12-17 Bolivar St, Brownsville PA 15417
Great Investment opportunity:
Brownsville PA 15417 -77,068 sq ft Mixed use commercial/ residential brick building- Gross Income potential $500,000/ year
Sold on Warranty Deed with clear title
No back taxes- No liens.
Huge Brick mixed commercial/residential building overlooking the Monongahela River
Imposing 77,068 sq ft brick building in a great location, near Downtown Brownsville on 0.66 acres. Sale includes an additional lot of 4,356 sq ft facing Water Street.
Building dimensions:
Length: 261 ft Width: 111 ft
Immediate income potential:
Gross Income potential with current layout: $500,000/ year
The property contains 18 very large industrial units each over several floors some with mezzanine, 21 residential units and 8 large rooms in the basement
The property has potential for conversion of the industrial space into more residential to create a total of 70 to 80 residential units.
Description
The property is 3 and in parts 4 story high and is divided into many industrial and residential units. The first floor of the property houses the first floor of the industrial units with large entrance doors for goods and machinery and the second and third floor house the mezzanine and upper floors of the industrial units and the residential units. There are over 75 rooms on the second and over 65 rooms on the third-floor housing both the industrial and residential units. The fourth floor houses the top floor of some of the industrial units. The industrial and residential units are separated vertically.
The property has 18 very large industrial units on the first floor and upper floors with mezzanine areas. Each industrial unit has its own separate entrance though a large front door and can easily be rented out separately.
The residential units are located on the second and third floor. Each has its own entrance and some have a balcony. Both floors have similar floor coverings, bathroom facilities and complete kitchens. Some rooms have hardwood floors, others have linoleum. Some units are totally self-contained while others have shared bathroom and / or kitchen.
There is also a large basement on part of the building divided in 8 large rooms with high windows.
Details of the units:
- First floor to fourth floors: 18 large large industrial units. Many of the units are over 4,000 sq ft each.
- Second Floor: 11 residential units (7,526 sq ft):.
1. Unit 1: Living room, dining room, 4 bedrooms, 2 Bathrooms Kitchen
2. Unit 2: Living room, 2 bedrooms, Bathroom Kitchen
3. Unit 3: Living room, 2 bedrooms, Bathroom Kitchen
4. Unit 4: Living room, bedroom, Bathroom Kitchen
5. Unit 5: Living room, 3 bedrooms, Bathroom
6. Unit 6: Living room, 2 bedrooms
7. Unit 7: Living room, 2 bedrooms
8. Unit 8: Living room, 2 bedrooms
9. Unit 9: Living room, 2 bedrooms
10. Unit 10: Sleeping room
11. Unit 11: Sleeping room
- Third Floor: 10 residential units (7,526 sq ft):.
1. Unit 1: Living room, 3 bedrooms, 2 Bathrooms, Kitchen
2. Unit 2: 1 bedroom, Bathroom Kitchen
3. Unit 3: Living room, bedroom, Bathroom Kitchen
4. Unit 4: Living room, bedroom, Bathroom
5. Unit 5: Living room, bedroom, Bathroom
6. Unit 6: Living room, bedroom, Bathroom
7. Unit 7: Sleeping room
8. Unit 7: Sleeping room
9. Unit 9: Sleeping room
10. Unit 10: Sleeping room
- Basement: 8 large rooms
The residential section currently makes out a small part of the whole building. There is potential for conversion of the industrial area into 70 to 80 apartments (subject to zoning). Car parking for the new units can be located on part of the first floor where existing industrial units with large entrance doors are currently situated.
There are also several large mezzanine areas where a new floor can be easily added to create additional sq footage and more space. This will allow the total area of the building to exceed 100,000 sq ft and also enable the creation of nice loft apartments with attractive design and smaller mezzanine areas.
Property condition
The residential units are in good condition needing little work mostly some wall repairs in a hallway and just a few apartments, cleaning and clearing out of trash, checking out of the plumbing and electrics with some repairs as needed to some of the units then painting and decoration. The industrial units will mostly need clearing out and some repairs.
The electricity is currently connected to the property and there is an active alarm fitted.
Location:
Located in Fayette County, Brownsville is a one-square-mile river front town with an abundance of resources, including a wharf with a public boat launch, and many opportunities for new businesses. It is a beautiful town nestled among the trees and hills right on the banks of the Monongahela River. The town is an old industrial town that’s steeped in history. The Monongahela River, a major tributary of the Ohio River, one of North America’s most important waterways. The town boasts the Dunlap’s Creek Bridge, the nation’s first ever cast-iron bridge and still has Drive-in movie theatre one of the few remaining Drive-in theatres that are left in the USA.
Brownsville is a prime location for redevelopment opportunities. The town is a small community with a mix of busy commercial areas and quiet residential properties. It is located within a commuting distance from Pittsburgh being about 38 miles south of Downtown Pittsburgh PA and just 23 miles south of the southern edge of Pittsburgh City.
The areas surrounding Brownsville have a large number of oil and gas producing wells which is creating a boost to the local economy.
The property itself is an imposing brick building that can be seen from a distance. In fact, it can be seen on the left-hand side of the attached picture of Brownsville. It sits right alongside the Monongahela River and close to a railroad line. Bolivar St is a small street off water street which is a quiet residential street with neat and well-maintained houses and front yards.
The property is very accessible being about 5-minute drive from PA-43/Turnpike and Rt 40.
Downtown Brownsville: 0.9 miles
Pittsburgh PA: 38 miles
Morgantown WV: 39 miles
California University of Pennsylvania: 4.6 miles
Pittsburgh International Airport: 52 miles
The property is close to many excellent schools and comprehensive local facilities and amenities:
Restaurants
Twelve Oaks Restaurant & Tavern (.1mi), Subway (.5mi), Fiddle’s Restaurant (.5mi), Georgio’s Subs & Pizzas (.5mi), Jilly’s Restaurant & Tavern (.8mi), Hot Stuff Pizzeria (.9mi), Fox’s Pizza Den (1mi), Kristina’s Scrapbooking and More (1.1mi), Carolyn’s (1.2mi), Pepper Ronnie’s (1.7mi), DQ GRILL & CHILL RESTAURANT (1.7mi), Pizza Hut (1.8mi), SUBWAY® Restaurants (1.9mi), Paci’s Lounge & Dining Room (2.1mi), Lil’ Joey’s Pizzeria (2.2mi), Route 40 Classic Diner (2.8mi), Chick-fil-A (3.1mi), DQ GRILL & CHILL RESTAURANT (3.3mi), New Great Wall (3.3mi), Subway (3.3mi), Spuds Llc (3.3mi), Campy’s Pizza (3.3mi), Sigz Bistro (3.3mi), Peggy’s Place (3.4mi), Lagerheads (3.5mi), Scott’s Pizzeria & Restaurant (3.5mi), Chuck Wagon Restaurant (3.6mi), Hugo’s Restaurant & Catering (3.8mi), High Point Restaurant (3.8mi), Country Pizza (4mi), Johnny’s Family Restaurant (4.1mi), Hennessy Tavern (4.1mi), Fat Angelo’s Pizzeria Cardale (4.5mi), Pizza Wagon (4.5mi), DAIRY QUEEN BRAZIER (4.6mi),
Coffee
McDonald’s (1.9mi), Mudslingers Coffee Shop (3.2mi), Kwik Fill (3.2mi),
Bars
Apones Sports Bar (1mi), Rye’s Bar & Restaurant (1.6mi), Coal Hill Tavern (1.6mi), California Hill Gun Club (1.7mi), California Young Mens Club (2.6mi), Ventura’s Tavern (2.9mi), Italo-American Citizens Club (3.1mi), wine & Spirits Store (3.2mi), J Cole’s Inn (3.3mi), McMonagle’s Irish Pub (3.3mi), American Legion (3.3mi), California Boat Club (3.4mi), Roxy’s Roadhouse (3.5mi),
Groceries
Walmart Super Center=.6mi), Walmart Supercenter (.7mi), Foodland (2mi), Duda’s Farm Inc (3mi), Salamone Italian Food Market (3.1mi), Kwik Fill Delli (3.2mi), Rite Aid – Groceries (3.3mi), Republic Enterprise Center (4.1mi), Penncraft Foods Grocery Store (4.2mi), Hackney’s Market (4.5mi), Jackson Farm Dairy (4.9mi), Spee-D Food Mart (4.9mi),
Parks
Roadman Park (1.9mi), David Szalay Community Park (2.5mi), Phillipsburg Soccer Field (2.8mi), California Boro Ballfield (3.1mi), Rotary Park (3.1mi), Founders Park (3.3mi), Mechanic Street Playground (3.3mi), Wood Street Park (3.4mi), River’s Edge Park (3.5mi), Lafayette Memorial Park (3.8mi),
Schools
Brownsville Area High School (1.6mi), Brownsville Area Middle School (1.6mi), The Village – Preschool (1.6mi), Cox-Donahey Elementary School (1.7mi), California Area Middle School (2.1mi), California Area Senior High School (2.1mi), California Area Intermediate Middle School (2.2mi), Intermediate Unit 1 (2.5mi), Cal-U (3.2mi), Intermediate Unit 1 – Center for Professional Development (3.3mi), California University of Pennsylvania, University Avenue, California, PA (3.3mi), Kids Ahoy Child Care Center (4.4mi), Cardale Elementary School (4.6mi),
Shopping
Sunoco A Plus Mini Market (.4mi), Team Humanity Clothing Company (.5mi), Keystone Sportswear Inc (1.2mi), California Army Navy Surplus (2.6mi), Copycat (3.2mi), Care & Share Thrift Shop (3.2mi), Tech Boxz Inc. (3.2mi), Evil Genius Comics & Cards (3.3mi), Todd’s Beer Distribution (3.3mi), Cal U Student Bookstore (3.3mi), Battaglini’s Graphics (3.3mi), Flowers By Regina (3.3mi), Dollar General (3.3mi),
Entertainment
Flatiron Heritage-Visitors Center (.7mi), National Pike Steam Gas Horse Assn (2.3mi), California Area Historical Society (3.1mi), Jozart Center (3.3mi),
Errands
Walmart Pharmacy (.4mi), Johnson III William F MD (.5mi), The Brownsville Family Pharmacy (.6mi), Reeds Rexall Drugs (.7mi), PNC Bank (1.7mi), First National Bank (1.8mi), Brownsville Hardware (1.9mi), Brownsville Do It Best (1.9mi), Do It Best (1.9mi), Rite Aid (1.9mi), Cal Ed Federal Credit Union (2.5mi), Cal Ed Fed Credit Union (2.5mi), Maund Industries (2.6mi), Weld Towing Co (2.7mi), Earl’s Body Shop (2.8mi), Brandon’s Body Shop (2.9mi), Sudsy’s Carwash (2.9mi), 84 Lumber Company (3.2mi), ATM (Kwik Fill) (3.2mi), Ronald J. Messick, RPH (3.2mi), Union Cleaners (3.2mi), Yablonski Costello & Leckie: Bitonti John W (3.2mi), State Farm Insurance (3.2mi), ATM (First Niagara Bank) (3.3mi), Lisa J Buday Law Office (3.3mi), Scruples Hair & Nails (3.3mi), Edward Jones – Financial Advisor: Jim Gwyer (3.3mi), Allstar Transmission (3.3mi), Rite Aid (3.3mi), Hair We Are (3.3mi), US Post Office (3.3mi)
(Walkscore.com)
Demographics*:
1 mile 3 miles 5 miles
Total population 5,015 11,537 27,519
% White alone 91.53% 91.65% 93.56%
% African American 6.16% 6.03% 4.53%
% Household change (2010-15) +1.56% + 0.69% + 0.66%
2015 Average Household Income $47,650 $46,845 $49,801
*Loopnet
Crime rate: Very low (Trulia.com)
Great Investment opportunity:
UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A SUBSTANTIAL HIGH-INCOME PROPERTY FOR A DISCOUNTED PRICE.
Median Asking price in 15417: $135,000 (Trulia.com)
Asking Price for Industrial for sale: $47.79 / sq ft (Loopnet)
No comparable size property were found for comparing prices in this location, the following comparable show properties that are less than 5% the size of this property.
Comparable For Sale:
115 Creek Rd Brownsville, PA 15417 · 4,060 SF. Industrial- $225,000
Comparable Sold
406 Washington Avenue, Brownsville, PA 15417. 2,940 SF- 2 unit Multi-family- sold 12/21/2016 for $110,000
Great income potential
Asking rent for industrial for lease: $6.64 / sq ft / year (Loopnet)
Average Monthly rent for:
Sleeping rooms: $125/ month
Studios: $300/month
1 Bedroom apartments: $400/ month
2 Bed apartments: $600/month
3 Bed apartments: $750/month
4 Bed apartments: $950/month
(rentometer.com & hotpads.com)
Based on the above figures, approximate projected gross income is:
18 large industrial units at an average of $1500 each/ month: $27,000/ month ($324,000/ year)
Existing 21 residential units (15,052 sq ft) at the above rates: $10,500/ month (126,000/ year)
8 large basement rooms at $500 each/ month: $4000/month ($48,000/ month)
Rental of other rooms and space: not included
Total estimated projected gross rental income of the property with existing layout is therefore: $41,500/ month ($498,000/ year)
Income can be increased with existing layout if redundant space is converted and utilized. Also, if more industrial areas are converted into apartments, higher income may be achieved.
Real Estate Taxes:
Fayette County, PA parcel ID: 02-07-0008 and 02-07-0005
PROPERTY IS SOLD AS IS, WHERE IS- Warranty deed- Clear title – No liens, No back taxes
