Fifth & Penn Street Apartments

160 Fifth Street Chester, PA 19013

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Property Details

  • Price-
  • Property TypeMulti Unit Housing
  • NeighborhoodChester
  • Number of Units37
  • Lot Size-
  • Price/Unit-
  • Price/Bedroom-
  • Year Built1970

Investment Highlights

  • Brick Exterior
  • Tenants Pay All Utilities
  • Excellent Unit Mix – 84% Two-Bedroom Units
  • SEPTA And Major Arteries In Close Proximity To Properties
  • Institutionally Owned

Description

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.

Property Status

NOTE: This property is no longer available.



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