X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

PHILADELPHIA-A locally based limited partnership has placed Roosevelt Apartments up for sale at an asking price of $10 million. The nine-story building at 2216-22 Walnut St. was completed in the 1920s and has undergone a series of renovations since then, including, most recently, new kitchens, carpeting, lighting and upgrades to the common areas.

It contains 99 units, primarily studio and one-bedroom layouts along with a single 3,500-sf penthouse on the top floor with outdoor decks on all sides. Jonathan Stavin, VP, and Ann Bailey, first VP, in the local office of CB Richard Ellis, are marketing the property along with John McFadden and Robert Miller, SVPs in CBRE’s Wayne office.

“We certainly don’t want to leave out condo converters as possible buyers,” Bailey tells GlobeSt.com, “but, given the size of the units and the strong student demographics of the current tenants, maybe this is more likely to be an income-generating investment for a buyer.” Studios range from about 375 sf to 400 sf, she says, and one-bedrooms are between 550 sf and 595 sf. Current rental rates for these apartments range between about $695 and $925 a month. The penthouse is currently occupied by one of the owner/partners and “is under-rented,” she says. “Its projected rental rate is $6,000 a month.

“The property’s current occupancy is at the mid- to high-90% level,” Bailey says, “but there will be some graduate-student turnover. It has proven to be ideal for graduate students,” she explains, “because it’s just blocks from Rittenhouse Square and Fitler Square for those who want Center City, but also by the bridge that leads to Penn (University of Pennsylvania).”

“It’s the first apartment property of its size that has come to market in the Rittenhouse Square neighborhood in nearly a year,” adds Stavin. “The booming condominium conversion market and tremendous population growth in Center City over the past five years has combined to make pure rental apartments a scarce commodity.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.