The price per unit, according to data from the Philadelphia office of Marcus & Millichap, is more than $4,000 over the projected median price per unit of $58,000 predicted for the overall Philadelphia MSA for 2004. The median price per unit increased 24% between 2002 and 2003 and is expected to continue its double-digit rise, according to M&M.
M&M was the exclusive broker for the Victoria Arms sale. This transaction is among several multifamily sales the firm has facilitated in the Philadelphia region this month. The company represented the seller of the Upsal Park Apartments at 234-240 East Sharpnack St. in Philadelphia, which traded for $920,000.
In addition, M&M facilitated the sale of a property at 4415 Main St. in Philadelphia's Manayunk neighborhood that contains a retail space leased to Starbuck's on the ground floor and two apartments above. The sale price was $1.2 million.
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