1 Kiwanis CtBradford, PA 16701

Property Details for 1 Kiwanis Ct

Year built

1973

Lot size

1.90 AC

Property size (Sq ft)

47,012 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 50-unit apartment building in Bradford, PA, presents a compelling investment opportunity. The property, known as Kiwanis Court, boasts a 100% occupancy rate and a strong 8% capitalization rate, generating a net operating income (NOI) of $250,000. Built in 1973 and renovated in 2020, this Class B multifamily property comprises 12 two-story buildings situated on a 1.9-acre lot. The 40,000 square feet of net rentable space houses a mix of one, two, and three-bedroom units. The property benefits from a project-based Section 8 subsidy contract covering all units, extending through 2039, currently undergoing Option 1 Contract Renewal. Tenant responsibilities include electricity, while the owner manages water and sewer. Current rents on two and three-bedroom units are below 2023 Fair Market Rents (FMRs) and significantly below the 2022 HUD 140% Median Gross Rent. Community amenities include 24-hour access, a basketball court, fenced lot, laundry facilities, and a playground. Recent performance indicators include an NSPIRE score of 87 (December 2023) and a MOR rating of "Above Average" (83) in June 2024. A comprehensive appraisal and operating manual are available for qualified buyers. The property is located in a Qualified Census Tract (QCT), offering potential benefits for federal Low-Income Housing Tax Credits (LIHTC). This stabilized investment is offered for sale by owner.

Location Insight

City

Bradford

County

McKean

State

Pennsylvania

Latitude

41.9548

Longitude

-78.6544

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