Philadelphia, PA
Property Type: MultifamilySize: 66 Units
Price: $8,300,000
CAP: 5.51%
Highlights:
- Three-Property 66-Unit Value-Add Multifamily Opportunity in the Rhawnhurst Neighborhood in Northeast Philadelphia:
- 1725 Hoffnagle Street (19 Units)
- Teesdale Apartments (24 Units)
- Cottman Place (23 Units)
- Very Well Maintained Complexes: Owner Managed for More Than 20 Years
- Well Located Near Employment Centers & Public Transportation
- Rents Currently 15-20% Below Submarket Averages
- Attractive Unit Mix: Diverse Mix of Studio, One-, and Two-Bedroom Units
Description:
Marcus & Millichap is pleased to present for sale the Lord’s Way Portfolio – Three value-add properties located in the Rhawnhurst Neighborhood of Philadelphia, PA. Two of the properties, Cottman Place and Teesdale Apartments, total 47 units and are located across the street from one another; and 1725 Hoffnagle Street, 19 units, is 1.5 miles away.
All Properties are well occupied and in very good Northeast Philadelphia locations, with easy access to Downtown Philadelphia or the neighboring towns outside the city. The Ryers Train Station is a mile from the Teesdale Apartments and Cottman Place. In addition, Cottman Ave is a major thoroughfare of Northeast Philly which the properties are situated near/on.
Rents at 1725 Hoffnagle Street and Teesdale Apartments are approximately 20-20.5% below the submarket averages. Rents at Cottman Place are approximately 15.7% below the submarket averages.
Cottman Place has individual hot water tanks and furnaces for each unit. The boiler for all the units at Teesdale Apartments was rebuilt back in October 2022. 1725 Hoffnagle Street has a furnace for each unit, with most of the units having their own hot water tank and some on a common hot water tank.
The portfolio has a diverse unit mix of studios, one-bedroom apartments and two-bedroom apartments with a total unit count of 66 and an average size of 676 square feet.
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