Hatfield, PA

Property Type: Multifamily
Size: 55 Units
Price: $6,800,000
CAP: Current - 4.21% | Pro Forma - 6.82%

Highlights:

  • 55-Unit Garden-Style Apartment Community in Hatfield, PA
  • Excellent Suburban Philadelphia Location: Walking Distance to Downtown Hatfield
  • True Value-Add: Long-Term Ownership with Below-Market Rents (25-30%)
  • Offered Well Below Replacement Costs & Free-and-Clear of Debt

Description:

Marcus & Millichap is pleased to present for sale Meadow Brook Apartments - A 55-unit, garden-style multifamily apartment community located in Hatfield, Montgomery County, Pennsylvania. Built in 1971, the unit mix consists of 39 one-bedroom units, 15 two-bedroom units, and 1 three-bedroom unit. The owner is responsible for gas heat, water and sewer. Tenants pay for electricity.

Meadow Brook is located within walking distance of downtown Hatfield in northern Montgomery County. Neighboring towns include Souderton, Lansdale, and Harleysville - All located just off I-476. The property is centrally located 45 minutes north of Center City Philadelphia and 45 minutes south of Allentown, PA and the Lehigh Valley. This area has an excellent rental market, with high occupancy rates and strong rental growth, especially over the past few years.

Meadow Brook has been operated by the same ownership and management group for the past 30 years. Rents at the property are at least 25-30% below-market for similar neighboring rental comparables. A new owner has the opportunity further enhance the property with new kitchens, bathrooms and curb appeal.

Meadow Brook is being offered free and clear of debt at an attractive basis of just over $123,000 per unit.

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