Media, PA
Property Type: MultifamilySize: 28 Units
Price: $4,400,000
CAP: 5.00%
Highlights:
- Attractive 28-Unit Brick Building with Pitched Roof in Media, Delaware County, Pennsylvania
- Excellent Location: Short Walk to Downtown Media & Glen Province Park
- Value-Add Opportunity with Below-Market Rents
- Available Together or Separately with Wallingford Arms
- Delivered Free and Clear of Debt
Description:
Marcus & Millichap is pleased to present for sale West State Court: A 28-unit brick building, located in Media, Delaware County, Pennsylvania. West State Court is walking distance to downtown Media, and is adjacent to the beautiful Glen Providence Park. The Media Train Station, served by SEPTA, is a 10-minute walk from the Property.
West State Court 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 potential to add another apartment.
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.
West State Court is being offered in conjunction with Wallingford Arms. 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
