Drexel Hill, PA
Property Type: MultifamilySize: 18 Units
Price: $2,000,000
CAP: 4.56%
Highlights:
- Two 9-Unit Buildings Within One Block of Each Other: 3443 Marshall Road & 3709-3715 Randolph Street
- Large Value-Add Potential, Rents on Average $430 Below-Market
- Strong Unit Mix, 89% Two-Bedroom Units
- Semi-Private Entrances & Tenant-Paid Heat at Randolph
- Great Location, Convenient Access to Nearby Shopping & Restaurants
Description:
Marcus & Millichap is pleased to present for sale 3443 Marshall Road & 3709-3715 Randolph Street - An 18-unit apartment portfolio spread out over two buildings located in Drexel Hill, Pennsylvania.
The Randolph Street property is one contiguous building that is deeded in four parcels containing a triplex and three duplexes. Both properties contain one studio apartment and eight two-bedroom apartments, and they are around the corner from each other. Marshall has common area laundry, and select units at Randolph feature in-unit washer/dryers. The complexes have been kept in very good condition due to the owner’s keen attention to detail. There is ample on-street and off-street parking located behind and in front of the buildings.
Drexel Hill is a neighborhood of Upper Darby Township and is home to more than 29,000 people. The property is situated in proximity to the center of town, allowing the tenants the ability to walk to the many nearby shops, restaurants and the trolley stop.
The Portfolio represents a rare opportunity to acquire an apartment community in the highly desirable Delaware County rental market. The market averages for competing studios ($941) and two-bedroom units ($1,490) in the submarket are 30.9% and 30.5% greater than the average rents of Marshall Rd & Randolph St, respectively. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
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