Over 1102 Ag Center Drive - Portfolio, Pottsville, Pennsylvania
138-acre Portfolio of 5 properties including a 10,000 square foot commercial building with Federal and State County tenants: PA Conservation, Penn State University, USDA Federal Agriculture Center, Nature Resource Center. Investment Grade Tenants with five years left on lease. Lease Net Operating Revenue is approximately $110,000 with building appraised at $1,250,000. Cap Rate 8.8% $125/SFT price for building $2,500,000 for the entire portfolio totaling 138+/- acres. Property portfolio is adjacent to a 75,000 square foot Luther Ridge Assisted Living Facility and the new 40 bed Nursing Home that was just constructed and began operating in July 2020, and a 22,000 square foot medical facility owned by Lehigh Hospital OB/GYN facility. Due to the county's statistically growing population and aging population, there is a shortage of/need for retirement housing and apartments. Strategic development opportunity for professional real estate investor. In addition to the 10,000 SFT building on 2.66 acres, portfolio includes: 1. 80-Acre Site Prime for Development of Retirement Village. Site is adjacent to operational skilled nursing home and assisted living facilities. The front 2 acres are zoned commercial along the highway and the balance of 78 acres is zoned residential. Water, sewer, and gas line connections are 50 ft away to connect. $395,000 2. 4.6-Acre Commercial/Medical Zoned Sites Prime for Development. This site has three 1.5-acre lots zoned commercial/medical with recorded and approved subdivision plans. These three lots are improved with public water, public sewer, natural gas, storm water plan and sed basin for storm water. Lots are ready for development, requiring only building application and tenants. $597,000 for 3 lots purchased together or 2(a), 2(b), and 2(c) - $224,900 each 3. Phase 3 (25 acres) now available for residential development of 31 flat lots for single family plus potential 14 duplexes, next to 64 existing home development. The 64 existing homes are in Phase 1 and Phase 2, adjacent to Phase 3. Estimated lot development based on preliminary plan. Public water, public sewer, natural gas available. $325,000 4. 23-acre site primed for development of 200+ apartment complex and townhomes. Public water, public sewer, natural gas available. Zoned for apartments. Land requires final engineering. Apartment complex could be a feeder to the existing assistant living facility. Please verify all information with county and state. All documents and plans available upon request.
Listing Courtesy of Keller Williams Real Estate -Exton