East York Apartments

Highlights

• 32 units brand new construction
• All Units well designed 2 Bedroom/1 Bath layouts
• Extremely walkable location in main commercial corridor
• Highly rated school district & high income area
• Along public transportation lines and close to many major employers
• New construction offers extra cost segregation bonus depreciation tax benefits

Description

The East York Apartments offers the rare opportunity to purchase a brand-new construction complex of 32 units, located in one of the best locations in the County. The apartments were just finished and have been leasing rapidly by residents who appreciate the location that is easily walkable to many retailers and attractions in East York area. The property is directly on a public transit line, and there are many major employers of the County located within only a few miles of the site.
The apartments are easily accessed off the major thoroughfare of East Market Street (Route 462) but is tucked away behind businesses for privacy. There is a nice lawn and picnic area for tenants, and generous on site parking.
Each residence was designed with comfort and practicality in mind, with wide staircases for easy moving, thoughtful placement of in unit laundry away from main living area, and extra quiet appliances to create a comfortable living experience for tenants who enjoy the open concept the units offer.
The units all feature comfortable luxury finishes like LVP flooring, stainless steel appliances, high quality blinds and built in washer/dryers.
The residents of East York apartments enjoy being in the highest rated York Suburban School District that the complex is located in, along with the proximity to main highways, City of York and only being 25 minutes from Harrisburg, the State Capital. This location has seen very few apartments added within recent years, making the competition low for similar product.
There is additional income from parking and signage leasing from business next door which leases ground from East York Apartments.

The recent rent survey has shown that there is a significant upside in rents, and new purchaser can elect to separately bill water/sewer to also increase the NOI.

With new construction, the cost segregation bonus depreciation tax deductions are significantly higher, so the tax benefits the new owner can elect are significant. Ask list agent for estimate.

New ownership can also choose to expand the executive Mid Term Rentals that ownership currently has in place on two units, with significant demand for this product in area. Current listings can be seen at:

https://www.airbnb.com/h/marketstreetapartment
https://www.airbnb.com/h/marketstreetapartments2

The current mortgage on the property may be assumable, with the Bank’s approval, which offers a qualified buyer the opportunity to benefit from the existing 4.1% interest rate fixed for 24 months. The balance of the existing loan is $4,153,000 on a 25 year amortization.

At the heart of south-central Pennsylvania lies York County. From its vast and rich history to its modernizing city and nightlife, York has something for anyone. With a large list of employers and growing industries York County shows no signs of slowing down. With Interstate 83 running though the center of the county, York acts as a gateway to Central Pennsylvania and is part of one of the top ten Warehousing markets within the US.
York also plays a key role in higher education for the state of Pennsylvania, with key educators such as Penn State York, York College of Pennsylvania, York Technical Institute, and a satellite campus of Harrisburg Area Community College. With one of the largest growing metro areas in the state, York County plays a key role in the overall economy of South-Central Pennsylvania.

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