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NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF
THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS,
OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR
FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS
IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE
CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
206 W. James StreetLancaster, Pennsylvania 17603
+1 717 283 0600naicpi.com
Paul D. Fulmer+1 717 290 8020
For more information:
306 N. MULBERRY STREETLANCASTER, PENNSYLVANIA
Lancaster City
For SaleMixed Use Investment Opportunity
Offering Highlights• One (1) first-floor commercial unit and
five (5) residential units
• 100% Occupied; low turnover
• Net Operating Income: $30,224
• Capitalization Rate: 6.9%
• Popular Flora’s Restuarant, Lancaster’s favorite Latin fusion destination, has just renewed for a three year term
• Well located on west side of Central Business District, walking distance to Franklin & Marshall College, Stadium, Penn Square and Lancaster General
Property Profile Building Area: ±4,052 SFLand Area: 0.07 AcresZoning: R-3 Med. DensityReal Estate Taxes: $4,343 (2018)Year Built: 1920Construction: MasonryHVAC: GasRoof: Rubber
$439,900
Paul D. Fulmer+1 717 290 8020
Paul D. Fulmer+1 717 290 8020
COMMERCIAL LEASE SUMMARY
TENANT dba Flora’s Restaurant
PREMISES First floor restaurant and back yard
CURRENT TERM Three (3) years
COMMENCEMENT DATE 2/01/2015 (Renewed 7/11/2018)
BASE RENT 7/01/2018 - 1/31/2019 $1,300/month2/01/2019 - 1/31/2020 $1,400/month2/01/2020 - 1/31/2021 $1,500/month2/01/2021 - 6/30/2021 $1,600/month
SECURITY DEPOSIT $2,200
TENANT PAYS Electric, interior cooling, landscaping, snow removal, renter’s insurance, pest control, security
LANDLORD PAYS All real estate taxes, fire & liability insurance, water & sewer, heat, repairs and maintenance of roof, structure & mechanical systems.
ADDITIONAL COMMENTS The following furnishings have been provided: A) In Kitchen: Hood with fire security system, commercial stove, commercial grease trap, single nozzle stove, stainless steel workbench, (2) refrigerators; B) In Dining Rooms: (6) square tables for four, (2) round tables for eight, (12) chairs, (2) A/C systems, (1) fire extinguisher; and C) In Basement: (2) refrigerators, (1) freezer, (1) fire extinguisher. Tenant shall return all such items at the end of the lease term in a condition as good a condition at the beginning of the lease term except for normal “wear and tear”.
RENT ROLL
Unit # Unit Type Lease Start Lease End Rent
Commercial 2/01/2015 6/30/2021 $1,300
1 Efficiency 2/09/2015 MTM $600
2 Efficiency 11/01/2011 MTM $675
3 Efficiency 7/01/2017 MTM $685
4 Efficiency 12/05/2016 MTM $572
5 1 BR/BA 6/20/2015 MTM $760
306 N Mulberry St, Lancaster PA
Rent Roll &Lease Summary
Paul D. Fulmer+1 717 290 8020
Paul D. Fulmer+1 717 290 8020
OPERATING DATA
Income Current
Gross Rental Income $55,104
Less: Vacancy (3%) $1,653
Total Effective Rental Income $53,451
Expenses Current
Real Estate Taxes $4,343
Property Insurance $1,650
Repairs & Maintenance $7,454
Water/Sewer/Trash $1,833
Electric $1,689
Gas $2,958
License: $250
Management $3,050
Total Expenses $23,227
NET OPERATING INCOME $30,224
Capped Value 6.9%
SUMMARY
Price $449,900
Number of Units 6 (5 residential & 1 commercial)
Price per Unit $74,983
Price per SF $110
Lot Size 0.07 acre
Approx. Year Built 1920
# of Units Unit Type Current Rents Market Rents
1 Commercial $1,300 $1,300
1 1 BR/BA $705 $725
4 Efficiency $621 $650
306 N Mulberry St, Lancaster PA
Financial Analysis
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Photos
Paul D. Fulmer+1 717 290 8020
front exterior commercial entrance
commercial unit commercial unit
commercial Unit commercial Unit
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Photos
Paul D. Fulmer+1 717 290 8020
commercial unit commercial unit
commercial unit commercial unit
commercial unitcommercial unit
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Photos
Paul D. Fulmer+1 717 290 8020
unit 1 unit 1
unit 2 unit 2
unit 3 unit 3
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Photos
Paul D. Fulmer+1 717 290 8020
unit 4 unit 4
unit 5 unit 5
rear exterior rear exterior
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Aerial
Paul D. Fulmer+1 717 290 8020
SITE
N M
ulb
erry S
t
N C
onco
rd S
t
N A
rch S
t
N W
ater S
t
N P
rince
St
W Lemon St
W Walnut St
W Chestnut St
23
222
Paul D. Fulmer+1 717 290 8020
5/3/2018 Parcel Details for 3391899900000
http://lancasterpa.devnetwedge.com/parcel/view/3391899900000/2018 1/7
Pay Taxes
Property Information
Property Sketches & Photos
Property ID 339-18999-0-0000Tax Year 2018 Township 339 Lancaster City (W9)Site Address 306 N MULBERRY ST
Property Use 500 - COMM-RETAILLand Use 574 - DOWNTOWN
DETACHEDTax Status TaxableClean & Green No
1 Parcel photo
Parcel photo
Scale 1:600 | 1 in = 50 ft Date Created: 08-Aug-18
Source: Lancaster County GIS, Copyright (c) 2018. This map to be used for reference or illustrative purposes only. This map is not a legally recorded plan, survey, or engineering schematic and it is notintended to be used as such.For complete disclaimer see: co.lancaster.pa.us/gisdisclaimer
306 N Mulberry St, Lancaster PA
Tax Assessment
Paul D. Fulmer+1 717 290 8020
5/3/2018 Parcel Details for 3391899900000
http://lancasterpa.devnetwedge.com/parcel/view/3391899900000/2018 2/7
Related Names
Assessments
Annual Billing
Land Building Total Pref. Land Pref. Building Pref. Total
Non-Exempt 40,300 84,000 124,300 0 0 0
Exempt 0 0 0 0 0 0
Total 40,300 84,000 124,300 0 0 0
Note: Preferential assessment values are used for taxation when preferential values are greater than zero.
Property Characteristics
Electric Gas Sewage Water
HOOKED-UP PUBLIC SYSTEM PUBLIC SYSTEM PUBLIC SYSTEM
Market Land Valuation
Property Type Land Type Sq. Ft. Calc. Acres
COM - Commercial 2 - PRIMARY HOMESITE 3,049 0.0700
Parcel Owner 306 NMS LLC,1412 BANNER DRIVELANCASTER, PA 17601
Status Current
Paul D. Fulmer+1 717 290 8020
ZONING
300 Attachment 1
City of Lancaster
300 Attachment 1:1 08 - 01 - 2013
ZONING
300 Attachment 1
City of Lancaster
300 Attachment 1:1 08 - 01 - 2013
R3 District (Residential Medium Density Dwellings). The R3 District is characterized by the predominance of attached, or row, houses, and smaller lot sizes. A variety of small, neighborhood-oriented or low-impact commercial retail and service uses are permitted by special exception, as well as a limited number of institutional and cultural/recreational uses.
306 N Mulberry St, Lancaster PA
ZoningCity of Lancaster
Paul D. Fulmer+1 717 290 8020
Paul D. Fulmer+1 717 290 8020
Site Map306 N Mulberry St, Lancaster, Pennsylvania, 17603Rings: 1, 3, 5 mile radii
August 08, 2018
©2018 Esri Page 1 of 1
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Site Map-Demographics
Paul D. Fulmer+1 717 290 8020
Executive Summary306 N Mulberry St, Lancaster, Pennsylvania, 17603Rings: 1, 3, 5 mile radii
1 mile 3 miles 5 milesPopulation
2000 Population 41,422 98,610 159,8692010 Population 43,867 106,400 177,0782018 Population 45,831 111,566 187,2012023 Population 47,011 115,272 193,8162000-2010 Annual Rate 0.58% 0.76% 1.03%2010-2018 Annual Rate 0.53% 0.58% 0.68%2018-2023 Annual Rate 0.51% 0.66% 0.70%2018 Male Population 49.5% 48.7% 48.3%2018 Female Population 50.5% 51.3% 51.7%2018 Median Age 31.4 35.9 38.6
In the identified area, the current year population is 187,201. In 2010, the Census count in the area was 177,078. The rate of change since 2010 was 0.68% annually. The five-year projection for the population in the area is 193,816 representing a change of 0.70% annually from 2018 to 2023. Currently, the population is 48.3% male and 51.7% female.
Median Age
The median age in this area is 31.4, compared to U.S. median age of 38.3.Race and Ethnicity
2018 White Alone 51.1% 61.9% 71.6%2018 Black Alone 16.9% 13.1% 9.5%2018 American Indian/Alaska Native Alone 0.7% 0.5% 0.4%2018 Asian Alone 3.4% 3.6% 3.9%2018 Pacific Islander Alone 0.1% 0.1% 0.1%2018 Other Race 21.4% 15.6% 10.5%2018 Two or More Races 6.4% 5.1% 4.0%2018 Hispanic Origin (Any Race) 43.0% 32.5% 22.7%
Persons of Hispanic origin represent 22.7% of the population in the identified area compared to 18.3% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 66.0 in the identified area, compared to 64.3 for the U.S. as a whole.
Households2000 Households 16,089 38,570 62,1662010 Households 16,787 41,219 68,9122018 Total Households 17,394 42,830 72,2792023 Total Households 17,806 44,210 74,7362000-2010 Annual Rate 0.43% 0.67% 1.04%2010-2018 Annual Rate 0.43% 0.47% 0.58%2018-2023 Annual Rate 0.47% 0.64% 0.67%2018 Average Household Size 2.49 2.49 2.48
The household count in this area has changed from 68,912 in 2010 to 72,279 in the current year, a change of 0.58% annually. The five-year projection of households is 74,736, a change of 0.67% annually from the current year total. Average household size is currently 2.48, compared to 2.45 in the year 2010. The number of families in the current year is 44,998 in the specified area.
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. Esri converted Census 2000 data into 2010 geography.
August 08, 2018
©2018 Esri Page 1 of 2
Paul D. Fulmer+1 717 290 8020
306 N Mulberry St, Lancaster PA
Demographic Summary
Paul D. Fulmer+1 717 290 8020
Executive Summary306 N Mulberry St, Lancaster, Pennsylvania, 17603Rings: 1, 3, 5 mile radii
1 mile 3 miles 5 milesMedian Household Income
2018 Median Household Income $37,021 $48,942 $56,3792023 Median Household Income $40,326 $53,108 $61,8202018-2023 Annual Rate 1.72% 1.65% 1.86%
Average Household Income
2018 Average Household Income $52,408 $66,478 $77,8962023 Average Household Income $58,350 $74,389 $87,1372018-2023 Annual Rate 2.17% 2.27% 2.27%
Per Capita Income2018 Per Capita Income $20,413 $26,211 $30,6922023 Per Capita Income $22,578 $29,194 $34,1842018-2023 Annual Rate 2.04% 2.18% 2.18%
Households by IncomeCurrent median household income is $56,379 in the area, compared to $58,100 for all U.S. households. Median household income is projected to be $61,820 in five years, compared to $65,727 for all U.S. households
Current average household income is $77,896 in this area, compared to $83,694 for all U.S. households. Average household income is projected to be $87,137 in five years, compared to $96,109 for all U.S. households
Current per capita income is $30,692 in the area, compared to the U.S. per capita income of $31,950. The per capita income is projected to be $34,184 in five years, compared to $36,530 for all U.S. households
Housing2000 Total Housing Units 17,881 41,303 65,859
2000 Owner Occupied Housing Units 6,840 21,909 38,6622000 Renter Occupied Housing Units 9,248 16,661 23,5032000 Vacant Housing Units 1,793 2,733 3,694
2010 Total Housing Units 18,170 43,653 72,8022010 Owner Occupied Housing Units 6,576 22,524 41,3072010 Renter Occupied Housing Units 10,211 18,695 27,6052010 Vacant Housing Units 1,383 2,434 3,890
2018 Total Housing Units 18,986 45,553 76,4862018 Owner Occupied Housing Units 6,358 22,328 41,8362018 Renter Occupied Housing Units 11,036 20,502 30,4422018 Vacant Housing Units 1,592 2,723 4,207
2023 Total Housing Units 19,497 47,169 79,2102023 Owner Occupied Housing Units 6,552 23,079 43,4972023 Renter Occupied Housing Units 11,254 21,131 31,2392023 Vacant Housing Units 1,691 2,959 4,474
Currently, 54.7% of the 76,486 housing units in the area are owner occupied; 39.8%, renter occupied; and 5.5% are vacant. Currently, in the U.S., 56.0% of the housing units in the area are owner occupied; 32.8% are renter occupied; and 11.2% are vacant. In 2010, there were 72,802 housing units in the area - 56.7% owner occupied, 37.9% renter occupied, and 5.3% vacant. The annual rate of change in housing units since 2010 is 2.22%. Median home value in the area is $190,087, compared to a median home value of $218,492 for the U.S. In five years, median value is projected to change by 1.77% annually to $207,469.
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. Esri converted Census 2000 data into 2010 geography.
August 08, 2018
©2018 Esri Page 2 of 2
306 N Mulberry St, Lancaster PA
Demographic Summary
