143-159 E King , Multiple

Description

The $1,733,400 Investment Package includes 13 units:-7 storefronts-3 office condos for use by one tenant. -3 walk-up apartments/condominium units at 159 East King StreetThe other 14 residential units not included in the investment package. No AirBNB units are allowed in Historic East Side CondominiumsINVESTMENT PACKAGE SUMMARYThe Historic East Side Investment at 145-159 East King Street in Lancaster, is a mixed use investment including commercial and residential condominiums at Historic East Side Condominiums. The entire complex includes a total of 27 units including storefronts, offices and 17 residential units. Of the 17 residential units, 14 were sold as +G+for sale+G- units and 3 units in 159 East King Street are designed as apartment rentals. Historic East Side Condominiums has several parking spaces in the lot directly behind the buildings and accessed from Grant Street. The lot has a shared ownership and a cost sharing agreement in place with the other lot owners. The spaces used by the various units at Historic East Side are owned by those units as Limited Common Elements.Historic East Side Suites is owned by a partnership of executives from Wohlsen Construction Company and John Meeder of Meeder Development. Historic East Side was redeveloped in 2011 and involved a near total rebuild of all of the structure inside of the historic brick walls. Even the facade of the 145 East King Street Building had to be removed from the building and then replaced brick by brick. The units have very little unit to unit sound transfer due to the design of the redevelopment and the quality of the construction. The retail storefronts and office uses at Historic East Side have frontage on King Street that offers excellent exposure to local foot and vehicular traffic. The residential units have their primary entrance behind the buildings and benefit from the quiet neighborhood feel of Grant Street. This investment offers a well managed and stable property with exceptional construction quality. The Historic East Side Condominium Association is responsible for the facility management. This allows the Investment Package Owners to focus on maintaining occupancy. If the new owner is looking for more fee income, the Association management is available. Both the Historic East Side Investments and the Association are managed with the assistance of the Buildium Property Management System, a software that enables the payment of monthly fees and rents to be paid online.John Meeder is the developer and part owner of the property and is a licensed real estate professional in the Commonwealth of Pennsylvania.