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Location:


Morton, PA

Property Type: Multifamily
Size: 24 Units
Price: $3,000,000
CAP: 5.44%

Highlights:

  • Recent Capital Improvements: Roof, Heater, and Water Heater Replaced Within Last 9 Years
  • Value Add: Many Apartments Have Been Renovated but Still Rented Below Market
  • Diverse Unit Mix: Studios to Two-Bedroom Units
  • Ample Off-Street Parking; Greater than 1.5:1 Parking Ratio

Description:

Taylor Court is a 24-unit apartment building located in Morton, Delaware County, Pennsylvania. Morton Borough is home to more than 2,600 people, and is located just minutes from Philadelphia. The units and common areas are exceptionally well-maintained due to the owner’s extraordinary attention to the property. Almost all of the units have been renovated with attractive ceramic tile flooring, updated kitchens with black appliances, new cabinets, tile backsplashes and new counter tops and bathrooms with tiled flooring. Recent capital improvements include a roof which was replaced in 2015, a water heater which is new within the past six months, and a heating system which was replaced nine years ago. The Property is conveniently located within short walking distance of the Morton Rutledge Septa Station, which provides westbound service to Elwyn and eastbound service to Philadelphia.

Taylor Court represents a rare opportunity to acquire an apartment community in a suburban atmosphere amidst the city-like activity of Delaware County. The market average for competing one-bedroom units ($1,056) and two-bedroom units ($1,231) in the submarket are 13.0% and 21.8% greater than the average rents of the property, respectively. Taylor Court represents a rare opportunity to acquire a very well-maintained apartment building with a stabilized income stream, and value add opportunity, in a very desirable borough of Delaware County.


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