3024 W. Queen Lane; Philadelphia, PA 19129
- Price$ 4,400,000
- Property TypeMulti Unit Housing
- NeighborhoodEast Falls
- Number of Units32
- Lot Size1.24 acres
- Price/Unit$ 137,500
- Year Built1958
- Outstanding Location: Philadelphia’s Highly Sought-After East Falls Neighborhood
- Excellent Unit Mix: 94% Two-Bedrooms and 6% Three-Bedrooms (15% Total Units have 2 Baths)
- “Value-Add” Opportunity: Premium Renovations can Increase Rents $150 – $250 per Month
- Great Construction: Brick on Block Exterior with Pitched Roofs
- Transit Oriented: SEPTA Bus and Train Service Provide Quick Access to Center City
- High Visibility: High Traffic Road Adjacent to Drexel University College of Medicine
- Surrounds Educational Facilities: Drexel University College of Medicine, Philadelphia University and William Penn Charter
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Charlwin Apartments, a 32-unit garden-style apartment community located in the East Falls neighborhood of Philadelphia, Pennsylvania. Constructed in 1958, Charlwin Apartments consists of two garden-style apartment buildings with 12 garages. The building construction is brick-on-block with pitched roofs (2013). The floor plans are spacious, with an average unit size of 896 square foot. The unit mix is excellent: 94% of units have two bedrooms and 15% of the units have two baths.
The property has undergone significant capital upgrades within the last three years. Approximately 88% of the units have been upgraded and 12% of the units have been significantly renovated to a premium status (granite countertops, new cabinets, stainless steel appliances and baths). Due to the large size of the units, three units (all two-bedroom) had a second bathroom added. New pitched roofs and substantial concrete work was completed in 2013. The stunning landscaping at Charlwin Apartments gives the property first-rate curb appeal.
Charlwin presents an excellent “value-add opportunity”. Due to the spacious size, washer/dryers could be added to increase rents $50 to $75 per month. In addition, the new owner could continue to add second bathrooms to appeal to students who may prefer to have roommates. Rents for the two-bedroom/two-bath units could be increased by $100 to $125 per month. A new owner could also continue with premium renovations and increase rents $150 to $200 per month. In addition to these in-unit value-add opportunities, the garages should be rented out for an additional $75 per month.
Charlwin Apartment’s stellar location near Drexel University College of Medicine and Philadelphia University, a short walk to SEPTA’s East Falls Train Station, and the shops and dining of Midvale Avenue is a draw for both students and young professionals alike. Nearby attractions include The Wissahickon Brewing Company (scheduled to open in December), Fiorino Restaurant, and Wissahickon Park. As an added bonus, due to its proximity to Drexel, the property is patrolled by Drexel University Police.
Charlwin Apartments is an outstanding opportunity to acquire a well-maintained garden-style complex in one of Philadelphia’s most sought after neighborhoods and to take advantage of a true “value-add opportunity”.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
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