STOWE, PA-An undisclosed seller has placed Pottsgrove Townhomes, a 116-unit apartment complex at 201 Jay St., is being on the market at an asking price of $11.5 million, or $99,138 a unit. The complex, which occupies approximately 7.5 acres, was completed in 1971.
"The upside includes long-term capital appreciation due to continued growth in the area, significantly upside rental potential due to the style and quality of the apartments, and the potential of condo conversion as a solid exit strategy," Donald MacLaren Jr., an investment specialist in the Philadelphia office of Marcus & Millichap Real Estate Investment Brokerage Co. Published rental rates range from $825 to $850 a month. MacLaren is marketing the property along with Michael Wexler of the same office. Occupancy is currently 96%, Wexler says, "and, because this is the best product in the submarket, we believe the rental rates could increase by $30 to $50 a unit."
All of the units are two-bedroom, 1.5-bath townhouse layouts with separate entrances. Each includes washer/dryer, walk-in closets and new thermal windows. The property contains a pool, tennis court, playground and off-street parking.
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