Collingdale Court Apartments
1010 Beechwood Avenue; Collingdale, PA 19023
- Price$ 1,225,000
- Property TypeMulti Unit Housing
- NeighborhoodDelaware County
- Number of Units18
- Lot Size1+/- acres
- Price/Unit$ 68,056
- Year Built1950s
- Excellent Location: Situated in Highly Sought-After Collingdale, Delaware County, Pennsylvania
- Utility Breakout: Tenants Pay Heat, Hot and Cold Water, Sewer and Electric
- High Barriers to Entry: Limited Multi-Family Product Available in Collingdale (1 of 2 Properties in Borough)
- Excellent Accessibility: Just Minutes to Baltimore Pike (Route 13), MacDade Boulevard, Interstate-95 and Interstate-476 (the Blue Route)
- Public Transportation: Across the Street from SEPTA’s Andrews Avenue Trolley Station for Access to 69th Street Station and within Walking Distance to Numerous Bus Routes
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Collingdale Court Apartments, an 18-unit property consisting of (16) one-bedroom and (2) two-bedroom apartment units. The property is located in highly sought-after Delaware County and is one of only two 15+ unit apartment properties in the borough. Convenient to MacDade Boulevard, Chester Pike (Route 13), Interstates 95 and 476 (the Blue Route) providing tenants with easy access to Philadelphia and surrounding suburbs. In addition, the property is within walking distance to a SEPTA Trolley Line, numerous bus routes, and just a five-minute drive to the nearest SEPTA Regional Rail Station.
Currently, the property has just one vacancy and historically has been running at 95% occupancy or better. Recent capital improvements over the past five years include 20% of units having new individual boilers, 50% of units have new hot water heaters, and 30% of units have newly renovated kitchens and bathrooms. Tenants pay heat, hot and cold water and sewer via reimbursement to landlord and electric directly to PECO, keeping expenses to a new owner at a minimum. There is an additional revenue source available to a new buyer by having the garages in workable condition. There are nine garages that could be rented for $75 per unit per month, increasing the annual NOI by $8,100.
Collingdale Court Apartments is an excellent value-add opportunity for a new buyer. Rents are approximately 10% to 15% below market. Taking advantage of the limited apartment product in Collingdale rents could easily increase to be competitive with surrounding neighborhoods with little effort.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1016
Cell: (267) 222-2153
License: PA RS325260
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