Map pin7200 Baptist Road, Bethel Park, PA, 15102, US

Surrey Garden Apartments

Surrey Garden Apartments_Property for Sale

Attributes

Units
81
Occupancy
67%
Year built
1968
Land area gross
4.28 acres
Parking spaces
115

Asset description

JLL is pleased to present Surrey Garden Apartments (the “Property”), a garden-style apartment community containing 81 units in Bethel Park, PA. The Property, developed in 1968, overlooks South Park and is situated near abundant retail, dining, and entertainment options. The site is multimodal, with convenient access to light rail and bus transportation. The unit mix includes 67 one-bedroom units and 14 two-bedroom units across three residential buildings. The site was once a horse farm, and still includes a historic farmhouse, which is now primarily used for storage and maintenance supplies for the Property.


The Property has historically been maintained as needed with the most recent improvements including new walkways to the buildings (4 years ago). The unit interiors are largely original to initial construction with flooring and appliance updates only completed as needed. Rent comparables for newer or updated product are roughly 30% above what the Property is achieving today. Occupancy is currently at 67%, below the submarket average of 94%; however, most of the leases are currently month-to-month, enabling potential investors the flexibility to swiftly implement a room renovation program. The Property is being offered free and clear of debt.

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Investment highlights

  • Opportunistic opportunity
  • 67% Occupancy
  • +90% of Tenants are Month to Month
  • Rent Comps ~30% Above Subject
Surrey Garden Apartments 4_Property for Sale
Surrey Garden Apartments 4_Property for Sale
Surrey Garden Apartments (0 Properties)

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Last updated
Jun 13, 2024