Multifamily Assets Sell for $27,463 Per Unit

PHILADELPHIA-In two separate transactions, three small multifamily rental properties totaling 41 units, change hands. Two buildings totaling 17 units, located near Borough Hall in the newly improved Borough Park area of Pottstown, PA, sell for $685,000 or $40,295 a unit while the 24-unit West Club Apartments in Chester, PA sells for $441,000, or $18,375 a unit.

The Pottstown properties are at 1001 Hanover Street and 129 High Street. The High Street building is 100 years old and is 97% occupied. The average rent is $440 a month.

The Hanover Street property is 22 years old and 100% occupied. The average rent is $645 a month. Both Pottstown buildings have off-street parking.

West Club is approximately 42 years old. It is 98% occupied, and the average rent is $455 per month.

The Philadelphia office of Encino, CA-based Marcus & Millichap was the listing broker on all three properties and also secured the buyers.