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Multifamily

Edgemont Park Apartments

18 W 22nd St, Chester, PA 19013

Listing Price: $1,575,000

Cap Rate
6.68%
Number of Units
23
GRM
7.97
Occupancy
95.0%
Price/Unit
$68,478
Price/Gross SF
$114.13
Gross SF
13,800

Investment Overview

Edgemont Park Apartments contains 23 one bedroom units and is located on the north side of Chester PA. The property has superb access to major transportation arteries such as Interstates 95 and 476. The property is also proximate to various employment opportunities in southern Delaware County, Widner University, as well as Philadelphia International Airport.

The property consists of one 3 story structure with a low maintenance asphalt shingled mansard/pitched roof. Current ownership improvements include installation of high efficiency heating and hot water boilers as well as vinyl replacement windows. The landlord pays for gas heat and hot water and the tenants pay for their electric use which is separately metered. The units have been upgraded as necessary.

The current monthly rent roll averages a below market $702 per unit and new leases are being written at $750.The market rent for a one bedroom unit with heat and hot water included approaches $800. This provides an investor immediate upside in revenue as leases renew or turn.

Investment Highlights

  • BELOW MARKET RENTS - IMMEDIATE UPSIDE POTENTIAL
  • LONG TERM TENANT PROFILE
  • SUPERB LOCATION NEAR MAJOR TRANSPORTATION ARTERIES
  • WELL MAINTAINED PROPERTY IN RESIDENTIAL SETTING
  • NEAR WIDNER UNIVERSITY & CROZER-CHESTER MEDICAL CENTER

Exclusively Listed By

Multifamily

Edgemont Park Apartments

Listing Price: $1,575,000

Cap Rate
6.68%
Number of Units
23
GRM
7.97
Occupancy
95.0%
Price/Unit
$68,478
Price/Gross SF
$114.13
Gross SF
13,800

Investment Highlights

  • BELOW MARKET RENTS - IMMEDIATE UPSIDE POTENTIAL
  • LONG TERM TENANT PROFILE
  • SUPERB LOCATION NEAR MAJOR TRANSPORTATION ARTERIES
  • WELL MAINTAINED PROPERTY IN RESIDENTIAL SETTING
  • NEAR WIDNER UNIVERSITY & CROZER-CHESTER MEDICAL CENTER

Investment Overview

Edgemont Park Apartments contains 23 one bedroom units and is located on the north side of Chester PA. The property has superb access to major transportation arteries such as Interstates 95 and 476. The property is also proximate to various employment opportunities in southern Delaware County, Widner University, as well as Philadelphia International Airport.

The property consists of one 3 story structure with a low maintenance asphalt shingled mansard/pitched roof. Current ownership improvements include installation of high efficiency heating and hot water boilers as well as vinyl replacement windows. The landlord pays for gas heat and hot water and the tenants pay for their electric use which is separately metered. The units have been upgraded as necessary.

The current monthly rent roll averages a below market $702 per unit and new leases are being written at $750.The market rent for a one bedroom unit with heat and hot water included approaches $800. This provides an investor immediate upside in revenue as leases renew or turn.

Exclusively Listed By

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