Oxford Hotel Apartments
305 Market Street Oxford, PA 19363
- Price$ 1,200,000
- Property TypeMulti Unit Housing
- NeighborhoodChester County
- Number of Units22
- Lot Size0.48 acres
- Price/Unit$ 54,545
- Year Built1853
- Affordable Senior Living Community: Ages 55+ and People with Disabilities
- Excellent Location: Sits on the Premier Intersection of Downtown Oxford
- Building Listed on the National Register of Historic Places
- HAP Contract in Place through December 31, 2018
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the Oxford Hotel Apartments, a 22-unit apartment complex under the Low Income Housing Tax Credit Program (LIHTC). This property provides housing for low-income to moderate-income tenants in exchange for tax credits to the owner. The LIHTC Program was placed in service in 1993. The 15-year LIHTC compliance period has expired, and it is now in the extended use period which will expire in 2024. In addition, there is a Housing Assistance Payments Contract (HAP) with the Housing Authority of the County of Chester, which provides rental payments if there are any vacant units. This Contract went into effect January 1, 2013, and the five-year contract terminates December 31, 2018.
The Oxford Hotel Apartments, located in southern Chester County, provides affordable units for elderly tenants aged 55+ and disabled families. The building consists of (18) one-bedroom units and (4) two-bedroom units. Tenants pay heat, domestic hot water and electric. The owner is responsible for cold water, sewer, and trash.
The Oxford Hotel Apartments is located in the Oxford Historic District and is positioned at a desirable intersection on the corner of Third and Market Streets – the two main thoroughfares of Downtown Oxford. Oxford is within driving distance to both Wilmington, Delaware (30 miles) and Lancaster, Pennsylvania (29 miles). The building’s close proximity to public bus routes and walking distance to the Oxford Area Senior Center, Oxford Library, and local shops, are key features it provides its residents. This property is a well-known landmark in town that personifies Oxford’s history and charm. The building still boasts an original “Oxford Hotel” sign from the early 1900’s and a large wraparound deck that looks out over Market Street. In addition, the building is listed on the federal government’s National Register of Historic Places and was originally built in 1853
The property is currently owned and operated by a national affordable housing operator. A new owner would be required to continue operating the building as affordable housing until the LIHTC program expires in 2024. This presents a new buyer the opportunity to own 22 well-maintained apartments, with a current HAP contract in place, and the option to convert them to market rate units in the future.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
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