NOT LISTED FOR SALE

624 W Chestnut St Lancaster, PA 17603

Chestnut Hill Neighborhood

Estimated Value: $503,000 - $726,000

-- Bed
7 Baths
3,780 Sq Ft
$169/Sq Ft Est. Value

Last Sold October 18, 2017

Last sale price $1,530,000 $405 Per Sq Ft

Current estimated payment $4,558/month

9 Days on Market

Highlights

  • 0.61 Acre Lot
  • Window Unit Cooling System
  • Radiator
  • No HOA
  • Outdoor Storage

About This Home

As of October 2017

An exceptional investment opportunity offering 8 Apartments, 1 Carriage House, 22 Garages + 7 surface parking spaces. Also an opportunity for owner/occupancy! The two mansions, designed by C. Emlan Urban in the 1890s, have been remarkably maintained and boast rejuvenated historic character and modern amenities. These properties now serve as incredible Chestnut Hill apartments with a history of quality tenants. Wraparound porches, peaceful shared courtyard setting, welcoming foyers + stunning woodwork. A full brochure with property detail is available by request. 624 & Carriage House: LL pays w/s/t. 632: LL pays heat, hot water, w/s/t. Current NOI over $103,000. Property consists of 2 parcels one deed - Tax IDs: 335-28369-0-0000 & 335-22573-0-0000

Last Agent to Sell the Property

Tracy Horst

PPM Real Estate, Inc. License #AB069429 Listed on: 08/17/2017

Co-Listed By

Corinn Kirchner

PPM Real Estate, Inc. License #RM425642

Last Buyer's Agent

Gilbert Lyons

RE/MAX Pinnacle

RE/MAX Pinnacle

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,285

Year Built

  • Built in 1890

Lot Details

  • 0.61

Home Design

  • Converted Dwelling
  • Brick Exterior Construction
  • Slate Roof

Basement

  • Basement Fills Entire Space Under The House
  • Exterior Basement Entry

Home Security

  • Fire and Smoke Detector
  • Fire Escape

Parking

  • 7 Parking Spaces
  • Off-Street Parking

Utilities

  • Window Unit Cooling System
  • Central Air
  • Radiator
  • Heat Pump System
  • 200+ Amp Service
  • 100 Amp Service
  • Natural Gas Water Heater
  • Cable TV Available

Additional Features

  • Washer and Dryer Hookup
  • Outdoor Storage
  • 0.61 Acre Lot

Listing and Financial Details

  • Assessor Parcel Number 335-28369-0-0000

Community Details

Overview

  • No Home Owners Association
  • 9 Units

Building Details

  • Income includes apartment rentals, laundry, parking
  • Electric Expense $1,800
  • Fuel Expense $2,844
  • Insurance Expense $5,087
  • Manager Expense $6,000
  • Other Expense $450
  • Trash Expense $900
  • Operating Expense $20,501
  • Net Operating Income $112,194

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,285

Year Built

Built in 1890

Lot Details

0

Listing Details

  • Property Type: Multi-Family
  • Architectural Style: Converted Dwelling
  • New Construction: No
  • Other Expense: 450.00
  • Storage: Basement
  • Year Built: 1890
  • Remarks Public: An exceptional investment opportunity offering 8 Apartments, 1 Carriage House, 22 Garages + 7 surface parking spaces. Also an opportunity for owner/occupancy! The two mansions, designed by C. Emlan Urban in the 1890s, have been remarkably maintained and boast rejuvenated historic character and modern amenities. These properties now serve as incredible Chestnut Hill apartments with a history of quality tenants. Wraparound porches, peaceful shared courtyard setting, welcoming foyers + stunning woodwork. A full brochure with property detail is available by request. 624 & Carriage House: LL pays w/s/t. 632: LL pays heat, hot water, w/s/t. Current NOI over $103,000. Property consists of 2 parcels one deed - Tax IDs: 335-28369-0-0000 & 335-22573-0-0000
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Appliances: Washer/Dryer Hookups Only
  • Fireplace: No
  • Basement: Yes
  • Basement Type: Full, Outside Entrance
  • Street Number Modifier: 624-632

Exterior Features

  • Construction Materials: Brick
  • Construction Completed: No
  • Exterior Features: Fire Escape, Secure Storage
  • Roof: Slate
  • Water Access: No
  • Waterfront: No
  • Water Oriented: No
  • Pool: No Pool
  • Tidal Water: No
  • Water View: No

Garage/Parking

  • Garage: No
  • Parking Spaces Total: 7.00
  • Type Of Parking: Off Street

Utilities

  • Central Air Conditioning: Yes
  • Cooling Type: Central A/C, Window Unit(s)
  • Cooling: Yes
  • Electric Expense: 1800.00
  • Electric Service: 100 Amp Service, 200+ Amp Service, Circuit Breakers
  • Heating Type: Heat Pump(s), Radiator, Oil
  • Heating: Yes
  • Hot Water: Electric, Natural Gas
  • Security: Smoke Detector
  • Sewer/Septic System: Public Sewer
  • Utilities: Cable Tv Available
  • Water Sewer Expenses: 3420.00
  • Water Source: Public

Condo/Co-op/Association

  • Condo Co-Op Association: No
  • HOA: No
  • Professional Management Expense: 6000.00

Schools

  • School District: SCHOOL DISTRICT OF LANCASTER
  • School District Key: 300200397286

Lot Info

  • Land Use Code: R-113
  • Lot Size Acres: 0.61
  • Zoning: R-4
  • Zoning Description: Residential
  • In City Limits: Yes

Rental Info

  • Vacation Rental: No

Tax Info

  • Assessor Parcel Number: 4058881
  • School Tax: 4433.49
  • Tax Annual Amount: 7285.15
  • Assessor Parcel Number: 335-28369-0-0000
  • County Tax Payment Frequency: Annually
  • Close Date: 10/18/2017

Multi Family

  • Fuel Expense: 2844.00
  • Gross Income: 139980.00
  • Income Includes: Apartment Rentals, Laundry, Parking
  • Metering: Fully Separate
  • Operating Expense: 20501.00
  • Other Units: Unit 1,Unit 2,Unit 4,Unit 5,Unit 3,Unit 6

MLS Schools

  • School District Name: SCHOOL DISTRICT OF LANCASTER

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 17, 2017
Closed on
Oct 18, 2017
Sold by
Vest Chestnut Street Partners Ltd
Bought by
Tc Real Estate Llc
Seller's Agent
Tracy Horst
PPM Real Estate, Inc.
Buyer's Agent
Gilbert Lyons
RE/MAX Pinnacle
List Price
$1,540,000
Sold Price
$1,530,000
Premium/Discount to List
-$10,000
-0.65%
Current Estimated Value
$639,770

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$890,230
Avg. Annual Appreciation
-10.58%
Original Mortgage
$1,224,000
Interest Rate
3.78%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Tc Real Estate Llc $1,530,000 None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Tc Real Estate Llc $1,714,350
Closed Tc Real Estate Llc $1,224,000
Previous Owner West Chestnut Street Partners Ltd $150,000
Previous Owner West Chestnut Street Partners Ltd $750,400
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/18/2017 10/18/17 Sold $1,530,000 -0.6% $405 / Sq Ft
08/26/2017 08/26/17 Pending -- -- --
08/17/2017 08/17/17 For Sale $1,540,000 -- $407 / Sq Ft
Source: Bright MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $12,864 $325,100 $47,100 $278,000
2023 $12,648 $325,100 $47,100 $278,000
2022 $12,121 $325,100 $47,100 $278,000
2021 $11,861 $325,100 $47,100 $278,000
2020 $11,861 $325,100 $47,100 $278,000
2019 $11,684 $325,100 $47,100 $278,000
2018 $6,934 $325,100 $47,100 $278,000
2016 $7,141 $156,900 $27,200 $129,700
2015 $2,786 $156,900 $27,200 $129,700
2014 $6,232 $156,900 $27,200 $129,700
Source: Public Records

Agents Affiliated with this Home

  • Tracy Horst

    Seller's Agent in 2017

    Tracy Horst

    PPM Real Estate, Inc.

    (717) 394-3374

    30 Total Sales

    Section Image
  • Corinn Kirchner

    Seller Co-Listing Agent in 2017

    Corinn Kirchner

    PPM Real Estate, Inc.

    (717) 666-8818

    5 in this area

    50 Total Sales

    Section Image
  • Gilbert Lyons

    Buyer's Agent in 2017

    Gilbert Lyons

    RE/MAX

    (717) 203-3022

    16 in this area

    139 Total Sales

    Section Image
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Map

Source: Bright MLS

MLS Number: 1002668617

Bright MLS

APN: 335-28369-0-0000

Pennsylvania Lancaster County Lancaster 17603 Chestnut Hill

624 W Chestnut St, Lancaster, PA

This home is located at 624 W Chestnut St, Lancaster, PA 17603 since 17 August 2017 and is currently estimated at $639,770, approximately $169 per square foot. This property was built in 1890. 624 W Chestnut St is a home located in Lancaster County with nearby schools including Smith-Wade-El Elementary School, Wheatland Middle School, and McCaskey High School.

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