Fifth & Penn Street Apartments
160 Fifth Street Chester, PA 19013
- Property TypeMulti Unit Housing
- Number of Units37
- Lot Size-
- Year Built1970
- Brick Exterior
- Tenants Pay All Utilities
- Excellent Unit Mix – 84% Two-Bedroom Units
- SEPTA And Major Arteries In Close Proximity To Properties
- Institutionally Owned
The properties are comprised of two locations – 5th Street Apartments (22 units) and Penn Street Apartments (15 units). 5th Street Apartments is located at 1004-1044 5th Street and is 22 townhouse style units, 21 two-bedroom units and 1 one-bedroom unit. The townhouse units are bi-level and offer private basements, back yards, patios and entrances. Penn Street Apartments is a three-and-a-one-half story building that offers 6 one-bedroom units and 9 two-bedroom. The two properties are located minutes from one another and are centrally located with easy access to I-95, numerous SEPTA bus routes and SEPTA rail service. The properties are located minutes from major employment hubs such as Widener University, the Crozer-Chester Medical Center, PPL Park and Harrah’s Philadelphia Casino and Racetrack.
The properties have HAP contracts which have ended (Penn Street ended in 2009 & 5th Street ended in 2011). The new owner only has to keep it as an affordable housing complex for 3 years and then can go to full market-rate housing. The current owner is willing to assist the new owner with any compliance issues for this 3 year period. As a large national operator, ownership’s expenses are heavy and their strict internal screening criteria for tenants has limited their ability to keep and maintain a market occupancy i.e. 95%. This opportunity will allow a new “hands on” owner to increase the NOI by implementing a new entrepreneurial management style to the property.
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