Description
This site consists of a mixed use property with a 3 story building which is currently a mix of office and industrialuses on the east end of the parcel, and a collection of industrial buildings on the westend of the parcel. Most Industrial uses have drive ins, and a few have dock doors. Current income from existing use is $300,000 NOI approximately, which provides great income during plans for redevelopment. Most leases are on 1-2 year terms, allowing flexibility for redevelopment. Great opportunity for a redevelopment into self storage or apartments, with land consisting of 2.3 acres in Lancaster City with improved buildings. The zoning was successfully changed to Mixed Use recently which will allow for a potential density of 148 apartment units.Architectural renderings show a 104 unit apartment building on the west end whichwould call for the removal of industrial buildings. There are also plans for the renovationof existing buildings on the east end to accommodate an additional 44 units. Theexisting parking plan provides 126 parking spaces on site. A parking variance would berequired to provide relief from the parking requirement of 1 space per unit.Self Storage is also a permitted use limited to 20,000 SF per parcel. Owner will consider seller financing for qualified buyers with a 30% down payment. Contact listing agent for pro forma operating income and expenses.
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0BEDS
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2.3ACRES
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01/2 BATHS
Description
This site consists of a mixed use property with a 3 story building which is currently a mix of office and industrialuses on the east end of the parcel, and a collection of industrial buildings on the westend of the parcel. Most Industrial uses have drive ins, and a few have dock doors. Current income from existing use is $300,000 NOI approximately, which provides great income during plans for redevelopment. Most leases are on 1-2 year terms, allowing flexibility for redevelopment. Great opportunity for a redevelopment into self storage or apartments, with land consisting of 2.3 acres in Lancaster City with improved buildings. The zoning was successfully changed to Mixed Use recently which will allow for a potential density of 148 apartment units.Architectural renderings show a 104 unit apartment building on the west end whichwould call for the removal of industrial buildings. There are also plans for the renovationof existing buildings on the east end to accommodate an additional 44 units. Theexisting parking plan provides 126 parking spaces on site. A parking variance would berequired to provide relief from the parking requirement of 1 space per unit.Self Storage is also a permitted use limited to 20,000 SF per parcel. Owner will consider seller financing for qualified buyers with a 30% down payment. Contact listing agent for pro forma operating income and expenses.
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