Created date: September 5, 2023
Date last updated: September 5, 2023
- Extreme Below Market Rents: $200+ per Month without Upgrades/Renovations
- Excellent Value-Add Opportunity: $400 to $600 per Month with Upgrades/Renovations
- Proximity to Shopping: Acme Located Directly Adjacent to Property
- SEPTA's Regional Rail & Bus: Within Steps of Transit Stop (Bus Routes 19 & 67); Minutes to Three Regional Rail Stations
- Strong Medical Employment Centers: Fox Chase Cancer Center, Einstein Medical Center and Jeanes Hospital
The property’s location is extremely desirable due to its high visibility along Oxford Avenue (17,000± vehicles), a major artery in Northeast Philadelphia that borders Montgomery County. In addition, the property is located directly next to an ACME grocery store. There is a SEPTA bus stop (Bus Routes 19 and 67) in front of the property and it is only minutes from 3 SEPTA Regional Rail Stations (Ryers, Cheltenham, and Lawndale) which all provide a 25± commute to Center City Philadelphia. Furthermore, the property is conveniently located near Roosevelt Boulevard (Route 1), Cottman Avenue (Route 73), and Interstate 95. The neighborhood also offers shopping and restaurants along with tremendous access to transportation.Built in 1963, the 77-unit community consists of five buildings, brick exteriors, and ample parking. The tenants pay electric and gas heat (sub-metered), while the owner provides cold water and sewer. Each building has a gas-fired boiler and domestic hot water heaters. There are coin-operated laundry machines (landlord owned) in every building. All of the apartment units are one-bedroom.Rental Upside - Since ownership (2008), all of the windows have been replaced, approximately 50% of the kitchens have been updated with oak (contractor-grade) cabinets, and approximately 25% of the bathrooms have been renovated. Recently, six units have been renovated to a higher standard and are achieving $1,195 per month versus the average in-place rent of $958 per month. By upgrading the units at Jason Court Apartments, rents could be increased from $400 to $600 per month.The Lawndale/Fox Chase/Lawncrest Sub-Market of Northeast Philadelphia is an extreme occupancy sub-market with an average occupancy greater than 96%. The average in-place rent at Jason Court is $958 in a sub-market that averages over $1,300 per month at similar garden-style apartment communities.