Elegant Mixed Use BuildingOffices With Luxury Residence Above

Unique, Historic Downtown Lancaster Property in CBD Includes a 6,800 SF Office Suite Plus 14 Car Garage and Luxury Residence Above

Offered FOR SALE at $2,100,000

For more information or to schedule a showing, call:717- 399- 9361 or contact direct: Christine Sable, CCIM717-475- 1022245 Butler Avenue, Suite 220 Lancaster, PA 17601

FOR SALE

Marketing information herein is deemed reliable but not guaranteed. Please verify facts before purchase.

Total building square footage approximately 14,900 SF +/-6,800 SF of office space

on two levels, served by a passenger elevator. Office space currently leased through April 2020. 3,900 SF Luxury residence

with top of the line fixtures, finishes and appliances4,200 SF Brick garage with

parking for 14 carsPotential rooftop garden/

deck on garage (or use for other creative development)Outstanding location in the

heart of downtownPotential to condo the three

sections of the building

Hidden behind the 1760’s sandstone walls of this historic Lancaster property, imagine finding a beautiful professional office suite with several private offices, a large training room, workstation areas, and an outdoor patio. An ornate conference room with stunning original woodwork and moldings will take your breath away. The suite is updated with handicap accessible restrooms and elevator. Currently the office is fully leased through April of 2020. Upstairs, reached by its own private entrance, is a stunning residential oasis, unlike any other, with 3 bedrooms, 3–1/2 baths, a huge chef’s kitchen with Brazilian granite counter and professional appliances, plus a private apartment-like suite with kitchenette on the 3rd floor. The residence is move-in ready and includes a 400 SF private patio, plus attached 14 car parking garage, with potential for a rooftop garden or other re-development. Join neighbors Excelsior Hall and the Lancaster Chamber of Commerce which flank the property to the east and west in this vibrant community on the historic east side of Lancaster. Tours by appointment only.

1st Floor Commercial Office Suite

with Garage and a Luxury Residence Above121-123 EAST KING ST.LANCASTER, PA 17602

See more listings at:SableCommercialRealty.com

RESIDENTIAL PICTURES

Marriott/Convention Center

Subject

Penn Square

Courthouse

E. King Parking Garage

Chamber of Commerce

Excelsior

E. King Garage

AREAMAPS

Regional

Local

PARCELMAPSID#332-65668-0-0000

GOOGLEPARCELMAP

PROPERTYINFORMATION

GrossSquarefootage:14,955(includesgaragebuilding)BasedonCountyAssessmentinformationandmeasurementsofCalabreseArchitectsPlansDated3/26/14

Officearea:6,800SF+/-(Firstfloorpluslowerlevel)

Residence:3,900SF+/-(2ndand3rdfloor-twostories)

Garage:4,200SF(singlestory,Brick;builtapproximately1930)

YearBuilt:1762(originalportion.)ListedonNationalRegisterofHistoricPlaces.

MostRecentRenovation:2015

Façade:CutSandstone

YearRenovated:2015(Residentialportiononly)

Schools:SchoolDistrictofLancaster

Zoning:CBCentralBusiness

Assessment:$685,500

RealEstateTaxes:$24,125annuallyforCity,SchoolandCounty(basedon2%discountrate)

PropertyInsurance:Approx.$3,200annually

Water:Public

Sewer:Public

Roof:Slate;FlatRubberroofovergarageinstalledin2014

TypeHeat:Gas,forcedairforbothresidenceandoffices;2unitsforoffices,twoforresidence)

AirConditioning:CentralAir(bothresidenceandoffices)

HotWater:Electric

ElectricAmps:220

Fireplaces:2inresidence(gas)and1inOfficesResidenceFeatures:

Bedrooms:3Bathrooms:3.5(allwithgranitecountertopsexceptpowderroom)Gourmet“chef’skitchen”withtopoftheline,commercialgradeappliancesSecondkitchenettein2ndfloor“minisuite”.Idealsuiteforteen,youngadultorin-lawLargedouble-sizelivingroomwithgasfireplaceBeamedceilingsDiningroomseats10–12

(Continuednextpage)

Appliances: DoubleComboGasOvenconvection/microwave(VikingProfessional) 6BurnerGasRangetop(Bluestar) DoubleDoorRefrigerator(Jennair) KitchenAidDishwasher UnderCounterdoubledrawerRefrigerator GarbageDisposal Washer/Dryer(stacked)Electrolux

Additionalfeatures,Residence:•ButlerPantrywetbarandwinerack•BrazilianOnyxkitchencounterslab(singlepiece)•HeartPinewoodfloors•Largemasterbedroomclosetwithrolling“librarytype”ladder•Garagedooropener,electric•Garagedoortransmitters•GarageEVcarcharger•Smokedetectors•CarbonMonoxideDetector•SecuritySystemwithsurveillance•RemoteEntry•Intercom•Masterswitchforlighting•ElectronicHVAC/Tempcontrol•Remotecontrolwindowshades•Customhardwareondoors•Laundryroom•Tileshowerswithglassdoorandsurround•Granitecountertopsinbaths•InteriorSprinklers•Deck/Patio(twopointsofentryfromresidence)•Additionalcourtyardterracewithpavers•14carbrickparkinggarage/warehouse•StairLiftfromgaragetoresidence•Largeflatrooftopsuitableforroofdeck,gardenorpotentialdevelopment•Historicandveryraresurviving“Eavesdropper”decorationonfrontexterior•Historicdatestoneonproperty

AdditionalFeatures,Offices:

•Privateentrancewithownsignagepanel•ModernPassengerelevator

•8–10privateoffices •Workstation/officeequipmentarea •Largelowerleveltrainingroom •Largelowerlevelkitchenandbreakroomarea

•Ornatewoodpaneledconferenceroomwithstunningwoodwork,ceilingmoldings,fireplaceandparquetfloors

•Glassandwoodofficeenclosures •Frontreceptionareawithwoodfloors •Uniquerearslateterracewithaccessfrombothupperandlowerlevel •Offstreetparkinginlargegarage(atdiscretionofbuildingowner)

InformationaboveisprovidedtothebestofSeller’sandAgent’sknowledge;someinformationisfrom3rdpartysources.Informationisdeemedreliablebutcannotbeguaranteed.Buyershouldindependentlyverifyallsalientfacts.

ZONING

ThispropertyiszonedCBCentralBusinessintheCityofLancasterBelowisasummarydescriptionoftheintentoftheCBZoningDistrict.Forindividualusespermittedandassociatedrequirements,pleasegotothefollowingwebsite,astheordinanceistoolongtoreproducehere:

ThefollowingZoninginformationfromMountJoyBoroughisprovidedasacourtesy.PropertyiszonedCBD(CentralBusinessDistrict.)PleasenoteallusespermittedinCBDarelistedinthefirstcolumn.ALWAYScheckwithamunicipality’szoningofficerregardinganydesireduse.Evenpermittedusesoftencomewithattachedconditionsregardingparking,setbacks,density,andotherassociatedrequirements.

Subject

FLOORPLANS

Pleasenote,thefollowingfloorplansmaynotbeanexact,as-builtdepictionofthepremises.Theyareatpresenttheclosestapproximationavailable.Changesmayhavebeenmadeaftertheplanswerecreatedwhichdonotshowuponhere.Anyscaleshownhereisnotreliableduetothereductioninsize.APDFfileoftheseplansareavailableinascalableformat.Afull-sizecopyoftheplanisviewableatSableCommercialRealtyoffices.

LowerLevelOfficeLayout

FirstFloorOfficeLayout

Garage(notshowntoscaleinrelationtoabove)

ResidenceFloorPlans–2ndand3rdFloorPleasenote3rdfloorplandoesnotdepictspaceascurrentlyfinishedwithafullbedroom,kitchenetteandfullbath.

AnelectronicPDFcopyofthisplanisavailableuponrequesttoAgent.AfullsizepapercopyisalsoavailableforviewinginAgent’soffice.

OFFICELEASESUMMARY

PresentTenant:LancasterHousingOpportunityPartnership

Leasableareacharged:5,000SquareFeet(pleasenoteactualpremisesareabout6,800grossSFandabout6,400netSFaftermakingdeductionsformechanicalroomsandunusuallythickwallsatthefrontofthebuilding.)Wedonotknowwhythetenantisnotchargedforthefullsquarefootage.Webelievethatin2013themarketwasmuchdifferentandthepreviousownermayhavesimplywantedtogetthespacerented.

LeaseStartDate:May1,2013

LeaseTerminationDate:April30,2020

AdditionalRenewals:None,unlessLandlordandTenantmutuallyagreetoextendlease

CurrentRent:$62,285.44Annually;$5190.45monthly

Tenantpays:Electricity,Gas,Water,SewerandTenant’srentalinsurance(contentsandliability)aswellasjanitorialandtrashremoval.Tenantisalsoresponsibleforminorrepairsunder$150.00.

Landlordpays:RealEstateTaxes,propertyinsurance,maintenanceofroof,structure,electrical,plumbing,heatingsystemandelevator;minorsaltapplicationandclearingice/snowatfrontentryandfrontsidewalk.

Afullcopyoftheentireleasewillbeprovidedtoabuyerundercontractonly,aspartoftheirduediligence.

Projectedincomeforanewtenantleaseof6,400SFat$11.50/SFwouldbe$73,600peryear.

GARAGESPACELEASES

Ownercurrentlyrentsout9of14spacesforamonthlyrentof$85perspace.Theadditional5spacesarebeingusedforOwner’svehiclesandpersonalstorage.

CurrentAnnualGarageIncome:$9,180.00Annually

Actualmarketrateforindoorgarageparkingspacesis$95-$100permonth.ParkinginthisareaisveryhighlysoughtafterduetorecentbusinessexpansionsinthefirstblockofEastKingStreetincludingthenewMarriottHoteltower,newFultonBankofficebuilding,andtherelocationofWoodstreamtoapreviouslyemptybuildingonEastKing.

Projectedincome,if12of14spacesarerentedwouldbe$1,140/mo.$13,680/Yr.

121 E. King Ownership Cost Illustration with Current and Projected Office and Garage Income Sale Price: $2,100,000 25% Down: $525,000 Loan Amount: $1,575,000 Term: 20 Years (Based on commercial loan. Some lenders may offer a longer term.) Interest Rate: 4.75% (Will vary based on Lender, Borrower and other factors) Payment: $9,854.92 Annual cost, $118,259.00, rounded. Real Estate Taxes: $24,125 annually (assumes they are paid at the 2% discount) Property Insurance: $3,200 annually (this is for the whole building). Total Monthly cost:

Mortgage: $9,854.92 Taxes: $2,010.42 Insurance $266.66

$12,132.00. (There are no costs for snow removal, landscaping, etc. Owner salts entry areas himself, changes outside light bulbs and HVAC filters. No other major

expenses; Tenant pays own utilities and minor repairs.) Current Rental Income: Offices: $62,285.44 Garages: $9,180.00 (9 spaces at $85/mo. Owner currently using 5 spaces. Indoor parking is in strong

demand in this block; $95 - $100 a month is more typical for a private garage.) Total Rent: $71,465.44/12 = $5,955.45 per month Total net monthly cost to own, at current rents: $12,132.00 - $5,955.45 = $6,174.54. taxes and insurance included.

This is assumes current rents and full price as the purchase amount. Projected Income beginning May, 2020: (current rents were set 7 years ago and are low; they do not reflect payment for the full square footage of the offices. Current tenant’s lease expires 4/30/2020.) Offices: $73,600.00 (Reflects an average rent of $11.50/Sq. Ft. based on 6,400 SF; a very reasonable price for this space. Total office area is 6,800 SF but a lower figure is suggested due to some unfinished basement mechanical space and also to account for very thick outer walls.) Garages: $13,680.00 (Reflects 12 out of 14 spaces rented for $95 per month. 2 reserved for residence use) Total Income: $87,280.00/12= $7,273 .00 per month toward monthly ownership cost. Result: $4,858.66 Net cost to owner, to own entire building – includes mortgage payment, taxes & insurance. The above is provided for illustration purposes only and is not a guarantee of income or expenses. Your results will vary based upon the purchase price, your lender, the interest rate, holding period, and ultimately the rent you charge to the office and garage tenants. We have proposed conservative lease rates above and believe these can potentially be higher, particularly if owner charges tenant for a pro rata share of taxes and insurance.

TOPOTENTIALBUYERS:TheinformationinthisbrochurehasbeenprovidedtothebestofSeller’sandAgent’sknowledge,however,thisinformationcannotbeguaranteed.Someinformationisprovidedbyoutsidesources.PropertydataandconditionscanchangeduringthecourseofalistingandwhileAgentattemptstokeepthisinformationupdtodate,itmaynotalwaysbereflectedinthisbrochure.Itisstronglyrecommendedthatanyprospectivebuyerverifyinformationanddetailsthatareimportanttoanyintendedpurchaseofrealestate,andengagetheappropriateprofessionalsandconsultantstoadviseyou.NeitherSellernorAgentareabletoadviseonmattersoflegal,construction,architectural,engineering,tax,zoning,developmentorfinancialmatters.Pleaseknowthatwehavedoneourbesttoprovidethemostaccurateinformation.NeitherSellernorAgentshallbeliableforanyerrorsoromissionsintheaforesaidinformation.AgentissolelytherepresentativeoftheSellerinanycontemplatedtransaction.PleasereadthePAConsumerNoticeprovidedbyyouragent,forfurtherinformationonagencyrepresentation.