Office

400 Greenwood Avenue

400 Greenwood Ave, Wyncote, PA 19095

Listing Price: $975,000

Cap Rate
10.70%
Gross SF
12,166
Rentable SF
12,166
Price/Gross SF
$80.14
Lot Size
0.99 acres
Year Built
1894

Investment Overview

Marcus & Millichap has been selected by ownership as the exclusive listing agent for 400 Greenwood Avenue in Wyncote, Pennsylvania (the “Property”). Currently functioning as an office building, the Property was originally constructed in 1894 for use as a schoolhouse and has historic designation. The Property is currently owned and managed by a partnership that has occupied the building since 1998. Since that time, the partnership has made improvements that have upgraded the functionality, aesthetics, and amenities within the building. With 4.51 spaces per 1,000 square feet of building area, there is an abundance of parking for current and prospective tenants. The Property is less than one-half of a mile from the Jenkintown-Wyncote train station. The station, served by SEPTA, connects Center City Philadelphia to its northern Suburbs. Since Wyncote is located just outside of Philadelphia County, tenants can benefit from avoiding the Philadelphia wage tax. The net leasable area within the building, including spaces such as conference rooms and reception areas, is approximately 7,490 square feet of which the space dedicated to specific tenants is 3,152 square feet. An incoming investor that utilizes the abundance of surplus space throughout the building for new tenants can more than double the Property’s gross rents. Additionally, new ownership can build on present ownership’s use of the Property as a location for outside businesses to receive mail. The Property is being offered for sale at $975,000, or $80 per square foot. At closing, ownership will issue a $50,000 credit that an incoming investor can apply to their year-one cash flow as a bridge towards stabilization. The Property’s projected cash flow before debt service over the first year for an incoming investor represents a capitalization rate of 10.70%. A conservative projection for the amount of additional leasable space that can be created, in combination with rents for comparable spaces within the building, leads to a pro forma capitalization rate of 17.93%.

Investment Highlights

  • Stabilized Gross Revenue of Twice Current Gross Revenue or More
  • Excellent Neighborhood and Demographics
  • Proven History of Tenant Retention

Exclusively Listed By

Listing Price: $975,000

Cap Rate
10.70%
Gross SF
12,166
Rentable SF
12,166
Price/Gross SF
$80.14
Lot Size
0.99 acres
Year Built
1894

Investment Highlights

  • Stabilized Gross Revenue of Twice Current Gross Revenue or More
  • Excellent Neighborhood and Demographics
  • Proven History of Tenant Retention

Investment Overview

Marcus & Millichap has been selected by ownership as the exclusive listing agent for 400 Greenwood Avenue in Wyncote, Pennsylvania (the “Property”). Currently functioning as an office building, the Property was originally constructed in 1894 for use as a schoolhouse and has historic designation. The Property is currently owned and managed by a partnership that has occupied the building since 1998. Since that time, the partnership has made improvements that have upgraded the functionality, aesthetics, and amenities within the building. With 4.51 spaces per 1,000 square feet of building area, there is an abundance of parking for current and prospective tenants. The Property is less than one-half of a mile from the Jenkintown-Wyncote train station. The station, served by SEPTA, connects Center City Philadelphia to its northern Suburbs. Since Wyncote is located just outside of Philadelphia County, tenants can benefit from avoiding the Philadelphia wage tax. The net leasable area within the building, including spaces such as conference rooms and reception areas, is approximately 7,490 square feet of which the space dedicated to specific tenants is 3,152 square feet. An incoming investor that utilizes the abundance of surplus space throughout the building for new tenants can more than double the Property’s gross rents. Additionally, new ownership can build on present ownership’s use of the Property as a location for outside businesses to receive mail. The Property is being offered for sale at $975,000, or $80 per square foot. At closing, ownership will issue a $50,000 credit that an incoming investor can apply to their year-one cash flow as a bridge towards stabilization. The Property’s projected cash flow before debt service over the first year for an incoming investor represents a capitalization rate of 10.70%. A conservative projection for the amount of additional leasable space that can be created, in combination with rents for comparable spaces within the building, leads to a pro forma capitalization rate of 17.93%.

Exclusively Listed By

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