), Castle Uniforms (2.7mi), SlimPerfect Swimwear (2.9mi), Bronze Body Tanning & Boutique (3mi), Last Minit Mart (3.1mi), Kim's Treasures Consignments and More (3.2mi), Bliss Bridal Boutique (4mi), Red Apple Food Mart (4.4mi), Ninanela Bridal (4.6mi)
Entertainment
Lawrence County Historical Society (1.5mi), Arts & Education at the Hoyt (1.9mi), Westgate Cinemas (2.9mi)
Errands
Huntington Bank (.4mi), Linear Abrasive Inc (.4mi), CVS Pharmacy (.5mi), Michael V. Fornataro, RPH (.5mi), Express Mail (.6mi), Hoffman Fence (.7mi), Giant Eagle Pharmacy (.8mi), New Castle Pharmacy (.8mi), Lombardo's Apothecary (.9mi), Medical Arts Center Pharmacy (.9mi), Huston Group (1mi), Family 1st Federal Credit Union (1.1mi), Huston Group (1mi), US Post Office Annex (1.1mi), Huntington Bank (1.1mi), The Hometown Pharmacy (1.1mi), First National Bank (1.1mi), Huntington Bank (1.1mi), Esb Bank (1.2mi), The Medicine Shoppe® Pharmacy (1.2mi), Huntington Bank (1.2mi), FedEx (1.2mi), Shenango China Area FCU (1.2mi), Vincent A. Timpano, BS (1.3mi), Guys & Dolls Beauty Shoppe (1.4mi), Colortique Salon By Brooke (1.4mi), Automotive Express (1.5mi), Custom Pallet & Mulch (1.5mi), FirstMerit Bank (1.9mi), Shine By Nicole Vitale (1.9mi), Busy Beaver Building Center #72 (1.9mi), J F Mill & Lumber Co (1.9mi), Stephen F. Shuppy, RPH (1.9mi), Kmart Pharmacy (1.9mi), WesBanco (1.9mi), New Castle Bellco Federal Credit Union (2mi), WesBanco (2mi), Mary Jo Herman, RPh (2mi), T & M Hardware & Rental (2.1mi), Venango Plumbing & Heating (2.2mi), First Choice Federal Credit Union (2.2mi), First Choice FCU (2.2mi), Edgeco (2.2mi), UPMC Jameson Outpatient Pharmacy (2.2mi), Mc Kesson Corporation (2.3mi), Rite Aid Pharmacy (2.5mi), Eric L. Perry, RPh (2.5mi), The Medicine Shoppe® Pharmacy (2.5mi), CVS Pharmacy (2.6mi), Dominick Service Station (2.6mi), Paul D Weller Hardware (2.6mi), First National Bank (2.6mi), Hyde Drug Store (2.6mi), Huntington Bank (3mi), The Hometown Pharmacy (3mi), K R Lastoria Inc (3.1mi), First Choice Federal Credit Union (3.2mi), Regenergy Inc. (3.2mi), Goodwill Pharmacy (3.3mi), First National Bank (3.5mi)
(walkscore.com)
Demographics:*
Population: 32,853
White: 87.45%
Black/ African American: 8.17%
Average Household Income: $55,536
Median Home Value $90,619
Average Home Value $121,784
*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 $73,600 and median days on the market to sell is 84 days (realtor.com)
The property had 100% occupancy when it was rented out and there is strong demand because of its location.
Comparables for sale (rehabbed):
325 E Leasure Ave, New Castle, PA 16101 (26 units: 4 x 2 Bed and 22 x 1 Bed): $729,900
Excellent income potential once rehabbed*
Average rent of 1 bed property in this area is: $450/ month
Average rent of 2 bed property in this area is: $575/ month
Estimated total gross rental income for this property: $6,775/ month ($81,300)
*rentometer.com, hotpads.com
Taxes:
Lawrence County PA - Parcel ID: 04-68-541 (also quoted as: 04-0068.-0541 .. -000 )
Assessed value: $206,400
Total yearly taxes: $7,198
All 2018 taxes paid and taxes are up-to-date:
2018 county taxes: $1508.58
2018 school taxes: $3493.24
2018 city taxes: $2196.77
2019 taxes will be mailed out in feb for city and july for school
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. Buyers are responsible for fixing building code violations (if any). 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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