319 E 24th St
Chester , PA 19013
- Award Winning Property & Management Group
- Fully occupied 21,000 SF 20 Unit Multifamily in highly sought after Delaware County, PA
- Fully readapted and renovated five years ago
- Historical Vacancy rate under 2% / 2020 Vacancy rate 0.5%
KW Commercial is pleased to exclusively present for sale this award winning adaptive reuse project known as The Wetherill. The Wetherill is a former middle school that has been recently converted into a high end, modern, and creatively designed 20 unit apartment community located in Chester, PA.
Originally constructed in 1931 as a school, the structure is an indestructible fortress encased in a beautiful granite facade. In 2014, the current owner took over and completely redesigned and rehabbed the building into a work of art that offers safe, secure and elegantly cozy housing to Chester's residents, a project that has earned recognition for its excellence.
Situated on 2 acres with ample parking and a courtyard with a walking track the size of a football field, The Wetherill is a two-story 21,000 SF structure consisting of eleven (11) 2 bedroom/ 1 bath units and nine (9) 1 bedroom/ 1 bath units. The Wetherill is currently fully occupied and typically year over year remains fully occupied. There have only been 11 turnovers in the five years of operation, and occupancy rates remain at 98%-99% annually.
This opportunity is being offered with the ability to keep the management in place if desired. This high-level service can offer the investor the ability to remain somewhat passive with the day to day operations. To top it all off, all of the rents are well under market for the quality of product, so there is tremendous value add through increasing rents to market levels.
The Wetherill 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.