APARTMENT BUILDING 19 PLUS UNITS Start Price USD 849,000.00 Current Price USD 849,000.00 Time Left 51 days 15 hours 20 minutes Bid Count 0 Buy It Now Price - Reserve Price - Start Time Friday, November 28, 2008 End Time Thursday, February 26, 2009 Location Washington, Pennsylvania See more about 'APARTMENT BUILDING' Description    I am selling a 19 unit apartment building located on a major road in Washington, PA.  Washington is located about 20 miles south of Pittsburgh and is a rapidly developing area (casino, outlets,mall.gander mountain). The building is about 90 years old and was converted from an old schoolhouse about 7 years ago. It still contains the original hardwood flooring and staircases but everything else has been updated with quality materials. The apartments have either hardwood ,marble or ceramic flooring and plaster walls. All are equippped with electric baseboard heating. No gas is used in entire building. Each apartment is also equipped with a refrigerator and electric range. The building sits on a 3/4 acre corner lot on a developing block located directly off a main interstate exit.  (There is currently an empty 1 acre parcel on same block with an asking price of 1.3 million dollars!)    This building is not only currently a moneymaker, but has potential to make money on a resale to a developer (bank, fastfood, etc..)              The property is currently  95% occupied and  vacancy is not problem since signage on the building usually serves as enough advertising with about 40,000 vehicles drive by per day!  It is currently being managed by an on-site maintainance/manager who would be more than willing to remain with new owner if desired. There are 2 laundry rooms with leased machines that bring in additional income.  There is a third floor in the building that could easily be converted into more apartments! approximately 8000 square feet! There is also plenty of room if additional parking if needed. The building is in good condition and gutters,downspouts and fascia have just been replaced in past month. I am including an expense sheet at bottom of page. Please ask questions,because I'm sure I've forgotten something. As you will see from the expense sheet the building is priced to sell and has an excellent rate of return. Why invest in a risky stockmarket?????   Rental income $11,750.00 Vacancy 5%-        587.50 Total income  $11162.50X12=133950.00 gross EXPENSES Electric $2400.00 Water   $2580.00 Sewage$ 2370.00  Waste removal  $1764.00 Maintainance mgmt $12600.00 Taxes $ 8400.00  Insurance $6500.00 Total expense $36614.00   Net Income ($133950.00 - $36614.00)  $97336.00                                                                                                                                                                                                    Place a Bid!