99 Unit Multifamily Portfolio

319 E 24th St Chester, PA 19013

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$8,150,000
Last Verified:
Oct 28, 2020

Highlights

  • 99 unit portfolio meticulously maintained and managed
  • Offered at $8,150,000 at 7.73% Cap Rate on Actuals - Not Proforma
  • Under market rents for significant Value Add
  • Excellent vacancy rate: 2020 - below 0.5% / 2019 - below 2% / 2018 - below 2%
  • Award-winning management company available to stay in place
  • Unique Investment Opportunity in highly sought after Philly/Delco market/submarket
  • Attractive Financing Available

Description

KW Commercial is pleased to exclusively market for sale this 99 unit fully-occupied rental portfolio located in Chester, Pennsylvania. This portfolio consists of a beautiful, award-winning 20 unit multifamily building and additional 79 fully-occupied rental properties in immaculate condition, for a total of 99 units.

All of these 99 units are located within close proximity, and most of them are located within "The Golden Triangle" section of Chester. They have been strategically purchased and added to the portfolio over the past 10 years. Each unit is a full gut rehab that has been renovated and updated beyond the market expectations, and each tenant has a great sense of pride of ownership. The design and finishes are top-notch for the industry and for the market. The Wetherill features 15 ft ceilings throughout, stunning layouts and finishes, separately metered, and has washers and dryers in each unit.

The current owner and operator would stay on to continue to run the operation at a very high level. These units are so coveted and in high demand, that there is a long waiting list for every lease turnover, and they have never been advertised for lease on any listing platform. The portfolio consistently stays fully occupied and shows actual vacancy percentages below 1% on an annual basis.

This is an opportunity to purchase a high performing, high yield cash flowing, extremely well maintained and managed portfolio of investment properties with a double-digit leveraged return and tremendous upside.

The portfolio site breakdown consists of one 20 unit apartment complex, one triplex, nine duplexes, and 58 single family homes. The unit mix breakdown consists of (21) 1 bedroom / 1 bath units, (21) 2 bedroom / 1 bath units, (44) 3 bedroom / 1 bath units, (12) 4 bedroom / 1 bath units, and one 5 bedroom / 2 bath unit. Of the 99 units, 34 of them currently have Section 8 vouchers in place. Financing Available Upon Request.

The Portfolio is located just southeast of Philadelphia in the city of Chester, PA. With a population of 33,000+, Chester is the largest city in the highly sought after Delaware County. Incorporated in 1682, it is also the oldest city in Pennsylvania and is located on the western bank of the Delaware River in between Philadelphia and Wilmington, DE. There is direct and easy access off of I-95 north and south.

Building Size: 117701.0sq ft
Lot Size: 2.0 acres

Map of 319 E 24th St, Chester, PA, 19013

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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