Lancaster Apartments
25 Unit Apartment Building | $3,500,000 ($140,000/Unit) | 7.70% Cap Rate | Philadelphia, PA 19151
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,500,000
- Property Type
-
Multifamily
- Square Feet
- 25,656 SF
Listing Contacts
Kenneth Wellar
Verified Profile
Alan Krawitz
Verified Profile
- Property Info
Property Overview
The Lancaster Apartments is a 25-unit garden-style apartment community. The Lancaster is situated in the Overbrook neighborhood of Philadelphia near the intersection of City Avenue (US Route 1) and Lancaster Avenue (US Route 30).
Built in 1936, The Lancaster is currently comprised of 25 apartment units. Ownership has obtained plans that call for the (8) three-bedroom units to be converted into (2) studio units and (14) one-bedroom units. The four-story building features a brick exterior with vinyl, double-pane windows. Hot water, cold water, and heat are provided by the owner, while tenants pay for electricity and cooking gas. The property is 100% occupied with below-market rents (see Market Rent Survey, page 13).
Value-Add Component: The Lancaster is zoned for a total of 33 apartments and ownership has obtained plans that call for the (8) existing three-bedroom units to be converted into (2) studio units and (14) one-bedroom units. In the past, The Lancaster has capitalized on its proximity to Saint Joseph’s University to fill the (8) three-bedroom units, however, market trends have shown students prefer to rent in the Wynnefield neighborhood as opposed to Overbrook. New ownership has the unique opportunity to convert the three-bedroom units into a mix of studio and one-bedroom units. This will better position the property to accommodate current market trends. If new owners were to install washers and dryers in the newly converted units, they could obtain rents of $100 higher than the proposed rents.
The Lancaster presents an outstanding opportunity to purchase 25 units with plans in place for an additional 8 units.
Built in 1936, The Lancaster is currently comprised of 25 apartment units. Ownership has obtained plans that call for the (8) three-bedroom units to be converted into (2) studio units and (14) one-bedroom units. The four-story building features a brick exterior with vinyl, double-pane windows. Hot water, cold water, and heat are provided by the owner, while tenants pay for electricity and cooking gas. The property is 100% occupied with below-market rents (see Market Rent Survey, page 13).
Value-Add Component: The Lancaster is zoned for a total of 33 apartments and ownership has obtained plans that call for the (8) existing three-bedroom units to be converted into (2) studio units and (14) one-bedroom units. In the past, The Lancaster has capitalized on its proximity to Saint Joseph’s University to fill the (8) three-bedroom units, however, market trends have shown students prefer to rent in the Wynnefield neighborhood as opposed to Overbrook. New ownership has the unique opportunity to convert the three-bedroom units into a mix of studio and one-bedroom units. This will better position the property to accommodate current market trends. If new owners were to install washers and dryers in the newly converted units, they could obtain rents of $100 higher than the proposed rents.
The Lancaster presents an outstanding opportunity to purchase 25 units with plans in place for an additional 8 units.
Property Details
- Class
- C
- Year Built
- 1936
- Stories
- 4
- Lot Size (sq. ft)
- 13,068 SF
- Units
- 25
Highlights
- Below Market Rents: $100+ per Month Below Market
- Strong Rental Sub-Market: Occupancy Greater than 96%
- Access to Public Transit: 2± Blocks of SEPTA Regional Rail Station
- Value-Add Opportunity: Approved Plans in Place to Convert (8) Three-Bedroom Units to 16 Studio and One-Bedroom Units
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