The offering consists of two properties (224 N. Charlotte Street and 56 West 3rd Street) with a total of 14 apartment units and 3 income-producing garages. The properties are located within a mile of each other and are within walking distance to Downtown Pottstown (High Street). High Street offers tenants convenient access to local restaurants and pubs, grocery stores, a hardware store, municipal buildings, post office and local transit - High Street line, powered by Potts-town Area Rapid Transit (PART). PART provides connection service with SEPTA’s 93 line connecting riders with the Norristown Transportation Center for access to Center City Philadelphia and area suburbs. There are several parks in the Borough of Pottstown, the largest park being Manatawny Park. This park is within a few blocks of both properties and features an abundance of grass playing fields and baseball diamonds. It is also home to the Pottstown Rumble Volleyball Tournament, the largest grass volleyball tournament on the East Coast held the third week of June each year.
The Borough of Pottstown is ideally situated for apartment rentals. The location affords excellent proximity to King of Prussia/Valley Forge. Situated along the “Route 422 Corridor”, King of Prussia/Valley Forge is the largest suburban office sub-market with approximately 16 million square feet. In addition, the King of Prussia Mall is a short drive from the apartments and, as the second largest mall in the country, it offers consumers seven major anchor tenants as well as 3 million square feet of retail space.
The properties being offered allow for a new owner to achieve a cash-on-cash return of 13.4% with in-place rents and no needed major capital projects at the property at this time.
