120 - 124 N MAIN ST Telford, PA 18969

The Towne Restaurant building is a landmark property in Telford Borough consisting of commercial space on the first level and two apartments on the second level. The commercial space can be put to a variety of uses (refer to the C2-Commercial Downtown District zoning description in Documents). Additional uses are subject to Borough approval (conversion of the 1st level to residential use, for example). In its current configuration the commercial space was home to a restaurant with a total seating capacity of 73 including a counter area and two Dining Rooms. Extensive first floor renovations (new LED lighting, ceiling tiles, Karadeen vinyl plank flooring, carpeting, paint, etc.) and exterior painting completed in 2014. This mixed use building consists of approximately 2,492 sq ft of commercial space on 1st level and 2 residential apartments on the second level. Total above grade space is estimated at 4,224 sq ft. The basement provides approximately 1,480 sq ft of storage & utility space. The entire rear portion of the property is a macadam parking lot with 9 spaces. Additional unpaved parking spaces are used with unwritten permission of the railroad company that owns approximately 8' of the gravel area. This arrangement has been in place for decades. The apartments have an excellent rental history. The 1 Bedroom apartment known as 124 North Main Street is gorgeous. Built in 2011 this unit includes high ceilings with fans, multiple energy-efficient windows, Living Room (17 x 16), Kitchen (11' x 10'), Bedroom (14 x 12), Bath (11' x 6"), and ample closet space. Rent is $1,100/mo. plus heat and electric (electric heat pump provides heat and central air; hot water is provided by Landlord). The 2 Bedroom apartment known as 122 North Main Street includes Living Room (18' x 11'), Kitchen (16' x 10') with Breakfast bar, Main Bedroom (12' x 11'), Bedroom 2 (12' x 10") and Bath. Rent is $850/mo. plus electric and gas for cooking (heat and hot water are included). Unit 124 is on a one-year lease that began April, 2023 and represents only the second Tenant to occupy this unit. Unit 122 is month-to-month. The income for the commercial space is projected at $14.45/SF, or $30,000/year. Gross Annual Income for the apartments is $23,400, for total Projected Annual Income of $53,400. Annual Real Estate Taxes are $9,861 and annual Insurance expense for the building is estimated at $5,000. The 1st level space tenant is responsible for fuel oil, water, sewer, trash removal, and pest control. The photographs were taken at a time prior to this listing going on the market.