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Atrium House

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Address: 677 Elm St, Royersford, PA 19468, USA

New York & Tri-State + Apartment Buildings

Created date: November 6, 2024

Date last updated: November 6, 2024

Strong Unit Mix: All Two-Bedroom/Two-Bath Units; 1,200 SF in Size

Attractive Per Unit Price: Asking Price of $200,000 Per Unit

Opportunity to Increase Rents: Rents are +15% Below Market in “As-Is” Condition
Unique Property Amenities: Interior Atrium, Indoor Pool, Fitness Center, Parking Garage, Community Garden, Landscaped Walking Trail

Suburban Philadelphia Location: Neighborhood Setting in Sought-After Royersford, Montgomery County

Property Description

On behalf of ownership, GREA extends to well-qualified investors the unique opportunity to acquire the fee simple interest in Atrium House Apartments, a 36-unit property comprised of 34 apartment units, an office space (900± SF), and a ghost kitchen. The ±7-acre property is situated in the heart of Royersford, Montgomery County, Pennsylvania, one of Suburban Philadelphia’s most highly sought-after locations. Built in 1991, Atrium House Apartments is a four-story, elevator building with large attractive unit layouts. All apartments are 1,200 square feet in size with two-bedroom/two-bath floor plans. The spacious units feature large kitchens with plenty of storage space and an island, a separate dining area, large windows, carpeted bedrooms, and ample closet space. Atrium House’s amenity package is one of a kind and separates itself from its competitors in the marketplace. Residents have access to an expansive interior atrium with skylights, an indoor pool, a weight room, and laundry facilities on each floor. There is below-ground parking for 37 vehicles, a landscaped nature trail, and a community garden. In addition to the 34 apartments and an office, the property has a fully functional and equipped kitchen that could be rented out for additional income. Atrium House Apartments presents excellent upside potential in rents. With little to no work to the apartment units, a ±15% increase can be obtained. If one were to renovate kitchens and baths, a 20% increase could easily be obtained (see Market Rent Survey, page 30). The Property offers significant opportunities to potential buyers by not only increasing the rent roll but by decreasing expenses. Atrium House Apartments offers potential buyers an opportunity to acquire an amenitized building in highly sought-after Royersford, Montgomery County, Pennsylvania. This is an excellent long-term hold with numerous ways for the buyer to increase NOI.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$7,100,000
No. of Units:	36
Building Size:	79,512 Sq ft
Lot Size:	7.00 Acres
Opportunity Zone:	No
Price per unit:	$197,222