Details

Property Description

THE RESIDENCES AT FRONT STREET — A rare, fully occupied, turn-key 20-apartment investment in the heart of Quakertown's historic downtown. 100% occupied, with 3.47% assumable financing on a $2, 000, 000 interest-only balance. The offering: 20 apartments — two 3-bedroom, fifteen 2-bedroom, three 1-bedroom — every apartment like-new and renovated, with granite counters, stainless steel appliances, washer / dryer in unit, and wood flooring throughout. Anchored by nine apartments in new construction completed in 2021 with a rooftop deck, alongside the classic red Victorian on Front Street. The numbers: scheduled rent $33, 941 / month ($407, 292 / year), with rents ranging from $1, 475 to $1, 910 / month. T12 NOI $353, 235 — a 5.94% cap rate at $5, 950, 000. Seller's pro forma NOI $384, 891 — a 6.47% cap — on proposed rents of $38, 000 / month, a 12% lift over current rents, so there is clear opportunity to bring rents to market. T12 gross income $426, 244 against operating expenses of $73, 009, and tenants pay electric, water, sewer, and trash. 33 parking spaces. The financing: the existing loan is assumable at 3.47%, interest-only, on a $2, 000, 000 balance. Seller confirms assumability, subject to lender approval. Quakertown's historic downtown, walkable to shops, restaurants, and the Trolley Barn Public Market, with easy roads to Doylestown, New Hope, and the Lehigh Valley. OFFERING MEMORANDUM attached. Full financial package — rent roll for all 20 units, income and expenses, pro forma, and loan statement — available upon request from the listing agent. Contact Andrew D. Blum, RE / MAX Centre Realtors, for the package and to schedule a private showing. SEE OFFERING MEMORANDUM FOR BED / BATH BREAKDOWN AND FINANCIALS. * * * ONE COMBINED OFFERING — all 20 apartments sold together in a single sale; the parcels are not sold separately. This same offering appears under four MLS sheets: 18 Front Street — Commercial PABU2135492, Multifamily PABU2135590; 12 Front Street — Commercial PABU2135586, Multifamily PABU2135592. * * *