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Location:


Souderton, PA

Property Type: Multifamily
Size: 12 Units
Price: $1,800,000
CAP: 5.58%

Highlights:

  • Value Add: Half of the Units Have Been Renovated, Achieving $300+ Premium in Rent
  • Strong Unit Mix: All Two-Bedroom Apartments
  • Tenant Paid Heat
  • Delivered Free and Clear of Debt: Excellent Financing Available

Description:

Marcus & Millichap is pleased to present for sale 464-480 North 2nd Street - A 12-unit apartment complex comprised of three buildings, located in Souderton, Montgomery County, PA. The buildings are adjacent to each other, and each contains 4 two-bedroom units. The middle building contains common area laundry. The complex has been kept in very good condition due to the owner's keen attention to detail. The owner is responsible for common area electric, water, sewer, and trash removal. The tenant is responsible for heat and electric. There is ample off-street parking located behind each of the three buildings. The current owner has renovated half of the units, resulting in a rent increase of more than $300 per unit.

464-480 North 2nd Street sits directly across from The Willows at Reliance Crossing - A new construction affordable housing project. The Property represents a unique opportunity to acquire an apartment community in highly desirable Montgomery County. The six unrenovated units at the complex represent considerable upside for an incoming investor to capture upon lease turnover.

464-480 North 2nd Street represents a rare opportunity to acquire a very well-maintained apartment building with a stabilized income stream, plus value add opportunity, in a very desirable borough of Montgomery County.


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