Chester, PA
Property Type: MultifamilySize: 216 Units
Price: $12,000,000
CAP: See Broker for Details
Highlights:
- 216-Unit Value-Add Opportunity: Garden-style community with all two-bedroom, one-bath units spread across 54 buildings
- Significant Upside Via Renovation & Lease-Up: Currently ±71% occupied with 54 down units; in-place rents average $903/month vs. market average of $1,324/month
- Low Basis of $55K/Unit: Offered well below replacement cost with a price per unit significantly under comps in the area
- Desirable Unit Features: Units are all two-bedrooms and have private entrances and semi-private driveway parking, enhancing tenant appeal and operational efficiency
- Strategic Location Near I-95 Halfway Between Philadelphia & Wilmington: Just 15 minutes from Philadelphia International Airport, Widener University, and major employers including Boeing and Crozer-Chester Medical Center
- Strong Local Demographics: ±185,090 residents within a 5-mile radius and a median household income of $78,440 support long-term renter demand
Description:
Marcus & Millichap, in conjunction with RealINSIGHT Marketplace, is pleased to present Hillside Manor Apartments, a 216-unit apartment community located in Chester, Pennsylvania (the “Property” “Offering”). The Property is being offered for sale on behalf of the lender and presents investors an excellent opportunity to acquire a well-located asset with substantial value creation opportunity through property-wide renovations and management stabilization.
Built in 1954, Hillside Manor is comprised of 54 buildings, each containing four units. Each unit has a separate entrance along with one off-street driveway parking space. Currently approximately 71% occupied, Hillside presents a significant value-add opportunity with in-place rents averaging $903 per month (submarket average $1324). There are approximately 54 down units, which will allow investors to immediately renovate units upon purchase. Additional upside remains through further renovations, including exterior curb appeal, roof work, and updated kitchens and baths.
The Property is located just off I-95, approximately halfway between Philadelphia, PA and Wilmington, DE. Residents have easy access to the Philadelphia International Airport, Widener University, and Marcus Hook Industrial Complex - all within a 15-minute drive. Hillside Manor is centrally located within minutes of major employment centers to the north via I-476, and to New Jersey via the Commodore Barry Bridge. There is a population of 185,090 within a five-mile radius with a median household income of $78,440.
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