Downingtown, PA
Property Type: MultifamilySize: 20 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 20-Unit Apartment Community in Downingtown, Chester County, Pennsylvania
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Large Value Add Potential, Rents on Average $173 Below Market
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Sixteen of the Twenty Units have Large Private Balconies
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Potential to Convert Maintenance Shop into an Additional Unit
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Tenant Paid Heat and Electricity
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Excellent Location: Close to Downingtown Train Station, Shopping, and Dining
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Downingtown School District: Rated #16 School District in the State of PA
Description:
Marcus & Millichap is pleased to present for sale Gable Courtyard - A 20-unit apartment complex comprised of four buildings all on their own tax parcels located in Downingtown, Chester County, Pennsylvania. The complex is 100% occupied.
The East and West buildings each contain six 1-bedroom apartments, and the North and South buildings each contain four 2-bedroom apartments. Sixteen of the 20 units have large private balconies facing the courtyard area. The building has been kept in very good condition due to the owner’s keen attention to detail. There is off-street parking located on property, along with common area laundry facilities. The tenants are responsible for both heat and electric usage.
Downingtown Borough is home to more than 8,000 people. The property is located right off of Route 30, which is one of the major thoroughfares of Chester County. This great location allows for easy access to the many nearby shops, restaurants and other amenities the borough has to offer. In addition, the Downingtown Train Station is close by, which provides eastbound service to Philadelphia.
Gable Courtyard represents a rare opportunity to acquire an apartment community in the highly desirable Chester County rental market. The market average for competing one-bedroom units ($1431) and two-bedroom units ($1636) in the submarket are 12.1% and 14.0% greater than the average rents of Gable Courtyard, respectively. The well below-market rents allow an incoming investor to renovate all the kitchens and bathrooms to see a substantial growth in rents.
Please reach out to listing agents if you would like to view the Offering Memorandum.
