Historic Value-Add Opportunity | Heart of Mechanicsburg
Mixed-Use Cash Flow Gem: Existing Residential GOI + Prime 9,000 SF Commercial Retail
Marketing description
Former Ritter Hardware building. A gem of a property in downtown Mechanicsburg. Investors should be interested in an incredible cash flow potential. Owner occupants can use a great downtown space to open their new business or add a new location to their existing business. 1st floor store: approximately 9000 SF, 2 car garage: approximately 640 square feet. 2nd floor store area: 1152 square feet, and includes 2 very large 3 bedroom apartments that are both second and third floor. Parking: 20 spaces.
-Building has one commercial business interested in renting half of the 1st floor.
-$25,000 in local grants available to re-invent the façade of the building.
-(2) 3 Bedroom Apartments Providing $28,800 GOI per year.
-1 or 2 Commercial Spaces on the First floor with ample parking.
Investment highlights
Immediate Commercial Demand: A prospective commercial tenant is already highly interested in leasing 50% of the first-floor footprint (~4325 SF), significantly de-risking the lease-up phase during buildout.
Massive Cash Flow Potential: Once stabilized, the combination of approximately 9,118 SF of commercial space and high-demand residential units offers an exceptional yield for a downtown Mechanicsburg asset.
$25,000 "Day One" Value Boost: Benefit from $25,000 in available local grants specifically designated for façade improvements, allowing you to instantly enhance "curb appeal" and property valuation.
Stable Residential Income: Two expansive 3-bedroom, multi-floor apartments are currently generating $28,800 in Gross Operating Income (GOI) per year, providing immediate carry while you build out the commercial space.
Rare Downtown Parking: Includes a private lot with 20 dedicated parking spaces, a premium amenity in a dense downtown corridor that significantly increases tenant attraction and retention.
Strategic Value-Add Play: Ideal for investors looking to "force appreciation" through a commercial buildout in a landmark building with a 100-year history.
Versatile Footprint: Features a 9,000 SF main store, a 640 SF 2-car garage, and additional second-floor storage, offering maximum flexibility for single or multi-tenant configurations.
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