11 Unit Multifamily in Germantown
11 Unit Multifamily in Germantown 5908-10 Greene Street, Philadelphia, PA 19144 Victorian Style Apartment Complex Located in Germantown Excellent Unit Mix of One Bedrooms, Two Bedroom and Studios Charming Conversion Featuring Original Crown Molding, Marble Fireplaces Purchase Price: $595,000 NOI: $53,072 Cap Rate: 8.9%
www.kwcommercial.com CONTACTS Brady Carroll 610.291.9895
Investment Advisor [email protected]
Sean Gwinner 484.753.2290
Investment Advisor [email protected]
1521 Concord Pike Suite 102 Wilmington, DE 19803 Office: 302.299.1100 | Fax: 302.299.1200
11 Unit Multifamily | Germantown, PA TABLE OF CONTENTS: Property Details
4
Financials
5
Gallery
6
Location & Aerial Map
7
Professional Bio
8
PROPERTY DETAILS
Property Description This Germantown multifamily opportunity is an 11 unit, 3 story, 9,316 SF property adjacent to Vernon Park. While the building has been renovated at different times over the past few years the original crown molding, marble fireplaces, and high ceilings have remained unchanged. This property is fully occupied and has an excellent unit mix of: (6) one bedroom units, (1) two bedroom unit, and (4) studios. Several units offer wrap around decks or balconies. Along with the seven parking spots provided onsite, the neighborhood provides plenty of on street parking as well. The rents are all under market, and even with no renovations could be increased from day one.
Neighborhood Description Germantown is a neighborhood in the northwest section of the city of Philadelphia, Pennsylvania. It sits approximately 7 miles northwest from center city. The neighborhood is rich in historic sites and buildings from the colonial era, a few of which are open to the public. About 40% of the residents of Germantown reside in owner-occupied housing units and 60% in renter occupied housing units, making for a stable rental market.
PROPERTY DETAILS
4
RENT ROLL RENT ROLL Unit# A-1 A-2 A-3 A-4 B-1 B-2 B-3 B-4 B-5 B-6 B-7
$730 $640 $550 (Sec 8) $1,375 $760 $550 (Sec 8) $720 $600 $680 $680 $620
INCOME AND EXPENSE REPORT GROSS ANNUAL INCOME Residential Income Laundry Income Vacancy Allowance 5% Gross Income
$ $ $ $
94,860.00 750.00 (4,743.00) 90,867.00
ANNUAL EXPENSES Management 5% Insurance Tax Maintenance 5% Gas & Electric Water & Sewer License & Permits Trash Landscaping/Snow
$ $ $ $ $ $ $ $ $
4,743.00 5,225.00 7,410.00 4,743.00 10,668.00 1,798.00 550.00 1,500.00 1,200.00
Monthly Total: $7,905 Annual Total: $94,860
Total Expenses
$
37,837.00
Laundry Income: $50-75/month
Net Operating Income
$
53,030.00
FINANCIALS
5
PROPERTY PHOTOS
GALLERY
8
MAP AND AERIAL
SITE
LOCATION
9
KW COMMERCIAL
KW Commercial’s Investment Sales Group strategically executes Commercial Real Estate transactions for their private, corporate and institutional clientele with a focus on Net Leased Assets, Multifamily Properties & Land Development by utilizing national reach and market specialization. The KW Commercial network consists of over 1,400 agents, 650 offices in the U.S. and globally and over $3.85 Billion in closed transactions in 2013. Our parent company Keller Williams Realty has exceeded 100,000 agents and last year closed over 650,000 transactions resulting in over $160 Billion in sales volume. Please visit our website at www.kwcommercial.com
PROFESSIONAL BIO
10
www.kwcommercial.com CONTACTS Brady Carroll 610.291.9895
Investment Advisor [email protected]
Sean Gwinner 484.753.2290
Investment Advisor [email protected]
1521 Concord Pike Suite 102 Wilmington, DE 19803 Office: 302.299.1100 | Fax: 302.299.1200
11 Unit Multifamily | Germantown, PA TABLE OF CONTENTS: Property Details
4
Financials
5
Gallery
6
Location & Aerial Map
7
Professional Bio
8
PROPERTY DETAILS
Property Description This Germantown multifamily opportunity is an 11 unit, 3 story, 9,316 SF property adjacent to Vernon Park. While the building has been renovated at different times over the past few years the original crown molding, marble fireplaces, and high ceilings have remained unchanged. This property is fully occupied and has an excellent unit mix of: (6) one bedroom units, (1) two bedroom unit, and (4) studios. Several units offer wrap around decks or balconies. Along with the seven parking spots provided onsite, the neighborhood provides plenty of on street parking as well. The rents are all under market, and even with no renovations could be increased from day one.
Neighborhood Description Germantown is a neighborhood in the northwest section of the city of Philadelphia, Pennsylvania. It sits approximately 7 miles northwest from center city. The neighborhood is rich in historic sites and buildings from the colonial era, a few of which are open to the public. About 40% of the residents of Germantown reside in owner-occupied housing units and 60% in renter occupied housing units, making for a stable rental market.
PROPERTY DETAILS
4
RENT ROLL RENT ROLL Unit# A-1 A-2 A-3 A-4 B-1 B-2 B-3 B-4 B-5 B-6 B-7
$730 $640 $550 (Sec 8) $1,375 $760 $550 (Sec 8) $720 $600 $680 $680 $620
INCOME AND EXPENSE REPORT GROSS ANNUAL INCOME Residential Income Laundry Income Vacancy Allowance 5% Gross Income
$ $ $ $
94,860.00 750.00 (4,743.00) 90,867.00
ANNUAL EXPENSES Management 5% Insurance Tax Maintenance 5% Gas & Electric Water & Sewer License & Permits Trash Landscaping/Snow
$ $ $ $ $ $ $ $ $
4,743.00 5,225.00 7,410.00 4,743.00 10,668.00 1,798.00 550.00 1,500.00 1,200.00
Monthly Total: $7,905 Annual Total: $94,860
Total Expenses
$
37,837.00
Laundry Income: $50-75/month
Net Operating Income
$
53,030.00
FINANCIALS
5
PROPERTY PHOTOS
GALLERY
8
MAP AND AERIAL
SITE
LOCATION
9
KW COMMERCIAL
KW Commercial’s Investment Sales Group strategically executes Commercial Real Estate transactions for their private, corporate and institutional clientele with a focus on Net Leased Assets, Multifamily Properties & Land Development by utilizing national reach and market specialization. The KW Commercial network consists of over 1,400 agents, 650 offices in the U.S. and globally and over $3.85 Billion in closed transactions in 2013. Our parent company Keller Williams Realty has exceeded 100,000 agents and last year closed over 650,000 transactions resulting in over $160 Billion in sales volume. Please visit our website at www.kwcommercial.com
PROFESSIONAL BIO
10
