Wynnewood Park Apartments
150 E. Wynnewood Road; Wynnewood, PA 19096
- Property TypeMulti Unit Housing
- NeighborhoodLower Merion Twp
- Number of Units227
- Lot Size10.25 acres
- Year Built1939
- Landmark Asset: Owned by Same Family Since Construction along Philadelphia’s Prestigious “Main Line”
- Value-Add Opportunity: Option to Dramatically Increase Rents
- Unrivaled Site: Most Highly Sought-After Location within Lower Merion Township
- Prestigious In-Fill Location: Low Density with 10+ Acres
- Abundant Area Amenities: Brand New Whole Foods, Starbucks and Bed Bath & Beyond Next Door
- Premier Suburban, Transit-Oriented Location: Across the Street from SEPTA Wynnewood Train Station; 8 Miles to Center City Philadelphia
- Top Ranked School District: Lower Merion School District Ranked Top 1% in Nation
- “Eds and Meds”: Lankenau Medical Center, Bryn Mawr Hospital, Bryn Mawr College, Villanova University, St. Joseph’s University and Haverford College
- Outstanding Demographics: Per Capita Household Income at $115,000; Average Home Price of $522,000
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Wynnewood Park Apartments, a 227-unit garden apartment community, located in Wynnewood, Lower Merion Township, Pennsylvania. Lower Merion Township is the Main Line’s most exclusive suburban Class “A” location with a school district ranked in the top 1% in the nation, and situated only 8 miles from Center City Philadelphia.
Wynnewood Park was built in 1940 and has been owned by the same family since construction. It features brick and stone exterior with both pitched and flat roofs. The property consists of 33 two- and three-story buildings with 90 garage parking spaces, 65 on-site parking spots, and ample on-street parking. The 10+ acre property features beautiful landscaping in a park-like setting. The 227-unit community has a great unit mix of 161 one-bedroom units (71%) and 66 two-bedroom units (29%). Two of the two-bedroom units were converted into one unit for family members so a new owner can convert the two units back to four units. All of the units are extremely spacious with numerous closets and 34% of them contain an additional room next to the kitchen. In addition, all units offer plenty of windows with cross-ventilation. Further, the one-family owner/operator has done an outstanding job maintaining the property. All windows (2,300), roofs and parking lot paving have been completed within the last 10 years. Utilities are paid by the owner (steam heat, domestic hot water, and electric).
Wynnewood Park Apartments presents an excellent value-add opportunity. Average in-place rents are $1,230 for one-bedroom units and $1,563 for two-bedroom units which are the lowest in the sub-market. It is also one of two properties in the sub-market where heat, hot water, cold water, sewer, and electricity are included in the rent. The competitive set in which Wynnewood Park competes consists of eleven rental communities and more than 1,100 apartments. The eleven rental communities are situated along the Main Line of Philadelphia. Four of the communities are new construction with one-bedrooms averaging approximately $2,100 per month and two-bedroom units averaging approximately $2,800 per month with tenants paying utilities. The seven other rental communities are all pre-1980 construction with one-bedrooms averaging approximately $1,550 per month and two-bedroom units averaging approximately $1,950 per month with tenants paying utilities in all except one property. Average in-place rents are $1,230 for one-bedroom units and $1,563 for two-bedroom units. The new owner has numerous value-add opportunities:
- Utility Value-Add: Ownership provides heat, hot water, and electricity. The new owner could implement a monthly utility fee of $50 to $75 or sub-meter/RUBS the utility costs back to the tenant.
- Management Value-Add: Rents are currently $75 to $100 per month below market. A new owner could increase the current rents $75 to $100 per month without making any changes to the property. In addition, a new owner could initiate a dog-friendly community with a dog park to utilize the 10+ acre complex and increase fees. Further, a new owner could renovate the management office to create a leasing center along with adding a fitness room on-site to enhance the property.
- Washer/Dryer Value-Add: Ownership has installed washer/dryers in 20% of the units. If this strategy was continued with a new owner, rents could be increased $75 to $100 per month.
- Light-Renovation Value-Add: Ownership has renovated 58% of the units with “contractor style” kitchens and replaced bathroom vanities. If this strategy was continued with a new owner, rents could be increased $75 to $100 per month.
- Heavy-Renovation Value-Add: New construction apartments are renting 40% to 100% higher in the market. A new owner could add amenities, upgrade HVAC, replace kitchens and baths to increase rents $300 to $500 per month and still be 20% to 25% lower than new construction communities.
The area surrounding Wynnewood Park Apartment boasts exceptionally strong demographics. Within a one-mile radius of the property, average household income is at $115,000 and the average home value is at $522,000, underscoring the appeal of the location. In addition, the Lower Merion School District was just ranked in the top 1% in the country by school search site Niche.com and U.S. News and Reports.
Wynnewood Park Apartments is perfectly situated between the employment centers of Philadelphia and the Main Line office parks. A short drive on Lancaster Avenue (just a block from Wynnewood Park) can take residents into University City or out to Wayne in the opposite direction. For those residents who prefer mass transportation, Wynnewood Park offers the premier suburban, transit-oriented location. It is situated directly across the street from SEPTA’s Regional Rail (Paoli/Thorndale) which offers residents a short 19-minute ride to Center City Philadelphia. Wynnewood Park is also located directly next to a SEPTA bus line stop, and is only one stop away or less than a two-mile drive from the Amtrak Ardmore Station (offering easy access to NYC, Boston, Baltimore and Washington D.C).
The area’s strong demographics have attracted national retail tenants and resulted in enormous growth for the neighborhood. Just one block from the property is a brand new 45,000± square foot Whole Foods with the Table & Tavern concept offering 24 beers on tap and a full menu. Other new retail within a block of the property includes Bed Bath & Beyond and DSW. Residents have excellent dining options within the Wynnewood Shopping Center next door that include Mad Mex, Anthony’s Coal Fired Pizza, Delancey Street Bagels, and Elevation Burger.
Wynnewood Park Apartments presents a once in a lifetime, value-add opportunity that has been owned by the same family since its construction along the prestigious Main Line section of Philadelphia. The property’s timeless brick/stone exterior with distinctive architectural details and unmatched convenience in a picturesque, low-density setting offers numerous opportunities to create value and dramatically increase rents.
Call for Offers Date
– All Offers will be Due by December 14, 2017. Please contact one of our team members to schedule a tour of the property.
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
View Larger Map