Morton, PA
Property Type: MultifamilySize: 26 Units
Price: $3,200,000
CAP: 4.32%
Highlights:
- Large Value Add Opportunity: Rents Significantly Below-Market
- Located in Proximity to Morton Train Station
- Long-Term Ownership: Current Owner Purchased More Than 25 Years Ago
- Delivered Free-and-Clear of Debt
Description:
Marcus & Millichap is pleased to present for sale Yale Court - A 26-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 building contains 23 one-bedroom/one-bath units and 3 two-bedroom/ one-bath units. There is ample off-street parking for the tenants as well as a coin-operated laundry room in the basement. The Property is conveniently located within a short walking distance of the Morton-Rutledge Septa Station, which provides westbound service to Elwyn and eastbound service to Philadelphia.
Yale Court represents a rare opportunity to acquire an apartment complex 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 ($1,192) in the submarket are 20.7% and 24.4% greater than the average rents of the property, respectively. Yale Court represents a rare opportunity to acquire a large value add opportunity, with a stabilized income stream, in a very desirable borough of Delaware County.
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