Roosevelt Apartments (Rittenhouse Square)

2222 Walnut Street; Philadelphia, PA 19103

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Property Details

  • Price$ 25,000,000
  • Property TypeMulti Unit Housing
  • NeighborhoodRittenhouse Square
  • Number of Units99
  • Lot Size0.2 acres
  • Price/Unit$ 252,525
  • Price/Bedroom-
  • Year Built1920

Investment Highlights

  • Unrivaled Location: Rittenhouse Square is the Most Exclusive Neighborhood in Philadelphia
  • Strong Rental Upside: Rents are Lowest in Sub-Market and Current Occupancy is 95%
  • Compelling “Value Add” Opportunity: Renovate Units and Hallways to Increase Rents $200 to $1,000 per Month Depending on Level of Upgrade
  • High Barriers to Entry: Few Sites Available to Build High-Rise Apartments in Rittenhouse Square
  • Exceptional Demographics: Center City Core Average Household Income is Over $105,000
  • World Class Employers: Comcast, Vanguard, Drexel, UPenn, USciences, Penn Medicine and CHOP
  • Center City Philadelphia: Population Ranks 2nd (Only to Midtown Manhattan) in Size Among U.S. Downtowns
  • Extreme Walkability: 71%of Residents in Core Center City Market Go to Work without a Car
  • Outstanding Neighborhood Conveniences: Situated in the “Heart of Philadelphia” for High-End Entertainment

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Roosevelt Apartments, a center city high-rise featuring 97 apartment units and 2 commercial units (4,541± SF) located in Rittenhouse Square, the most prestigious sub-market in Philadelphia.

Built in 1915 and renovated in 2000, Roosevelt Apartments is a ten-story high-rise that contains 97 apartments: 56 studios, 40 one-bedroom units and one bi-level penthouse unit along with two ground-level commercial units. Tenants pay electric, heat, and hot water through a RUBS system and monthly water fee. Approximately 80% of the units have been “lightly renovated” with a basic contractor-grade “standard” style. Three units have been “heavily renovated” with a high-end “edition” style. Compared to the “standard” units, the “edition” rents achieve approximately $680 per month (58%) higher for studios and $1,000 per month (80%) higher for one-bedroom units.

Roosevelt Apartments occupies a strategic corner location at 23rd & Walnut Streets. This location is the “Axis of Center City West.” This dynamic locale has excellent visibility in the market and acts as a hub for the city’s most popular, high-traffic neighborhoods. Roosevelt Apartments is bordered by University City and Rittenhouse Square (east to west) and Logan and Fitler Squares (north to south). New construction townhomes less than one block from this location sell for more than $2,000,000.

Center City Philadelphia’s population now ranks 2nd in the entire country (behind Manhattan). According to REIS, “Center City is one of the most vibrant residential downtowns in the United States. The average asking rent increased 5.2% during the year (2016), with the average effective rent up 6.0% to $2,089 per month.” Rittenhouse Square commands the highest average rent of any neighborhood in Center City, and is widely considered the top location in Philadelphia in terms of exclusivity, desirability and highest housing costs.

Roosevelt Apartments presents an extremely rare opportunity to purchase a true “Value-Add” Center City Philadelphia high-rise in an unparalleled location in the most exclusive neighborhood in Philadelphia.

Offering Memorandum


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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Mark A. Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
mark@rittenhouserealty.com

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
ken@rittenhouserealty.com

Douglas Emrich
Tel: (215) 454-2852 EXT 1005
Cell: (610) 733-8482
License: PA RS320748
doug@rittenhouserealty.com



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