Manayunk Portfolio_Property for Sale
Manayunk Portfolio_Property for Sale
Philadelphia, PA, US, Americas

Manayunk Portfolio

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the Manayunk Portfolio (the “Portfolio”), a 13-property, 51-unit value-add portfolio, featuring 4,200 SF of retail space, located in the Manayunk neighborhood of Philadelphia, PA.

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Attributes

Occupancy
100%
Number of units
51
Number of buildings
13
Investment strategy
Value Add
Parking spaces
4
Manayunk Portfolio (13 Properties)
Manayunk Portfolio (13 Properties)

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Investment Highlights

Value-Add Opportunity

  • As currently positioned, the Portfolio maintains classic finishes throughout the units including black and white appliances, oak cabinetry, tile/carpeted flooring, a mix of laminate and granite countertops, and original bathrooms.
  • When comparing these units to neighboring renovated properties the average in-place rent across the Portfolio trails the top of the competitive set upwards of $500 and $750 on one- and two- bedroom units, respectively, leaving future ownership ample runway to renovate and increase rents.

Strong Submarket Fundamentals

  • Per CoStar’s latest market trend report, average quarterly rent growth in the Manayunk submarket has reached 3.6% as of 2Q 2024.
  • This performance is expected to continue, with projections indicating that by 1Q 2025 rent growth is expected to increase to 4.6% and remain above 3.0% through 2026, highlighting the increasing demand for housing in the area.

Attractive Manayunk Location

  • The Manayunk Portfolio is conveniently located just 1-mile from I-76, and SEPTA's Manayunk station, providing easy access throughout the MSA and allowing residents to commute to Center City, Philadelphia, and Conshohocken in under 20 minutes.
  • The Manayunk neighborhood is known for its lively atmosphere, charming Main Street, and diverse array of shops, restaurants, and events. Manayunk boasts a thriving culinary culture, offering exceptional dining experiences as well as hosting various events throughout the year, such as the Manayunk Arts Festival and StrEAT Food Festival.
  • Outdoor enthusiasts will also find enjoyment in the nearby Schuylkill River Trail, which offers scenic views and opportunities for walking, or biking along the riverfront.
  • Furthermore, Manayunk is an education hotspot surrounded by prestigious colleges and universities such as Thomas Jefferson University, Drexel University College of Medicine, LaSalle University, St. Joseph’s University, Temple University, and the University of Pennsylvania.

Manayunk Portfolio 4_Property for Sale
Manayunk Portfolio 4_Property for Sale

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Last updated
25 Jun 2024