Merion Station, PA

Property Type: Multifamily
Size: 13 Apts + 3 Commercial
Price: $3,500,000
CAP: 5.49%

Highlights:

  • 16 Units on the Main Line in Merion Station, PA
  • 13 Apartments + 3 Commercial Units
  • Great Visibility off of Montgomery Avenue
  • Excellent Current & Historical Occupancy
  • Below-Market Rents
  • Delivered Free-and-Clear of Debt
  • Attractive Unit Mix Includes 9 Two-Bedroom Units and Income-Generating Garages

Description:

The Opportunity
Marcus & Millichap is pleased to present for sale Sycamore Court – A 13-unit apartment community plus three commercial spaces located on the famed Main Line. Twelve of the 13 apartments have been renovated in recent years, featuring new flooring and updated kitchens and baths. The property has three income-producing garages. Tenants are responsible for heat and electricity expenses. The market average for competing two-bedrooms in the submarket ($2,095) is nearly $425 above the top two-bedroom rent at Sycamore Court, providing a buyer with significant room for rent growth. Sycamore Court represents a rare opportunity for investors to acquire an apartment community in an excellent Main Line location with high visibility. With the high barrier to entry for apartment buildings and the strong rental demand, this property should experience above-average rent growth and high occupancy over the next several years.

Luxury Units
The upgraded apartment units feature high-end finishes, including new flooring and updated kitchens with stainless steel appliances, new cabinets, lighting, and backsplashes. The bathrooms have also been updated. Windows have been replaced throughout the whole property by a prior owner. One unit remains that has not been updated, allowing an investor some upside upon that lease expiration.

Strong Location
The property sits right off Montgomery Avenue in Lower Merion Township on the Main Line. Lower Merion remains Montgomery County’s most affluent and populated municipality with the highest incomes, largest labor force, highest ratio of white collar and professional workers, most households, and most single-family detached dwellings.

Great Unit Mix and Minimal Operating Expenses
Sycamore Court boasts a desirable unit mix featuring nine two-bedroom units. Tenants are responsible for the heating and electricity expenses, keeping operating costs down. These units will command a tremendous amount of interest to a tenant base, who is looking for updated units in a great Main Line location at a significant discount when compared to new construction properties.

Free & Clear of Debt
Sycamore Court will be delivered free and clear of debt, allowing an investor to take advantage of strong financing options for multifamily properties. Marcus & Millichap Capital Corporation can help arrange acquisition financing. Contact listing agent for details.

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