Watermill Lofts – Manayunk

4 Leverington Avenue; Philadelphia, PA 19127

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Property Details

  • Price$ 4,800,000
  • Property TypeMulti Unit Housing
  • NeighborhoodManayunk
  • Number of Units21
  • Lot Size0.29 acres
  • Price/Unit$ 228,571
  • Price/Bedroom-
  • Year Built1877

Investment Highlights

  • Luxury Loft Apartments: High-Quality Building Materials and Finishes
  • Unique Units: Exposed Beams and Trusses; Up to 15’ Ceilings
  • Parking: Parking – Unheard of in Manayunk
  • Real Estate Tax Abatement: Until 2023
  • Manayunk’s “Main Street” Location: Just a Few Steps Away
  • Excellent Location: 10 Minutes to Center City Philadelphia

Investment Overview
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Watermill Lofts, a renovated, luxury warehouse conversion apartment community consisting of 20 loft-style units, one commercial unit (3,000 RSF) and 21 parking spaces located in the vibrant Manayunk section of Philadelphia.

Renovated in 2014, Watermill Lofts includes 20 apartments and one commercial unit in a waterfront, three-story converted warehouse. The building is adjacent to The Watermill Condominiums (59 condominiums). This luxury apartment community includes controlled-access security, sprinkler system and parking. Every unit is unique and features custom designed kitchens and bathrooms, granite countertops, high-end stainless-steel appliances, oversized closets, washer and dryer along with exposed beams and trusses with ceilings up to 15 feet.

Manayunk’s occupancy is robust with occupancy rates between 95% to 100%. Occupancy at Watermill Lofts is 100%. Rents average $1,323 and tenants pay parking ($75), heat, hot water and electric.

Watermill Lofts is strategically located just a few steps from Manayunk’s famous Main Street which offers a vibrant nightlife and is dominated by more than 65 shops and restaurants that cater to pedestrian traffic. Young professionals favor Manayunk as the residence of choice due to its location between Center City Philadelphia and the major employment centers in Suburban Philadelphia (Bala Cynwyd, Conshohocken and King of Prussia). Manayunk offers a central location and abundance of transportation options while maintaining a neighborhood vibe that millennials desire.

This renovated, luxury warehouse conversion apartment community sits along the banks of the Schuylkill River and is five miles from Center City Philadelphia. The property is only a few minutes from Exit 338 of Interstate-76 (the Schuylkill Expressway) and US Route 1. The SEPTA Norristown Regional Rail Line (formerly the R-6) is walkable from the property and provides mass transportation access to Center City, Conshohocken and King of Prussia. There are multiple bus stops within 2-3 blocks with service to Center City, Roxborough, 69th Street Transportation Center and Plymouth Meeting.

Watermill Lofts presents an outstanding opportunity to acquire a recently renovated waterfront warehouse that contains luxury apartments with parking in the established Manayunk section of Philadelphia.

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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

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

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