Listed by BHGRE Commercial-GSA Realty
$900,000
Academy Heights
Details
APN 32-303-,055-,0000-
Property Type Land, Mixed Use
Sub Type Commercial, Residential
Units 4
Tenancy Multi
Price Per Acre $342,000
Broker Co-Op Yes
Buildings 2
Stories 3
Acreage 2.630
Zoning Commercial
Investment Type Redevelopment
Ownership Fee Simple
Multi-family development/investment opportunity.
Marketing description
Multi-Family Development Opportunity: This property includes three (3) parcels. A .33 Ac vacant parcel, a .26 Ac vacant parcel with a single-family home with 3 possible rental units, and a 1.97 Ac parcel which includes a fully rented 4-unit building. This site was the old Bellefonte Academy property. The Master's house which houses 4 rental units is included in the sale. Concept plans are available for a 45-55 unit apartment building with parking or a 20+/- unit townhome project. The price includes the present concept plans but does not require the buyer to build the present concept. The properties are being sold together and cannot be purchased separately. (275 and 219 W. Bishop Street and 215 S. Spring Street - Tax ID #'s 32-303-055, 32-303-054, 32-303-058)
Great opportunity to redevelop a historic property in downtown Bellefonte and catch the renaissance that the downtown area is experiencing.
Investment highlights
- Fantastic opportunity to redevelop a historic property in downtown Bellefonte and catch the renaissance that the downtown area is experiencing.
- 2.63 total acres are available for redevelopment.
- Existing 4-unit apartment building is included and will offset carrying costs during the hold/development of the property.
- A second property at 215 S. Spring Street has 3 rental units but is not currently rented.
- This project would go a long way to filling the gap in new housing demand in the Bellefonte Borough market.
- The seller has various concept plans including a 40–50-unit mid-rise apartment building or townhome concepts.
Listing Contacts
Listed by BHGRE Commercial-GSA Realty
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