RRA Sells 28 Unit Apartment Complex in Philadelphia, Valued at $1,365,000
PHILADELPHIA, PA, July 15, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of the Lawndale Apartments, a 28 unit apartment community located in the Lawndale neighborhood of Greater Northeast Philadelphia, Pennsylvania. Built in 1925, 1955 and 1960, the property is walking distance to the commercial district along Rising Sun Avenue and enjoys close proximity to the largest employer in the area, The Naval Support Station. It is also within walking distance to the jogging and biking trails of Tookany Creek Park.
The community is located in an appealing residential area, made up of row homes, twins and large estate homes. This mix of housing has kept the area as one of the more desirable places to live in Northeast Philadelphia. “The rental market is strong in the Northeast and this particular property has historically enjoyed high occupancy,” noted Doug Emrich, an Associate with Rittenhouse Realty Advisors.
The Lawndale Apartments consists of two apartment buildings directly across the street from one another, along with an adjacent lot that could be used for onsite parking. The unit mix is comprised of twenty-four one-bedroom units and four two-bedroom units. “This property has great upside potential,” remarked Ken Wellar, Managing Partner. “The new owner has plans to complete cosmetic updates to the units which should enable them to command much higher rents.”
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