HARDIE HOUSE | 28 UNITS
Philadelphia's "Main Line"
Overview
- Offering Price $5,000,000
- Apartment Units 28
- Pro Forma CAP Rate 6.3%
- Price per Unit $178,571
- Lot Size 15,750 SF
- Building Size 29,150 SF
On behalf of Ownership, GREA offers qualified investors the opportunity to acquire the fee simple interest in Hardie House, a 28-unit property in Bala Cynwyd, Pennsylvania. Bala Cynwyd is a community located in Lower Merion Township, Montgomery County. It is just outside of Philadelphia and is part of the Philadelphia “Main Line”, a series of affluent suburbs.
Built in the 1920s, Hardie House is inspired by Spanish architecture and boasts original hardwood floors, unique layouts, and walk-in closets, and several units have private balconies or sunrooms. The Property consists of 28 apartments with a mix of studio, one-bedroom and two-bedroom units. The apartments are spacious and well laid out. Unique in its style, Hardie House truly separates itself from its competitors given its distinctive architecture and layouts.
The location of Hardie House is best in class. Situated off City Line Avenue, residents enjoy convenient access to the area’s employers, restaurants, and shopping. The Property is within walking distance of Saint Joseph’s University, and Lankenau Medical Center (Main Line Health) is nearby. For daily commuters, SEPTA trolley and regional rail lines are within minutes and provide access to Center City Philadelphia and its Western suburbs.
Hardie House offers an excellent value-add opportunity. Current in-place rents are below market. A new buyer has the option to keep the units “as is” and increase the rents by 10%+, or update the kitchens and baths and install in-unit washers/dryers and increase rents by 20%+.
Hardie House offers prospective buyers a unique opportunity to acquire a 28-unit property with old world charm along Philadelphia’s “Main Line”.
