221 W King St Listing Details & Market Data

Lancaster City continues to be one of the strongest rental markets regionally, with rent growth in 2023 at 3.5% compared to .6% nationally. Vacancy is near market lows at 2.5%. The region is well supported with a diverse industry of jobs- healthcare, manufacturing and government. Lancaster City was named ‘Best Small City in US’ by WalletHub in 2023, for the amenities it provides residents: Walkability, premier shopping and entertainment, affordability, diverse employment, schools and healthcare. Kings Place Apartments is easily walkable to all the best of the downtown- restaurants, Fulton Center offices and nightlife. Kings Place is 1 mile from Lancaster General Hospital, which is currently undergoing a significant expansion. Lancaster is home to several colleges, including Franklin & Marshall, PA College of Art & Design, Thaddeus Stevens College of Technology, Lancaster Bible College and Central Penn College of Nursing.Just off a top to bottom renovation that brought fresh and innovative ideas, the Kings Place Apartments is a 15 unit property set up for long term cash flow and appreciation. Units have been thoughtfully designed to provide all the amenities tenants want in an efficient and comfortable space. Each unit includes washer & dryer, dishwasher, granite counters, luxury vinyl plank floors, tile bathrooms, gleaming white cabinets, stainless steel appliances and much more. The building has been outfitted with new electric, HVAC, plumbing, new doors & upgraded hallways. There are 16 on site parking spaces, which are leased separately to tenants and neighbors. The property has a detached ‘Carriage House’ in the rear that is a complete house with 1 car garage, 3 bedrooms & open living space. The ground floor front has two commercial spaces. One is leased on a 5 year initial term with options to Denim Coffee, a regional favorite and established brand. The second space has a potential tenant lined up. The seller is open to holding a second mortgage. Contact the listing agent for more details.