Souderton, PA
Property Type: MultifamilySize: 12 Units
Price: $2,250,000
CAP: 6.55%
Highlights:
- 12-Unit Apartment Complex Located in Souderton, Pennsylvania
- Strong Unit Mix: All Two-Bedroom Apartments
- High In-Place Yield, North of a 6.5% Current Cap Rate
- Majority of the Apartments Have Been Renovated, Only 2 Untouched Units
- Tenant Paid Heat
- Ample Off-Street Parking, 2:1 Parking Ratio
Description:
Marcus & Millichap is pleased to present for sale the Souderton Apartments - A 12-unit apartment complex spread out over three buildings, located in Souderton, PA. The buildings are located adjacent to each other, and each building contains 4 two-bedroom units with a common area laundry in the middle building. The complex has been kept in very good condition due to the owner's keen attention to detail. The landlord is responsible for common area electric, water, sewer and trash removal. The tenant is responsible for heat and electric. There is ample off-street parking located behind each of the three buildings.
The Souderton Apartments sits right across from the Willows at Reliance Crossing, which
is a new construction affordable housing project. Four new town homes have been built directly next to the parcel. The Property represents a unique opportunity to acquire an
apartment community in the highly desirable Montgomery County. The current owner has renovated ten of the twelve units, which allows an incoming investor to capture the remaining value in the property while also achieving strong returns.
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