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862 Iron Ridge Road 862 Iron Ridge Rd 11 Unit Apartment Building $1,326,124 CAD ($120,557 CAD/Unit) Spring Grove, PA 17362
INVESTMENT HIGHLIGHTS
- Scenic 11-Unit on 2.7 Acres Charming rural setting with 3 buildings, coin-op laundry, mature trees, and a stream.
- Recent Upgrades & Utilities New electric, 95% modern windows, 8 units metered, repaved lot, well & septic systems.
- Strong Income & Upside $117K annual rent with ~10% upside. 9 of 11 units renovated, light value-add potential.
EXECUTIVE SUMMARY
Multi-Unit Investment Opportunity | 11 Units on 2.7 Acres | Spring Grove, PA
Property Address: 862 Iron Ridge Rd, Spring Grove, PA 17362
Offered by: Ginny L. Reichart Realty, Inc.
Gross Annual Rent: $117,240
Zoning: Residential & Commercial
Parcel #: 3800672089000000
Flood Zone: Zone X (Not in Flood Zone)
Property Overview:
Welcome to 862 Iron Ridge Rd, a well-maintained and income-producing 11-unit multifamily property situated on a scenic 2.7-acre rural lot in Spring Grove, PA. This unique investment includes three residential buildings and a laundry facility, offering a mix of one- and two-bedroom units with long-term tenants and recent renovations.
The property features a fully re-paved asphalt driveway and parking area (2022), separate electric meters for 8 of 11 units, and electric baseboard heating throughout. Two private wells and three septic systems (serviced regularly) support the property. A small stream runs through the center of the lot, adding to the serene, park-like setting.
Investment Highlights
11-Unit Multifamily Property on 2.7 scenic acres
Gross Annual Rent: $117,240 with ~10% upside ($12,468) based on current market rent estimates
Recent Capital Improvements: Key upgrades include electrical improvements, new heating systems, and parking lot repaving (2022). Additionally, 37 windows were replaced between 2022 and 2024, bringing the property to 95% modern replacement windows. Three previous owner replaced modern-era wood windows were retained due to their solid condition and performance.
Renovation Status: 9 of 11 units (82%) recently renovated; remaining units offer light value-add potential
Additional Rent Upside: Estimated annual increase of $3,864 through remaining unit renovations and light value-add upgrades—potentially more if select units are converted to split heat pump systems for improved efficiency and tenant appeal
Utility Structure: Separate electric meters for 8 units; minimal work needed to convert remaining 3 to tenant-paid electric
On-Site Coin-Op Laundry Facility (Apartment L)
Park-like Setting with mature trees and a small stream
Owner’s Garage for maintenance, storage, and maintenance access
Professionally Maintained Well & Septic Systems
Zoned Residential & Commercial – future flexibility
Not in a Flood Zone (Zone X)
Strong Rental History with long-term tenants and recent renovations
Property Address: 862 Iron Ridge Rd, Spring Grove, PA 17362
Offered by: Ginny L. Reichart Realty, Inc.
Gross Annual Rent: $117,240
Zoning: Residential & Commercial
Parcel #: 3800672089000000
Flood Zone: Zone X (Not in Flood Zone)
Property Overview:
Welcome to 862 Iron Ridge Rd, a well-maintained and income-producing 11-unit multifamily property situated on a scenic 2.7-acre rural lot in Spring Grove, PA. This unique investment includes three residential buildings and a laundry facility, offering a mix of one- and two-bedroom units with long-term tenants and recent renovations.
The property features a fully re-paved asphalt driveway and parking area (2022), separate electric meters for 8 of 11 units, and electric baseboard heating throughout. Two private wells and three septic systems (serviced regularly) support the property. A small stream runs through the center of the lot, adding to the serene, park-like setting.
Investment Highlights
11-Unit Multifamily Property on 2.7 scenic acres
Gross Annual Rent: $117,240 with ~10% upside ($12,468) based on current market rent estimates
Recent Capital Improvements: Key upgrades include electrical improvements, new heating systems, and parking lot repaving (2022). Additionally, 37 windows were replaced between 2022 and 2024, bringing the property to 95% modern replacement windows. Three previous owner replaced modern-era wood windows were retained due to their solid condition and performance.
Renovation Status: 9 of 11 units (82%) recently renovated; remaining units offer light value-add potential
Additional Rent Upside: Estimated annual increase of $3,864 through remaining unit renovations and light value-add upgrades—potentially more if select units are converted to split heat pump systems for improved efficiency and tenant appeal
Utility Structure: Separate electric meters for 8 units; minimal work needed to convert remaining 3 to tenant-paid electric
On-Site Coin-Op Laundry Facility (Apartment L)
Park-like Setting with mature trees and a small stream
Owner’s Garage for maintenance, storage, and maintenance access
Professionally Maintained Well & Septic Systems
Zoned Residential & Commercial – future flexibility
Not in a Flood Zone (Zone X)
Strong Rental History with long-term tenants and recent renovations
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $1,326,124 CAD | Building Class | C |
| Price Per Unit | $120,557 CAD | Lot Size | 2.70 AC |
| Sale Type | Investment | Building Size | 9,670 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 92% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1879/2017 |
| Property Subtype | Apartment | Parking Ratio | 1.09/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | APARTMENT - Land Use: 201 A – House Converted to Apt- 4 Family + | ||
| Price | $1,326,124 CAD |
| Price Per Unit | $120,557 CAD |
| Sale Type | Investment |
| Gross Rent Multiplier | 8.1 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.70 AC |
| Building Size | 9,670 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1879/2017 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | APARTMENT - Land Use: 201 A – House Converted to Apt- 4 Family + |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Balcony
- Cable Ready
- Storage Space
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Carpet
- Yard
- Built-In Bookshelves
- Deck
- Dining Room
- Double Pane Windows
- Lawn
- Linen Closet
- Office
- Pantry
- Porch
- Smoke Free
- Vinyl Flooring
- Window Coverings
- Large Bedrooms
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Gas Range
- Smoke Free
- Trash Pickup - Curbside
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | $1,187 CAD | 450 - 1,100 |
| 2+1 | 1 | $1,389 CAD | 1,166 |
PROPERTY TAXES
| Parcel Number | 30-000-EE-0069.00-00000 | Total Assessment | $344,715 CAD |
| Land Assessment | $103,403 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $241,312 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
30-000-EE-0069.00-00000
Land Assessment
$103,403 CAD
Improvements Assessment
$241,312 CAD
Total Assessment
$344,715 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
-
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862 Iron Ridge Road | 862 Iron Ridge Rd
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