GANDY MANOR TOWNHOMES 109-141 South Earl Street, Shippensburg, PA 17257 Offered at: $1,700,000 Gandy Manor Townhomes are the newest townhouses in Shippensburg Borough. Completed in 2017, the complex offers 12 townhouse-style apartments along South Earl Street. There are seven (7) units with 3 bedrooms and 2 ½ bathrooms. There are five (5) units with 2 bedrooms and 1 ½ bathrooms. The 3-bedroom units have 1,496 square feet. The 2-bedroom units have 1,088 square feet. The townhomes are fully rented and in like-new condition. Heating and cooling is provided by electric heat pumps and central air-conditioning. All units have washer and dryer hookups. There are a total of 30 off-street parking spaces or 2.5 per unit. Units are spinklered, and tenants pay all utility expenses. Appliances are seller-owned. This convenient location offers easy access to Downtown Shippensburg, Shippensburg University and Interstate 81.
Property Details: Property Type: Townhouse-Style Apartments List Price: $1,700,000 Total Square Feet: 15,912 SF Year Built: 2016-2017 Lot Size: ± 1.17 acres Parcel Number: Part of 34-34-2415-132 Municipalities: Shippensburg Borough County: Cumberland Zoning: Commercial, C-1 Stories: Two Occupancy: 100% Tenant-Occupied Utilities: Public Water & Sewer Location Description: Shippensburg is in the scenic Cumberland Valley of South-Central Pennsylvania, directly on the line between Franklin and Cumberland counties. With the nearby Pennsylvania Turnpike and Interstate 81, it is just a short driving distance from employment hubs in Chambersburg, Carlisle, Camp Hill and Harrisburg. Settled in 1730, Shippensburg lies in the Cumberland Valley, 41 miles west-southwest of Harrisburg, and is part of the Harrisburg Carlisle Metropolitan Statistical Area. Shippensburg is home to Shippensburg University, one of 14 universities of the Pennsylvania State System of Higher Education. Shippensburg University enrolls over 7,000 students each year and is the largest college/university in the Cumberland County / Franklin County area. As a result, Downtown Shippensburg is scattered with local businesses. Site Description: The 12 townhouses are part of Tax Parcel 34-34-2415-132 which is inclusive of 3.62 acres. The townhomes are shown as Phase 1 (1.17 acres) on the attached land development plan. Phase 1 will be subdivided off the parent tract prior to settlement. The subject site has frontage along South Earl Street. There are 30 off-street parking spaces or 2.5 spaces per unit. Improvement Description: Gandy Manor Townhomes are the newest townhouses in Shippensburg Borough. Completed in 2017, the complex offers 12 townhouse-style apartments along South Earl Street. There are seven (7) units with 3 bedrooms and 2 ½ bathrooms. There are five (5) units with 2 bedrooms and 1 ½ bathrooms. The 3-bedroom units have 1,496 square feet. The 2-bedroom units have 1,088 square feet. The townhomes are fully rented and in likenew condition. Heating and cooling is provided by electric heat pumps and central airconditioning. All units have washer and dryer hookups. Units are spinklered, and tenants pay all utility expenses. Appliances are seller-owned. Occupancy: The townhouse units are fully rented and encumbered by leases. See attached rent roll and proforma. Sample leases are available upon request.
Rent Roll: Gandy Manor Townhomes Unit # Beds/Baths Monthly Rent Annual Rent 109 2 / 1.5 $850 $10,200 111 2 / 1.5 $850 $10,200 113 3 / 2.5 $925 $11,100 115 3 / 2.5 $925 $11,100 117 3 / 2.5 $925 $11,100 119 3 / 2.5 $925 $11,100 131 3 / 2.5 $925 $11,100 133 3 / 2.5 $925 $11,100 135 3 / 2.5 $925 $11,100 137 2 / 1.5 $850 $10,200 139 2 / 1.5 $850 $10,200 141 2 / 1.5 $850 $10,200 Totals: $10,725 $128,700 Total 3-BR Units: 7 Total 2-BR Units: 5 Note: Per the lease agreements, the rent for the 2-bedroom units is $950 per month and $1,025 per month for the 3- bedroom units. Landlord offers $100/month discount for automated withdrawal payment. All tenants are currently enrolled in the automated payment program. Gandy Manor s rents are very competitive when compared to Deerfield Commons in nearby Southampton Township. Deerfield offers 3-bedroom / 2-bathroom townhouse units for $1,195 per month and 2-bedroom / 2 bathroom units for $1,005 per month.
Income & Expense Projection: Gandy Manor Townhouses Proforma Income & Expense Projection Revenue Five 2-BR Units @ $950/month: $ 57,000 Seven 3-BR Units @ $1,025/month: $ 86,100 Subtotal: $ 143,100 Other Income at 1% of Subtotal: $ 1,431 Total Revenue: $ 144,531 Vacancy & Collection Loss (3.0%): $ 4,336 Revenue less V&C: $ 140,195 Expenses Real Estate Taxes*: $ 25,744 Insurance*: $ 3,000 Management (3.0%): $ 4,206 Repairs & Maintenance (3.0%): $ 1,734 Legal & Professional (1.0%): $ 1,402 Utilities: $ 500 Total Expenses: $ 36,586 Net Operating Income: $ 103,609 Notes: Real estate taxes are estimated at $25,744 based on a projected assessed value of $125,000 per unit and a current millage rate of 1.171627% in Shippensburg Boro for 2018. Parent parcel is assessed for a total of $1,687,400. The subject townhomes have not yet been subdivided from parent tract and will be assessed thereafter. Property insurance was estimated - prospective buyers should contact an insurance broker for quotes. Utilities are paid in full by tenants. Gandy Manor Townhomes were constructed in 2016-2017.
Demographics: As of the census of 2010, there were 5,492 people residing in Shippensburg Borough. Of this, 4,416 were in Cumberland County, and 1,076 were in Franklin County. There were 2,666 housing units in Shippensburg Borough in 2010 and 2.14 persons per household. The average travel time for workers is 19.9 minutes. A detailed demographic study is presented below.
Tax Map Parent parcel is identified as Tax Parcel 34-34-2415-132 in Cumberland County and Highlighted above.
Location Map
Land Development Plan The townhomes are shown as Phase 1 (1.17 acres) on the above land development plan. Phase 1 will be subdivided off the parent tract prior to settlement.
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AGENT CONTACTS: Ray "Buz" Wolfe, CRS, Broker/Owner Greater Harrisburg Association of Realtors Hall of Fame Inductee (2010) WOLFE & COMPANY REALTORS 33 South Pitt Street Carlisle, PA 17013 717-243-1551 Office 717-240-5070 Direct Andrew R. Wolfe Wolfe & Company Realtors 33 South Pitt Street Carlisle, PA 17013 717-448-0389 (Cell) 717-243-5073 (Office Direct) awolfe@wolfecr.com www.wolfecr.com