Parkesburg, PA
Property Type: MultifamilySize: 45 Units
Price: $3,700,000
CAP: 7.78%
Highlights:
- 45-Unit Garden-Style Apartment Community Located in Parkesburg, Chester County, Pennsylvania
- 20-Year Elderly Designated HAP Contract Expiring January 2032
- Strong Location Between Downingtown and Lancaster
- Well-Maintained Property with Long-Term Owner
- Excellent Basis with Free & Clear Debt
Description:
Parkesedge Apartments is a 45-unit, garden-style apartment complex located in Parkesburg, Chester County, Pennsylvania. The property is subject to a 20-year elderly designated HAP renewal contract expiring in January 2032.
The property is located on the western edge of Chester County, PA which boasts the highest median income out of all the counties in Pennsylvania. Parkesburg is centrally located, approximately 25 miles from Lancaster and 15 miles from Downingtown. The property is located just off of Route 30. There is a Walmart and Home Depot anchored shopping center less than a mile away.
The property has been well maintained over the years. Upgrades include new roofs and parking lots. Many of the A/C units have been replaced.
The property provides well maintained affordable housing for local seniors, and boasts a long-term waiting list. There are typically 2-3 move outs per year, which allows for very little vacancy loss and turnover costs.
This asset is being offered at $3,700,000 or $82,000 per unit. A new owner should be able to get a new loan at 75% LTV and have double digit cash on cash returns Day 1.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
