Just Listed: 56 Units, Center City Philadelphia

• Once-In-A-Generation Sale of a 56-Unit Property in Center City Philadelphia's Chinatown Neighborhood
• 5-Year HAP Contract In-Place Expiring October 2017 with Option to Renew or Opt Out
• Property Includes 5 Retail Spaces Plus Management Office on Race Street, and 20 Leased Parking Spots
• Historically 100% Occupied at All Times with a 350 Person Waiting List
• Potential LIHTC Redevelopment
• Unbeatable Location Within Short Walking Distance of PA Convention Center, Market East Redevelopment, Market-Frankford Subway, Jefferson Hospital, and More
• Long-Term Intrinsic Value with Stability of HAP Contract

Marcus & Millichap is pleased to present Dynasty Court – A once-in-a-generation sale of a 56-unit mid-rise multifamily property located in the heart of Center City Philadelphia’s Chinatown neighborhood. The asset is being offered at $16,100,000.

Dynasty Court sits on three parcels on a total of 0.815 acres, and has a unique mix of 21 one-bedroom and 4 two-bedroom apartments, as well as 29 three-bedroom townhouses that have direct access to outdoor patios. Also included are 20 leased parking spaces, 10 of which are located on the main parcel, and the remaining 10 are located on an adjacent parcel. There is a total of 6 retail spaces on heavily traveled Race Street. Currently, five of the retail spaces are leased to local businesses. One tenant leases two of the spaces, while the remaining space is used as a management office.

The Property was built in 1982 and is being sold by the original developer. It is subject to a 5 year HAP contract which expires in October 2017. A new owner will have the option to renew the contract long-term to preserve the affordability, or renew for the short-term with the ability to opt out in the near future. The current rents are based off a recently completed rent comparability study (RCS) by a licensed HUD appraiser, which will be submitted to HUD for approval before the October 2017 expiration.

The Property has operated with 100% occupancy at all times with a 350 person waiting list. In a typical year there are one or two turnovers with some years at zero. The 2016 total vacancy loss was $1,010. The retail spaces are all on 5-year leases expiring in December 2018 with 5% annual increases. Most of the retail tenants have been at the Property for 10+ years.

Dynasty Court is an outstanding investment opportunity for a multifamily investor or developer to acquire trophy real estate in Philadelphia’s Chinatown neighborhood. The Property is being offered with the security of the HAP Contract in a location that can be rehabbed or redeveloped in the future.

For more information:

• Click here to view more information on our team website
• Contact listing agent Andrew Townsend ([email protected]; 215-531-7020)