Lansdale, PA
Property Type: MultifamilySize: 29 Units
Price: $5,800,000
CAP: 6.40%
Highlights:
- 29 Units in Prime Montgomery County Location
- 2-Bed/1-Bath Units with Semi-Private Entrances & Private Balcony or Patio
- Most Units Have Garage Parking, Individual Laundry and Storage Areas
- 14 Renovated Units are renting at $1895; Avg. Rent for Property is $1706
- Long Term Ownership - Seller Has Owned Property Since 1986
- Located in West Ward of Lansdale, Across the Street from Whites Road Park, Walking Distance to Grocery and Dining
- Five Mile Total Population of 145,000, Median Income $124,000
Description:
Marcus & Millichap is pleased to present for sale Parkside Manor – A 29-unit, garden-style multifamily apartment complex located in Lansdale, Montgomery County, Pennsylvania. Built in 1960, the unit mix consists of 1 one-bedroom unit and 28 two-bedroom units. The owner is responsible for gas heat, water and sewer. Tenants pay for electricity.
EXCELLENT SUBURBAN PHILADELPHIA LOCATION
Parkside Manor is located within walking distance of downtown Lansdale in northern Montgomery County. Neighboring towns include North Wales, Hatfield, and Montgomeryville - All located just off I-476 & 309. 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.
VALUE-ADD LONG-TERM OWNERSHIP
Parkside Manor has been operated by the same ownership and management group for the past 40 years. Rents at the property have been increased over the years, but about 52% of the units remain unrenovated. A new owner has the opportunity to further enhance the property with new kitchens, bathrooms and flooring.
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