The Lofts at Red Hill
350 Main Street; Red Hill, PA 18076
- Price$ 1,900,000
- Property TypeMulti Unit Housing
- NeighborhoodMontgomery County
- Number of Units21
- Lot Size1.18 acres
- Price/Unit$ 90,476
- Year Built1950
- Value-Add Opportunity: Increase Rents 10% to 15% with Renovation of Kitchens and Baths
- Separately Metered Utilities: Tenants Pay Electric, Hot Water and Sewer (No Gas)
- Location and Visibility: Situated on Main Street in High-Traffic Location
- “Loft-Style” Apartment Units
- Washer/Dryer and Dishwasher in Every Apartment
- Fully-Sprinklered and Alarm Protected Building
- Windows and Roof Replaced in 2009
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in The Lofts at Red Hill, a 21 unit “loft-style” apartment community (21 individual condominiums) located at 350 Main Street in Red Hill, Pennsylvania. The town of Red Hill is situated in Montgomery County approximately 15 minutes southwest of Quakertown, Pennsylvania (Interstate-476 Exit #44).
The Lofts at Red Hill were originally built in the 1800’s as a cigar factory. This four-story building was converted to multi-family in 1982 as 21 loft-style units. The property features an excellent unit mix with 3 studios (14%) , 13 one-bedroom units (62%) and 5 two-bedroom units (24%). 29% of these units are bi-level. Each unit contains an electric heat pump with air conditioning and an electric hot water heater. Tenants pay both electric (no gas) and water/sewer (individually metered). The loft-style units are unique and offer high ceilings, exposed brick and duct work, and are fully sprinklered throughout. In addition, each unit contains a stackable washer/dryer, dishwasher and new windows (2009).
The current Owner purchased the property in the late 1980’s and has always had historically high occupancy. The property is 95% leased with average in-place rents of $797. The Lofts at Red Hill offer a tremendous “value-add” opportunity as a new owner could renovate kitchens and baths to increase the rental rates $150 to $250 per month.
The Lofts at Red Hill are located on Main Street, a highly-visible location adjacent to Red Hill’s Public Library. This investment presents an outstanding value-add opportunity to acquire 21 units in highly sought after Montgomery County, Pennsylvania.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1014
Cell: (646) 712-7360
License: PA RSR001990
View Larger Map