Bridgeport, PA
Property Type: MultifamilySize: 123 Units
Price: $16,800,000
CAP: 6.30%
Highlights:
- 123-Unit, 8-Property Portfolio Located in Bridgeport, King of Prussia, and Norristown, Pennsylvania
- 6 Apartment Buildings in Bridgeport, 1 in King of Prussia, and 1 in Norristown
- Large Value-Add Potential, Majority of the Units are Unrenovated
- Properties can be Purchased Separately or as a Portfolio
- Diverse Unit Mix, Studios to Two-Bedroom Units
- Great Location, All Buildings in Proximity to Major Thoroughfares of Southeastern PA; 2.5 Miles from the KOP Mall
- Available at an Attractive Basis of $136,000 per Unit
Description:
Marcus & Millichap is pleased to present for sale The Montgomery County Value-Add Portfolio – Eight value-add properties located in Bridgeport, King of Prussia and Norristown, PA. Six of the properties totaling 99 units are located in Bridgeport Borough, one twelve-unit building is 2 miles away in Norristown, and the other twelve-unit building is 1 mile away in King of Prussia. This portfolio can be purchased together or separated out.
All Properties are well occupied and in very good locations in Bridgeport, KOP and Norristown with easy access to Downtown Philadelphia or the neighboring towns via Route 76 or 202 or Septa. The Bridgeport & DeKalb Train Stations are in proximity to most of the portfolio. In addition, Bridgeport is minutes away from access to all the major highways of Southeastern PA (76, 276, 476, etc.).
Rents across the portfolio are on average 8% below-market. Current ownership has completely renovated 36% of the units, and renovated another 20% of the units with either a new kitchen or bathroom. The substantial unrenovated portion of the portfolio gives incoming investors an opportunity to come in and capture that upside.
Many of the properties have had roof work done in the past couple years with a few having completely new roofs (Parkside, Hunter’s Hill & Magnolia’s Corner). A large majority of the boilers are newer or have had maintenance done. Ownership has replaced a large number of windows at each of the properties.
The portfolio has a diverse unit mix of studios, one-bedroom apartments and two-bedroom apartments with a total unit count of 123 and an average size of 723 square feet.
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