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Location:


Narberth, PA

Property Type: Multifamily
Size: 40 Units
Price: See Broker for Details

Highlights:

  • Call for Offers: June 18, 2021
  • 40 Units - Two Suburban Trophy Properties Located in an Irreplaceable Main Line Location
  • 88 Walk Score - 3 Minute Walk to Narberth Train Station and Downtown Narberth, which Features Shopping, Dining and Parks
  • Well Maintained with Numerous Capital Improvements, Including Roof and Boilers at Brenton Hall, and Flooring and Windows/Sliding Doors at Hampden Manor
  • Value Add - Up to $200 Upside in Rents Through Unit Renovations

Description:

Marcus & Millichap is pleased to present for sale Brenton Hall and Hampden Manor - 40 units located in Narberth, on the Main Line, Pennsylvania. Brenton Hall is a 26-unit building, and Hampden Manor consists of two 7-unit buildings. The two communities are located just 0.25 miles apart.

Brenton Hall’s unit mix comprises (13) studio/one-bath unit, and (13) one-bedroom/one-bath units. The building is impeccably maintained, with many recent capital improvements. The interior common areas of the building have been recently renovated, with new carpeting and a modern color palette. Units feature original trim, built-ins, hardwood floors, and French doors, but have been updated with fresh paint, new lighting/ fixtures, and modern kitchens in select units. Each unit is unique, featuring various historic built-ins, different architectural details, and pleasing paint colors. The building has an on-site laundry facility. There is ample space for a new investor to add amenities for the residents, such as a lounge, fitness center, and storage.

Hampden Manor’s unit mix comprises (12) one-bed/one bath units, and (2) two-bedroom/one-bath units. The units range in size from 445-1,025 SF. Most units feature a balcony or patio. The buildings are impeccably maintained, with many recent capital improvements. These include new double-glazed windows and sliding doors throughout, new commercial-style garage doors and newer exterior paint and signage. Units have had flooring upgraded to plank vinyl in attractive “Colorado Hickory”.

While both properties have been maintained in excellent condition and continue to experience strong occupancy, their rents are below the competitors in the submarket. A unit renovation plan that would include upgraded kitchens and baths would allow an investor to increase rents and achieve a strong return on investment. Narberth, with a quaint and walkable downtown, is one of the most desirable communities along the famed Main Line. There is a significant delta between current rents at Hampden Manor/Brenton Hall and the renovated/new apartment communities in Narberth. This will allow an investor to increase rents, while still providing a comparatively affordable option for the residents looking to rent in the Narberth community. These buildings will be delivered free and clear of debt, allowing an investor to take advantage of the attractive financing market.


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