Property details
Philadelphia Value-Add Multifamily, Northeast Region
Property Description
Philadelphia Value-Add Multifamily
There is a short fuse that we have to get this asset sold. The owner is very close to listing this property with a large brokerage firm. The terms of sale are going to be a quick due diligence. The owner has all the updated reports that the buyer will need to close.
The primary value-add lies in that an additional 100 units can be built on the existing parking lot. This will bring the total number of units to 144
Luxury loft apartment building located in a central business district.
Currently at 95% Occupancy.
In 2003 the building was renovated from a warehouse into luxury loft apartments.
At the building’s opening in the Fall 2003 it was recognized as the top luxury loft apartment building in the district and leased in less than 6 months.
The property’s inherent outstanding features set it apart from the other projects in the area.
These features include:
360 degree views
Expansive windows
Spacious units
High ceiling heights
8 inch concrete floors
Adjacent resident parking lot
Acres of surrounding green areas
Immediate access to expressways in all directions
Peaceful setting in the midst of the bustle of the city
These qualities helped to make it the most sought after apartment building.
The building has continued to show consistently high occupancies of 95% or higher in the past 14 years.
The building went through an upgrade process that was completed by the first quarter 2018. The upgrade program was as follows:
BUILDING / UNIT UPGRADES
4,000 square foot Amenity Center including
New fitness center
Yoga / personal training room
Resident lounge containing Pool table, Shuffleboard, Foosball and Table tennis
Community kitchen and bar for entertaining
Community dining table
TV theater lounge
Workshare area with WIFI connections
Renovation of all hallways
Bike storage room
New resident storage room
All common area lighting converted to LED
Package delivery station
New amenities in progress are:
New roof deck
New rooftop dining / entertainment / grilling / TV room
Unit upgrades included
New Black absolute granite lower and back kitchen countertops(replaced formica). All units already contained large black absolute granite breakfast bars (high counter)
New sink and faucet
As units rollover living area carpet is replaced with either wood laminate or luxury vinyl tile
Year built:1926
Building renovation: 2003
Upgrade program: 2017 - 2018
# of floors: 7
Building area: 56,930 square feet
Building Land Area: 9,490 square feet
Parking Lot Area:11,500 square feet
Zoning: CMX - 3
Construction: Poured concrete Mushroom columns 8-inch-thick concrete floors
Single ply membrane roof
Ceiling heights12 feet to 15 feet
Elevators:1 passenger,1 freight
Loading dock: Located on west side of building by freight elevator
Parking lot: 39 space outdoor parking lot adjacent to building
# of units44: (44,244 square feet)
Office space: 1 (2,500 square feet – lower level – 15’ high ceiling)
Unit configuration:
15- 2 bedroom / 2 bath – Average size 1,225 sf
10 – 1 bedroom / 1 bath – Average size – 840 sf
19 – 1 bedroom loft units – Average size – 919 sf
Laundry: Stacked washer & dryer
HVAC: Spilt system electric heat pump
ELECTRICAL - All units separately metered for electric
Water - All units separately metered for water
UNIT FINISHES:
Whirlpool Gold appliance package
Solid maple single slab cabinetry with stainless steel pulls
Black absolute granite breakfast bar countertop
Lower & back counter – absolute black granite
Porcelain tile kitchen floor
Marble bathroom floor
Bedroom carpet
Living area - wood laminate floors / luxury vinyl tile replacing carpet as units rollover.
Ceiling heights from 12 to 14 feet
Windows – All one bedroom and loft units have at least 120 square feet of window area.
All 2 bedrooms have at least 240 square feet of window area
Common area ventilation – Common area fresh air system that creates positive air pressure in all hallways and supplies 3 full air changes daily from AAON unit located on the roof
Images
Highlights
- Status:
- Available
- Price:
- $16,000,000
- Cap Rate:
- 4.01%
- Annual Rent:
- $650,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 44
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.