584 McKean Avenue , Donora PA 15033
MIXED COMMERCIAL RESIDENTIAL IN A POPULAR DOWNTOWN LOCATION AT A GREAT PRICE
TENANT-READY BUILDING IN THE HEART OF DONORA HAS FIVE STORE FRONTS FOR OPTIMAL INCOME POTENTIAL
Brick building
Corner lot
5 storefronts ready to rent out
Storefronts ready to be rented out producing an almost instant gross income of $5,500/month
Sold with clear title no back taxes or liens. Title insurance provided.
Low real estate Taxes
Gross Income potential when whole building completed: $167,400 / year
IDEAL FOR OWNER OCCUPIER WHO COULD OCCUPY AND DO BUSINESS FROM ONE THE RETAIL UNITS AND LIVE IN ONE OF THE APARTMENTS ABOVE AND HAVE FURTHER INCOME BY RENTING OUT THE OTHER UNITS OR FOR THE SAVVY INVESTOR WHO CAN ADD TO THEIR PORTFOLIO A GOOD INCOME MIXED USE PROPERTY THAT’S READY TO RENT OUT.
Three storey building with retail on the first floor and two upper floors that can be renovated as apartments or offices.
Description:
The property is a three story brick building sitting on a corner lot of around 7,800 sq ft in Downtown Donora PA. The total floor area is about 23,000 sq ft excluding the basement. The ground floor is retail with 5 storefronts and has a total area of 7,620 sq ft plus there is a large basement in each unit for storage. Upper floors having a total area of around 15,600 sq ft. There is plenty of on street parking and there is parking garage directly across the street.
First Floor:
5 Storefronts, ready to be rented with large dry basement’s in each unit for storage
Unit 1: 2000 sq. ft. – currently laid out as medical office, with several separate exam and office rooms – 2 restrooms.
Unit 2: 2000 sq. ft. – open layout – formerly set up as a beauty salon.
Unit 3: 2,000 sq. ft. – corner unit – open layout – formerly a convenience store.
Unit 4: 900 sq. ft – lower level, side entrance – open layout – formerly a re-sale store.
Unit 5:approx. 500 sq. ft- Side entrance – formerly a barber shop .
All have separate utilities to each unit
Second and Third Floors:
The second and third floors totalling about 15,600 sq ft can be renovated for any purpose such as apartments or offices, dramatically increasing the property’s income potential.
Property condition:
The roof was replaced about six years ago and the ground floor was recently renovated and tenants can walk in to ready-to-use storefronts which has updated furnaces, A/C , water tanks and updated electrics.
The Second and Third Floors have not been used in many years. They would need complete renovations, but could be made into several apartments or offices.
Features:
- Downtown location
- Corner Lot
- All Brick Building
- 5 Storefronts, ready to be rented
- All store units have separate utilities to each unit
- Renovated ground floor: Updated furnaces, A/C , water tanks and updated electrics for the storefronts.
Great Location:
The property is located on one of the main commercial streets in Downtown Donora at the corner of McKean Avenue and 6th Street. All properties on the street are very well kept and the property faces the Tower Clock and is situated on a quaint and pretty busy street with good traffic in the daytime offering great opportunities for the retail units. Parking is no problem, there is ample street parking and parking garage directly across the street. The area has many stores, banks, the Post Office and is a good mix of commercial and residential.
Highly visible, this is a great location for a variety of businesses
Demographics 1 miles 3 miles 5 miles
2015 Total Population 6,882 21,559 48,106
% 2015 White alone 83.96% 86.02% 90.89%
Black or African American alone 10.96% 9.79% 5.81%
Average Household Income: $50,954 $54,998 $56,307
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
The average retail asking price for Donora PA is $102.82/ sq ft* , based on this average the retail part on its own is worth $783,488.
The average asking rent for all Donora Retail properties is $14.06/SF/Year* and for offices $18.76/ sq ft/ year*. At this rate the 2,000 sq ft retail will rent at: $2,343/ month
*LoopNet.com
Rental income for 2 bedroom apartment: $600/ month (rentometer.com)
Comparables For Sale:
585 Galiffa Drive Donora, PA 15033 – 12,000 SF – $395,000
Comparables Sold:
568 Galiffa Drive, Donora, PA 15033- 6,000 sq ft sold 07/17/2014 for $357,500 ($60/sq ft)
Excellent rental income:
Assuming lower rental figures than the averages shown above of $9/ sq ft/ year, the rental income of the property is:
Unit 1: 2000 sq. ft. – $1,500/ month
Unit 2: 2000 sq. ft. – $1,500/ month
Unit 3: 2,000 sq. ft. – $1,500/ month
Unit 4: 900 sq. ft. – $675/ month
Unit 5: 500 sq. ft.- $375/month
Total projected immediate gross income from the storefronts: $5,550/ month ( $66,600/ year)
Total projected potential gross income from apartments when completed: assuming 14 apartments: $8,400/ month ($100,800/ month)
Total potential gross income: $13,950/month ($167,400/ year)
Real Estate Taxes:
Washington County Parcel ID #: 240-014-00-04-0015-00
Assessed value: $231,600
Low real estate taxes: Yearly Tax: $1,125
PROPERTY IS SOLD AS IS, WHERE IS-
Sold with clear title no back taxes or liens. Title insurance provided.
