Description

Fabulous Business Opportunity in Historic Downtown Gettysburg, PA, immediately adjacent to Gettysburg College and currently rented to Gettysburg College seniors. Other uses such as B&B, Multi Family Unit, & VRBO are worth consideration! 4,639 Sq. Ft., 3-story frame Queen Anne Victorian built in 1880, lovingly maintained, is known to the college community as "The Red House". This property has been in continual use as student housing since before 1970. As a highly sought after college icon, the Red House has been fully occupied and rented to college students since 2005. It boasts 12 generously sized bedrooms, 1st floor storage room/13th bedroom, 5 1/2 bathrooms, 2 kitchens. 1st floor has 10 ft. ceilings; 2nd floor 9 ft. ceilings. There is expansive front covered sitting porch, backyard patio, 8 off-street parking spaces (including 3 spaces in the detached garage, lower level mechanical room with a 10 year young steam boiler and two 75 gallon water heaters, & laundry (2 washers & 2 dryers); 400 AMP service, rewired electric, new plumbing provide up to date systems. A 3rd floor unfinished attic storage room, spacious gathering areas, and a rear fire escape that services the 2nd & 3rd floors provide safety in excess of borough requirements.. Each bedroom is furnished with a bed, dresser, desk. All bedrooms and common areas have window air conditioners. Furnishings in the living room, dining room & kitchen areas included. Many rooms have additional furniture. All items in the house currently will convey with the sale. Rental guidelines set by landlord are as follows: 2 leases required for the building (Lease #1-1st floor; Lease #2- 2nd/3rd floor combined), minimum of 13 but maximum of 15 person occupancy, student GPA requirements set forth by the Gettysburg College lottery system. Property is always rented for the entire academic year (2 semesters). A utility allowance (set by landlord) is included in the rent. Any utility overages are prorated and deducted from security deposits ($750 per student) which are generally collected 1.5 years in advance of student occupancy. Tenants pay cable tv/internet. Requested rent for the 2021/2022 school year is $9,300 per student ($111,600) for 12 bedrooms, $8,800 for 13th bedroom, totaling $120,400 in rental income. CLA regarding possible adjustments to 2021/2022 student rental due to COVID-19 and Gettysburg College housing lottery changes. Estimated annual expenses; $2,500 cleaning, $9,400 utilities, $5,500 insurances, $11,000 repairs & maintenance. One of a kind opportunity. Come See!