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Multifamily

464-480 North 2nd Street

464 N 2nd St, Souderton, PA 18964

Listing Price: $1,800,000

Cap Rate
5.58%
Number of Units
12
GRM
11.16
Occupancy
95.0%
Price/Unit
$150,000
Price/Gross SF
$212.77
Gross SF
8,460

Investment Overview

Marcus & Millichap is pleased to present for sale 464-480 North 2nd Street - A 12-unit apartment complex spread out over three buildings located in Souderton, PA. The buildings are located adjacent to each other, and each building contains 4 two-bedroom units with a common area laundry in the middle building. The complex has been kept in very good condition due to the owners keen attention to detail. The owner is responsible for common area electric, water, sewer and trash removal. The tenant is responsible for heat and electric. There is ample off-street parking located behind each of the three buildings. The current owner has renovated half of the units resulting in a rent increase of over $300 per unit.

464-480 N 2nd St sits right across from the Willows at Reliance Crossing which is a new construction affordable housing project. The Property represents a unique opportunity to acquire an apartment community in the highly desirable Montgomery County. The untouched six units at the complex represent considerable upside for an incoming investor to capture upon lease turnover. 464-480 N 2nd St represents a rare opportunity to acquire a very well-maintained apartment building with a stabilized income stream, and value add opportunity, in a very desirable borough of Montgomery County.

Investment Highlights

  • Value Add: Half of the Units Have Been Renovated, Achieving $300+ Premium in Rent
  • Strong Unit Mix: All Two-Bedroom Units
  • Tenant Paid Heat
  • Delivered Free and Clear of Debt: Excellent Financing Available

Exclusively Listed By

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

Multifamily

464-480 North 2nd Street

Listing Price: $1,800,000

Cap Rate
5.58%
Number of Units
12
GRM
11.16
Occupancy
95.0%
Price/Unit
$150,000
Price/Gross SF
$212.77
Gross SF
8,460

Investment Highlights

  • Value Add: Half of the Units Have Been Renovated, Achieving $300+ Premium in Rent
  • Strong Unit Mix: All Two-Bedroom Units
  • Tenant Paid Heat
  • Delivered Free and Clear of Debt: Excellent Financing Available

Investment Overview

Marcus & Millichap is pleased to present for sale 464-480 North 2nd Street - A 12-unit apartment complex spread out over three buildings located in Souderton, PA. The buildings are located adjacent to each other, and each building contains 4 two-bedroom units with a common area laundry in the middle building. The complex has been kept in very good condition due to the owners keen attention to detail. The owner is responsible for common area electric, water, sewer and trash removal. The tenant is responsible for heat and electric. There is ample off-street parking located behind each of the three buildings. The current owner has renovated half of the units resulting in a rent increase of over $300 per unit.

464-480 N 2nd St sits right across from the Willows at Reliance Crossing which is a new construction affordable housing project. The Property represents a unique opportunity to acquire an apartment community in the highly desirable Montgomery County. The untouched six units at the complex represent considerable upside for an incoming investor to capture upon lease turnover. 464-480 N 2nd St represents a rare opportunity to acquire a very well-maintained apartment building with a stabilized income stream, and value add opportunity, in a very desirable borough of Montgomery County.

Exclusively Listed By

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

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