57 Units | 8 Miles from City Center

Garrett House

Download OM

Property Overview

As exclusive agent, Cushman & Wakefield is pleased to offer Garrett House, located at 3420 Garrett Road, Drexel Hill, Pennsylvania 19026, for sale. This 57-unit, 3-story apartment building is walking distance to the SEPTA Light Rail and offers immense upside to an investor. This offering represents the opportunity for an investor to acquire a value-add multifamily asset in Drexel Hill, a growing suburb of Philadelphia. Please visit the deal room for more information on the asset or reach out to any member of the listing team to discuss further.

Highlights

Garrett Road is a main street through Drexel Hill offering superior street visibility and access to potential tenants

3 story walk-up construction limits operating expenses by eliminating the need for elevators, allowing for improved building operating efficiency.

Building average rent is $877 / month which translates to $1.67 psf/ month compared to ~$2.20 psf/ month in renovated units in the area.

Recent capital expenditures at the property (Oil to Gas conversion; Roof Coating, etc.) allows an investor to deploy capital efficiently upon acquisition.