Just Listed: 127 Units in Philadelphia

Highlights:

• 127-Unit Apartment Community Located in the Overbrook Farms Neighborhood of Philadelphia
• Outstanding Location Near Saint Joseph’s University, Lankenau Hospital, and City Line Avenue
• Master Leased to Saint Joseph’s University Through May 2018
• Value Add Opportunity After Master Lease Expiration
• Excellent Debt Options Available

Description:

Marcus & Millichap is pleased to present for sale the Residence at Overbrook – A 127-unit apartment community located in the Overbrook Farms neighborhood of Philadelphia. The Residence at Overbrook is located a short walk to Saint Joseph’s University. It is currently master leased by Saint Joseph’s University. However, the master lease is expiring in May 2018, offering the ability for an investor to open the community up to market rate tenants.

The Property consists of two attractive four-story brick buildings, located at the corner of Sherwood Road and Lancaster Avenue, near City Avenue. The excellent location is just a short walk from the Overbrook stop on SETPA’s Paoli-Thorndale regional rail line. Lankenau Hospital and Saint Joseph’s University are just a few of the demand drivers in this submarket. Residents are well-positioned, due to having easy access to Center City, University City, and suburbs (Route 1, I-76), to the Bala Cynwyd office centers, and various options for shopping and dining along City Avenue.

The Property was built in 1927, but has had continuous capital improvements in recent years. In 2009, the Property received new windows and new kitchens. The current owner renovated the lobbies and upgraded approximately 20 bathrooms. The units feature hardwood floors and large closets. Heat is provided by common gas fired boilers. There are laundry facilities in each building. Additionally, there are full basements with finished lounges. A new owner could capitalize on this space by adding amenities such as a fitness center, entertainment center, or tenant storage.

The Residence at Overbrook provides a unique investment opportunity for an investor. A new owner can take advantage of one more school year being master-leased to Saint Joseph’s University. After that, the building could continue to cater to students, based on the strong location and history of being a student building. A new owner could also embark on a renovation program to capitalize on some of the higher rents being achieved in the submarket (Point at City Line, The Palmer, Mansions at Bala). The two building configuration also would enable an owner to lease one of the buildings to students, and open up the others to market rate tenants.

There are various attractive bridge financing opportunities available for a purchaser. See listing agent for details.

For More Information:

• Contact Andrew Townsend at 215-531-7020