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11 W Mechanic St 3,800 SF 100% Leased Retail Building New Hope, PA 18938 $2,458,188 CAD ($646.89 CAD/SF) 4.93% Cap Rate
Executive Summary
The multi-unit investment property located on West Mechanic Street in Downtown New Hope, featuring three commercial spaces and three apartments, presents compelling opportunities due to its prime location, current under-market rents, and the area's ongoing real estate market growth.
Current potential: Under-market rents: The property is currently rented below market rates. This offers a straightforward opportunity for increased income and capitalization by simply bringing the rents up to market rates, as leases expire or renegotiations occur.
Luxury Property Development: The property's location adjacent to luxury market properties suggests strong potential for redevelopment into a high-end luxury property. The area is experiencing a transformation with luxury residential and commercial developments, indicating a receptive market for upscale properties. Acquiring 11 W Mechanic Street and adjacent rear multi-unit residential property, could provide a lucrative redevelopment opportunity.
Realtor Collaboration Welcomed
Current potential: Under-market rents: The property is currently rented below market rates. This offers a straightforward opportunity for increased income and capitalization by simply bringing the rents up to market rates, as leases expire or renegotiations occur.
Luxury Property Development: The property's location adjacent to luxury market properties suggests strong potential for redevelopment into a high-end luxury property. The area is experiencing a transformation with luxury residential and commercial developments, indicating a receptive market for upscale properties. Acquiring 11 W Mechanic Street and adjacent rear multi-unit residential property, could provide a lucrative redevelopment opportunity.
Realtor Collaboration Welcomed
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,800 SF
Building Class
C
Year Built
1880
Price
$2,458,188 CAD
Price Per SF
$646.89 CAD
Cap Rate
4.93%
NOI
$121,271 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
0.87
Lot Size
0.10 AC
Zoning
CC,New Hope Boro
Parking
1 Spaces (0.26 Spaces per 1,000 SF Leased)
Frontage
40’ on W Mechanic Street
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 27-010-091 | Improvements Assessment | $58,434 CAD |
| Land Assessment | $32,278 CAD | Total Assessment | $90,712 CAD |
Property Taxes
Parcel Number
27-010-091
Land Assessment
$32,278 CAD
Improvements Assessment
$58,434 CAD
Total Assessment
$90,712 CAD
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Map
Presented by
NJ Dell Properties, LLC
11 W Mechanic St
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