Wallingford, PA
Property Type: MultifamilySize: 53 Units
Price: $8,500,000
CAP: 5.26%
Highlights:
- Well-Maintained 53-Unit Community in Wallingford, Delaware County, Pennsylvania
- Excellent Location: Walking Distance to SEPTA Train Station
- Value-Add Opportunity with Below-Market Rents
- Available Together or Separately with West State Court
- Delivered Free and Clear of Debt
Description:
Marcus & Millichap is pleased to present for sale Wallingford Arms - A 53-unit community comprised of six attractive brick buildings with pitched roofs, located in Wallingford, Delaware County, Pennsylvania. Wallingford Arms is walking distance to a SEPTA train station.
Wallingford Arms has been owned by the same ownership group for several decades. The owner has taken excellent care of the property over the years, providing the investor with an opportunity to acquire a property with minimal deferred maintenance. There are several opportunities for an investor to add value, including kitchen and bathroom renovations, utility pass-through, and the addition of amenity space.
In past years, Ownership has focused on maintaining high occupancy levels as opposed to pushing rents. As a result, the current in-place rents trail the market for comparable buildings by over $300. New Class A communities are renting for over $1,000 higher than the Subject Property.
The Owner currently pays for Water/Sewer and Gas. An investor would have the ability to pass through the utility expense to the tenants.
Wallingford Arms is being offered in conjunction with West State Court. Both properties are owned by the same ownership group. These two buildings are located less than two miles apart, which allows for management efficiencies. The Owner would entertain offers both as a portfolio or separately.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
