PHILADELPHIA-Hill House, an 11-story, 187-unit rental residential property at 125 W. Evergreen Ave. in the city's affluent Chestnut Hill neighborhood, has been placed on the sales block. The owner, Paul Weinberg, maintains a residence in the building, but his primary residences are in Paris and Santa Fe, NM. "Since he no longer lives here and is getting older, he's taking some chips off the table," says Spencer Yablon in the local office Marcus & Millichap's national multihousing group.

Yablon and Mark Thomson of the same office are marketing the property. The asking price is $36 million, which translates to $192,513 a unit or about $170 per gross sf. Chestnut Hill consists primarily of million-dollar-plus single-family houses, making Hill House and exception and "there's nothing comparable here," according to Yablon. It is being marketed as a rental asset or for condo conversion.

The current owner's father developed the building in 1964, and his family continued to own and operate it. "It's been well maintained, and they made substantial capital improvements over the past five years," Yablon says.

It is currently and historically more than 95% leased. There are 10 different floor plans, which include 36 studios, 60 one-bedroom, 74 two-bedroom and 10 three-bedroom units with two baths, and nine three-bedroom units with three baths. Sizes range from 812 sf to 1,536 sf, and rental rates range from $807 a month for a studio to approximately $2,000 a month for a three-bedroom apartment. It's a doorman building, and the complex includes a courtyard and outdoor pool.