Eastern Lofts | 37-Unit Urban Apartment Community | FOR SALE

Description:

Eastern Lofts is a 37-unit urban apartment community located on the corner of Cecil B Moore Avenue and Glenwood Avenue in the Brewerytown neighborhood of Philadelphia. The property consists of 24 two-bedroom units, 10 one-bedroom units, and 3 three-bedroom units. Additionally, the property features 11 commercial spaces, 32 garage parking spaces and 10 storage units. A new owner will benefit from an in-place 10-year tax abatement expiring in 2028. The property is being offered free-and-clear or with the assumption of the in-place loan.

UNTAPPED PERFORMANCE UPSIDE
Rents at nearby renovated apartment buildings achieve up to $700 per month more than those at Eastern Lofts. The large delta indicates that there is a rare opportunity, by executing a light value add strategy, a new owner can increase rents significantly before approaching competitive properties.

Additionally, trailing operating expenses represent 65% of the effective income. A new owner can realize even further upside by implementing comprehensive management targeting operational inefficiencies.

DESIRABLE LOCATION
Eastern Lofts is positioned in the highly sought after Brewerytown section of Philadelphia, providing residents with access to the neighborhood’s thriving dining and nightlife scene as well as attractions like the Philadelphia Zoo and Art Museum. Furthermore, the Property is poised to benefit from the continued development underway broadening the neighborhood’s resident base.

CONNECTIVITY
Eastern Lofts is situated within a minute walk to various SEPTA bus routes. Furthermore, residents have access to the SEPTA Route 15, a streetcar line that runs through Brewerytown and connects to Girard Station, providing residents quick access to Center City Philadelphia.

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