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Gene Zlotnikov [email protected]
267-528-8813License: RS319486
1080 N Delaware Ave, Suite 315Philadelphia, PA 19125
1540-42 N Willington St, Philadelphia, PA 191211544 N Willington St, Philadelphia, PA 19121
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
Confidentiality Agreement
The material in this Confidential Offering is confidential, furnished solely for the purpose of considering the “AS IS” acquisition of 1540-42 N Willington Street, Phila, PA 19121 and 1544 N Willington Street, Phila, PA 19121 (the “Property”). The information is not to be used for any other purpose or to be made available to any other person without the express written consent of Walnut Realty Group. Summaries contained herein of any documents or approvals are not intended to be comprehensive statements of the terms of such documents or approvals, but rather only outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Agent or any of their respective related agents or entities as to the accuracy or completeness of the information contained herein or with respect to any matter pertaining to the property including, without limitation, the suitability of the Property for any particular activity or use or its fitness for a particular purpose. Prospective buyers should make their own investigations, projections and conclusions regarding the Property. It is expected that prospective buyers will conduct their own independent due diligence concerning the Property, including, without limitation, such legal, engineering and environmental inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the Property. No representations, expressed or implied, are made as to the foregoing matters by the Owner, Agent or any of their respective officers, employees, affiliates and/or agents.
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Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
3
Building Highlights
● Spacious bi-level units● Private Backyard● En-suite bathrooms in select rooms● Fully equipped kitchens with granite
countertops, dishwashers, garbage disposals, microwaves, refrigerators
● Each unit separately metered with private washer/dryer and HVAC
● Camera intercom systems in each unit● Buildings constructed in 2014● 5 years remaining on tax abatement● Properties come fully leased for August 2019-
August 2020
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
4
Location
● Located in Federal Opportunity Zone● Value add potential● Prime location in off-campus housing area
for Temple University● 10 minute walking distance to university
classroom buildings● 5 minute walking distance to nearest campus
facilities● 3 block walking distance to Fresh Grocer,
Pearl Movie Theater, Rite Aid, various restaurants, and subway to Center City
Intramural Sports Facilities
Restaurants & Movie Theater
Dorms with Retail on 1st Fl
Proposed Stadium Site
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
5
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
6
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
7
Model Rendering - 1540-42 N Willington St, Unit 3
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
8
Acquisition
1540-42 N Willington StSale Price: $1,800,000Transfer Tax: $36,000Closing Costs: $6,000 (est)Total: $1,842,000
Unit Mix
1540-42 N Willington StUnit 1 : 4 bedroom / 3 bathroomUnit 2 : 4 bedroom / 3 bathroomUnit 3 : 4 bedroom / 4 bathroomUnit 4: 5 bedroom / 3 bathroomUnit 5: 5 bedroom / 3 bathroomTotal : 22 bedrooms / 16 bathrooms
1544 N Willington StSale Price: $925,000Transfer Tax: $18,500Closing Costs: $3,000 (est)Total: $946,600
Package Acquisition: $2,788,500
1544 N Willington StUnit 1 : 4 bedroom / 4 bathroomUnit 2 : 4 bedroom / 3 bathroomUnit 3 : 4 bedroom / 4 bathroomTotal : 12 bedrooms / 10 bathrooms
Current Rent Roll
1540-42 N Willington St Per Rm Per UnitUnit 1: $525 $2,100Unit 2: $625 $2,500Unit 3: $650 $2,600Unit 4: $585 $2,925Unit 5: $625 $3,125
Gross Monthly $13,250 Gross Annual $159,000
1544 N Willington St Per Rm Per UnitUnit 1: $525 $2,340Unit 2: $625 $1600Unit 3: $650 $2,000Gross Monthly $5,940 Gross Annual $71,280
Package Gross Rent: $230,280
Expenses
1540-42 N Willington StRepairs - $7,500Turnover Cleaning - $1,200Management $7,954.33Leasing : $9,280Electric: $335Water: $2,400Insurance: $4,890Tax: $1,400Admin: $600Licensing: $250Reserves:$4,000
Total Expense: $39,809.33Net Income: $119,190.67
1544 N Willington StRepairs - $2,000Turnover Cleaning - $900Management $0*Leasing : $0*Electric: $400Water: $1,500Insurance: $2,540Tax: $5000Admin: $1150*Licensing: $150Reserves:$1,500
Total Expense: $15,140Net Income: $56,140
Package Net Rent: $175,330.67 Package Cap Rate: 6.29%
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
9
Revised Rent Roll
1540-42 N Willington St Per Rm Per UnitUnit 1: $550 $2,200Unit 2: $650 $2,600Unit 3: $650 $2,600Unit 4: $600 $3,000Unit 5: $625 $3,125
Gross Monthly $13,525 Gross Annual $162,300
1544 N Willington St Per Rm Per UnitUnit 1: $600 $3,000Unit 2: $550 $2,200Unit 3: $550 $2,200Gross Monthly $7,400 Gross Annual $88,800
Package Gross Rent: $251,100
ExpensesRepairs - $7,500Turnover Cleaning - $1,200Management $7,954.33Leasing : $9,280Electric: $335Water: $2,400Insurance: $4,890Tax: $1,400Admin: $600Licensing: $250Reserves:$4,000
Total Expense: $39,809.33Net Income: $122,490.67
ExpensesRepairs - $2,000Turnover Cleaning - $900Management $4,440*Leasing : $5,550Electric: $400Water: $1,500Insurance: $2,540Tax: $5000Admin: $200Licensing: $150Reserves:$1,500
Total Expense: $25,980Net Income: $62,820
Package Net Rent: $185,310.67 Package Cap Rate: 6.5%
Value Add Component
● 1544 N Willington St is currently under-leased. When fully leased, it generates $6,600-6,800/month ($79,200-81,600/year). WRG managed this property 2013-2017. When we managed, it was fully occupied every year (rental history available). Owners currently self manage which has had an adverse impact on leasing.
● 1544 N Willington St has a large unfinished space in the basement that can be easily converted to an extra bedroom and bathroom. There is already an egress well with a window in the space as well as plumbing. The additional room and bathroom can generate an extra $600/month ($7,200 per year)
● 1540-42 N Willington St and 1544 N Willington St are adjacent and have large backyards with a gated common alley. By combining the backyards and adding cosmetic upgrades such as a new fence, turf grass, plants and seating, the backyard space can be converted to a community amenity which makes the buildings more marketable and has proven to increase rents in other similar buildings.
● With minor upgrades to hallway lighting (LED) and replacement of common area carpets, the buildings would become more aesthetically appealing and marketable.
● We believe all upgrades can be made for less than $65,000.
Walnut Realty Group215-278-2873
1540-44 N Willington StPhiladelphia, PA 19121
Zoning: RM-1
8 Residential Units34 Bedrooms26 Bathrooms
10
Additional Property Specs
