359 Main

Description

Established 17 Room boarding house plus two garage rentals is offered for sale in the suburbs of Hanover.Long time owners have taken great care of this well built property, and have a long established tenant base. This property has a Labor & Industry Certificate for code items, and is a long standing established Boarding house under the Commercial 1 zoning in McSherrystown Borough. The property was constructed in 1930 originally as a well built grand home, and was converted into a group home and later Boarding House.The property consists of 17 rooms over 4 floors. There are 3 Common bathrooms and one room that has a private bath. Residents use a common kitchen and have access to laundry area in basement. There are several generous porches for tenant use around the exterior, and on site parking for 17 cars.Many of the major components of the building are well within useful life, with the roof, Boiler, water heater all 10 years old approximately or newer.Each room is all- inclusive, with the Landlord covering the utilities, common area cleaning, Wi-Fi access, parking and basic furniture included. This increases the appeal for the tenant base with rent that provides all of their living costs. Each tenant signs an initial 6-month lease, converting to Month-to-Month at lease end. They are provided an option to pay weekly or monthly for rent.There is significant upside on rents, as Landlord has not recently done an increase, but has completed nice cosmetic upgrades recently. With significant operating efficiency and great upside in rents, The McSherrystown Rooming house presents investors opportunity to realize current 7% Cap with upside to 9% Cap.