1518 Willow Avenue Elkins Park, PA Elkins Park Apartments Six Apartment Units Offering Memorandum The Investment Sales Division of Avison Young extends to qualified PROPERTY SUMMARY investors the opportunity to purchase 1518 Willow Avenue in Elkins Park, Address: 1518 Willow Avenue PA. The property consists of six apartment units currently 100% occupied Elkins Park, PA 19027-3165 with a strong rental history due to the property’s location, just outside the Philadelphia City Limits in the Cheltenham School District. County: Montgomery Township: Cheltenham Investment Highlights Property Type: Six Unit Apartment Building This offering represents an outstanding investment opportunity for many 1 Studio compelling reasons: 3 Two Bed/One Bath 2 Three Bed/One Bath • Low Turnover Rate – The average length of occupancy among current renters is over 6 years. Utility Reimbursements: Owner pays water/sewer only. Tenants pay electric and gas/heat cooking. • Low Capital Needs – The current owner has implemented a continuous capital campaign over its 20+ year ownership period including the building’s HVAC systems, roof, and siding leaving the Church Rd future owner with little capital expenditures needed in coming years. Keswick Rydal Station Theatre Noble Station • Limited Supply and Heavy Demand – Competing apartments within Glenside Station the Elkins Park have a combined vacancy rate of only 2.7% according to Glenside CoStar. This has historically been a tight rental market because of the W Cheltenham Ave relatively inexpensive rents in the area, easy access to transportation Jenkintown/Wyncote Station routes and superior schools to neighboring districts. • Investment in the Neighborhood – The complex is proximate to the Temple Tyler School of Art, which is scheduled to be redeveloped into a community center, and the Elkins Estate, a 42-acre mansion designed by Wyndmoor Township Line Rd Horace Trumbauer. • Room to Raise Rents – The current average in-place rent is $0.92 Washington Ln Elkins PSF, which is much below the perceived market-rate rent of $1.35 PSF. Park Elkins Park Station Most tenants are long-term occupants that have not received rental rate increases, offering upside to the future owner. The increase in rent is supported by the apartment rent comparables included in this package. Melrose Park Station • Excellent Returns – At an offering price of $390,000 or $65,000 per unit, Philadelphia the cash returns with market rate financing average 14.8% annually over County a ten-year hold not accounting for principal payment reduction. Partnership. Performance. Page | 1 Partnership. Performance. Page | 2 Floor Plans APARTMENT 1 APARTMENT 2 661 SF 1,120 SF Partnership. Performance. Page | 10 Floor Plans APARTMENT 3 APARTMENT 4 385 SF 610 SF Partnership. Performance. Page | 11 Floor Plans APARTMENT 5 - FIRST FLOOR APARTMENT 5 - SECOND FLOOR 915 SF 553 SF Partnership. Performance. Page | 12 OFFERING PROCEDURE 1518 Willow Avenue is being offered for sale at a price of $390,000 to qualified real estate investment entities. Interested investors should address all communications, inquiries, and requests for information to Avison Young. All inspections of the property must be arranged through Avison Young with appropriate notice. Investors intending to purchase the property should put their proposed terms in Letter of Intent form and deliver to Avison Young by email. The Seller will evaluate all offers based on factors such as economics, timing, terms, and the bidder’s track record in closing similar transactions. Neither Seller, nor Avison Young, nor any of their respective employees, agents, or principals, has made or will make any presentation or warranties, expressed or implied, as the accuracy or completeness of this Offering Memorandum or contents. The analysis and validation of the information contained in this package are entirely the responsibility of each prospective investor. Capital Markets/Investment Real Estate Brokerage: Adam Gillespie, Principal D 610.276.3153 C 215.384.6040 [email protected] avisonyoung.com ©2018 Avison Young - Philadelphia LLC. All rights reserved. The information contained herein is believed to be true; it has not been verified and as such, cannot be warranted nor form any part of any future contract..