Anyone know Pottsville PA? Commercial building
Hi Folks,
I need some advice from a PA expert!
Im looking at a 16 Unit Apartment Building in Pottsville PA. Eleven 2 Beddroom and five 3 Bedroom. 1 -1700 sf, 2 ' 1600sf, 7- 1000 sf, 5- 950 sf 1- 900 sf. 11 Units occupied, 5 units in various stages of rehab. Coin operated washers and dryers on each floor. New electric heat in 11 rented apartments. Apartments are very large and nicely appointed. Actual Income totals $68,000 and expenses total $35,000. NOI $32,000. Property offered at 10.8% cap rate. I then need to rehab and rent 5 additional apartments. Potential to increase NOI to $59,000 or 20% Cap rate. 21 off street parking spaces....could maybe build something on that later.
Anyone know the area - it seems like it has enough economic activity to survive but its such a small town im nervous!
thanks for your input