Cooper Forge Apartments
56 Nyack Avenue; Lansdowne, PA 19050
- Price$ 2,450,000
- Property TypeMulti Unit Housing
- NeighborhoodDelaware County
- Number of Units43
- Lot Size1+ acres
- Price/Unit$ 56,977
- Year Built1940s
- Excellent Location: Situated in Highly Sought-After Lansdowne, Delaware County, Pennsylvania
- Rental Upside: Opportunity to Increase In-Place Rents 10% to 15%
- Excellent Accessibility: Walking Distance to SEPTA Regional Rail (Lansdowne Station)
- Capital Improvements: New Boilers (5 of 6) and 60% New Kitchens and Baths
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Cooper Forge Apartments, a 43-unit property consisting of (4) studio, (38) one-bedroom and (1) two-bedroom apartment units. The property is located in highly sought-after Delaware County, Pennsylvania. Convenient to Route 1, Baltimore Pike, Interstate-476 (the Blue Route), and West Chester Pike (Route 3) providing tenants with easy access to Philadelphia and surrounding suburbs. In addition, the property is within walking distance to SEPTA Regional Rail (Lansdowne Station; Media/Elwyn Line), providing direct access to Center City Philadelphia. The property is also walking distance to numerous bus lines.
Currently, the property is 91% occupied and has run historically at 90% occupancy or better. The market overall historically has been 95% or better. The property has undergone major capital improvement projects over the last few years including new boilers in 5 of the 6 buildings, newly-renovated kitchens and bathrooms in 60% of the units, and all new hot water heaters.
Cooper Forge Apartments is an excellent value-add opportunity for a new buyer. Rents are approximately 10% to 15% below market. A new owner could raise rents to competitive market rates with minor upgrades to kitchens and bathrooms in the remaining non-renovated units. In addition, a new owner can bring the 12 garages up to rentable condition and add approximately $800 per month in additional garage income. Cooper Forge offers potential buyers an excellent long-term hold in highly sought-after Delaware County, Pennsylvania.
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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