Winchester Apartments 4804 Chester Ave
38 Unit Apartment Building $4,400,000 ($115,789/Unit) 6.10% Cap Rate Philadelphia, PA 19143
INVESTMENT HIGHLIGHTS
- Significant Value-Add Opportunity: Renovate Unit Interiors and Common Areas to Increase Rents
- Desirable Squirrel Hill Location: One of the Best Neighborhoods Outside University City Philadelphia
- Eds and Meds Tenant Base: Housing for Highly Educated Young Professionals
- Proximity to Major Institutions: Blocks from UPenn, Drexel, St. Joseph's, Science Center, Penn Medicine & CHOP
- Access to Major Highways: Direct Access to I-95, I-676, and I-76
EXECUTIVE SUMMARY
Winchester Apartments is comprised of 38 apartment units in the Squirrel Hill neighborhood of University City Philadelphia. The Asset presents new ownership with a significant value-add opportunity to increase rents by executing a renovation plan in the units and common areas aimed at achieving a sizable rental premium. The Property lags far behind the competitive set providing capital with supportable upside potential upon acquisition.
The Squirrel Hill neighborhood is a highly desirable portion of West Philadelphia. The tree-lined streets and Victorian homes give off a suburban feel. Winchester Apartments is blocks from popular expansive green spaces such as Clark Park and The Woodlands. The Property is within walking distance of Baltimore Avenue, a thriving retail corridor filled with cafes, restaurants, and shopping. The Asset attracts a highly educated tenant base that wants to be strategically located near the University of Pennsylvania, Drexel University, and the Children's Hospital of Philadelphia.
Winchester Apartments is minutes from major transportation routes such as Interstates 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Future tenants are also a 3-minute walk to the 49th Street Station on the SEPTA Media-Wawa Line carrying commuters into Center City, 30th Street Station, and the Philadelphia Suburbs.
The Squirrel Hill neighborhood is a highly desirable portion of West Philadelphia. The tree-lined streets and Victorian homes give off a suburban feel. Winchester Apartments is blocks from popular expansive green spaces such as Clark Park and The Woodlands. The Property is within walking distance of Baltimore Avenue, a thriving retail corridor filled with cafes, restaurants, and shopping. The Asset attracts a highly educated tenant base that wants to be strategically located near the University of Pennsylvania, Drexel University, and the Children's Hospital of Philadelphia.
Winchester Apartments is minutes from major transportation routes such as Interstates 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Future tenants are also a 3-minute walk to the 49th Street Station on the SEPTA Media-Wawa Line carrying commuters into Center City, 30th Street Station, and the Philadelphia Suburbs.
PROPERTY FACTS
| Price | $4,400,000 |
| Price Per Unit | $115,789 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 24,488 SF |
| No. Stories | 4 |
| Year Built | 1950 |
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Walk Score®
Very Walkable (89)
Transit Score®
Excellent Transit (80)
Bike Score®
Biker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 881822400 | Improvements Assessment | $1,400,000 |
| Land Assessment | $600,000 | Total Assessment | $2,000,000 |
ZONING
| Zoning Code | RTA1 |
