Marietta Ave Development Parcel
For sale3775 Marietta Ave, Lancaster, PA 17601
Property Type
Land
Price
$4,000,000
Cap Rate
7.48%
Stories
3
Number of Buildings
7
Lot Size
8.35 Acres
APN
300-27305-0-0000, 300-67490-0-0000, 300-06657-0-0000
Property description
Fully approved apartment project on 8.35 acres in West Hempfield Township, Lancaster County. Excellent location in the town of Silver Spring, just off Marietta Pike. The property consists of three parcels sold with approvals for an 80-unit apartment complex plus 80 self-storage units. Zoned Traditional Village, it is planned for sixty 2-bed/2-bath units, twenty 1-bed/1-bath units, and eighty 10'x20' storage units. This region of Lancaster (Hempfield School District) has seen very limited new housing stock, which supports strong demand for the rental units. The location offers easy access to Routes 30 and 283 with a strong employment base within the surrounding 5-mile radius; the local towns of Silver Spring and Centerville provide basic amenities and Lancaster City is just 7 miles away.
Property highlights
- Fully approved apartment project for 80 units & 80 Storage units
- Site is 8.35 acres with Traditional Village Zoning
- Sold with all plans and approvals
- Excellent location in high demand market
- Parcel backs to preserved farmland for great views
- Zoning also permits townhomes at 8 per acre