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1StolkerCenter City Philadelphia Multifamily Property Portfolio
The
21 Roland Avenue | Mount Laurel NJ 08054+1 856 234 9600 | naimertz.com
For more information:
Fred Meyer, SIOR+1 856 234 9600 • [email protected]
John Adderly+1 856 335 1080 • [email protected]
Roy Kardon, SIOR+1 856 234 9600 • [email protected]
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About the Portfolio
Investment Portfolio Offered for Sale by The Stolker Family:NAI Mertz Exclusive Broker
ABOUT THE OWNERS¥¥ 1960’s Leonard (“Len”) Stolker, a highly regarded real estate broker in Philadelphia
began building his portfolio by purchasing small apartment buildings.¥¥ 1970’s Len purchased the American Baptist Publication Society building, an 1895
landmark building situated at Juniper and Lombard, which he renovated into the magnificent building it is today.¥¥ 1990’s Len continued to purchase historic brownstones and buildings of character
as defined by their architectural distinctions to round out the portfolio as it exists today.¥¥ 2015 Len passed away and the family assumed the ownership and management
of the portfolio.¥¥ 2016+ The Stolker family takes over operational control of the assets and makes
exceptional capital improvements in excess of $3,500,000.¥¥ 2018 Realizing the extremely unique nature of the assets, the family has decided to
package the portfolio for sale while being open to considering offers for the purchase of individual or pre-packaged assets.¥» NAI Mertz was retained to exclusively represent the family in the sale of the
portfolio and/or individual assets within.¥¥ …and the stage is set for the story to continue – your story – as the owner of this
unique set of income producing properties.
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About the Portfolio
The Stolker Family Portfolio¥¥ Juniper East (1329 Lombard St.)¥¥ 415-417 S. 10th Street
(2 Buildings/1 investment)¥¥ 1634-36-38 Lombard Street
(3 Buildings/ 1 investment)¥¥ 1825 Spruce Street¥¥ 1912 Spruce Street¥¥ 2011 Spruce Street
Stunning. Historic. Full of Character. These are some of the adjectives used to describe the assets offered for sale. You are invited to review the offering memorandum and reach to NAI Mertz for additional information or to schedule a tour.
Portfolio or Individual Sale – The Stolker Family is offering the portfolio (including 9 buildings) at a discounted rate if purchased as a package or are open to selling individual assets. The 6 listings are detailed below with (4) offered as individual buildings; (1) investment featuring 2 adjacent buildings and another including 3 adjacent buildings.
100 Units9 Buildings
6 Investments1 Opportunity
Juniper East
2011 Spruce St.
415-417 S. 10th St.
1825 Spruce St. 1912 Spruce St.
1634-36-38 Lombard St.
¥¥ Established core infill locations in Center City Philadelphia — Rittenhouse Square, Washington Square West and Avenue of the Arts submarkets¥¥ Center City Philadelphia apartment rents below other major northeastern US cities.¥¥ Stable markets with rental rate growth potential
Prime Locations
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Investment Overview
INVESTMENT ADDRESS NUMBER OF UNITS INDIVIDUAL
PRICE
One 1329-39 Lombard St. 58 units + 1 commercial unit $19,950,000
Two 415-417 S 10th St. 11 units $3,200,000
Three 1634-36-38 Lombard St. 9 units + 2 parking spaces $4,100,000
Four 1825 Spruce St. 6 units + 2 parking spaces $2,200,000
Five 1912 Spruce St. 7 units $4,000,000
Six 2011 Spruce St. 9 units $3,600,000
TOTAL 100 UNITS+1 COMMERCIAL UNIT+ 4 PARKING SPACES
Package Options
TOTAL PORTFOLIO OFFERING AT A DISCOUNTED TOTAL OF $34,500,000
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Around the Block
WHY INVEST IN PHILADELPHIAPhiladelphia is the fifth most populous city and the seventh largest metropolitan economy in the US. The population is generally young, and the millennials in Philadelphia are showing an interest in urban living, away from sub-urban homes. That’s already a strong factor pushing Philadelphia real estate investments forward. Moreover, the economy is vibrant, with a new focus on information technology and services. Philadelphia also remains a center of higher education (especially health education and other research centers) and financial services, in addition to featuring strong oil refining, manufacturing, food processing, and tourism industries.
To sum up, all these factors position investing in Philadelphia real estate property an excellent option. (Source: MASHVISOR)
Philadelphia is enjoying the longest period of economic expansion in the last 50 years, adding 55,100 jobs since 2010 and showing positive growth in all but one year since 2005. In 2016, Philadelphia added a record 13,600 jobs; in 2017, the city added another 10,700 jobs. Growth has been driven entirely by private-sector gains, with public sector employment continuing a 25-year trend of contraction. By local standards, this is very good news.
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Around the Block
AVENUE OF THE ARTSThe Avenue of the Arts is Philadelphia’s signature street and has grown to become the heart of the city aesthetically, socially, economically, and culturally. The Avenue is one of the most vibrant and successful performing arts, residential, educational, commercial, and tourist destinations in the United States. Located off Broad from Locust to Lombard, the Avenue district was recently expanded to include North Broad Street and South to Washington Avenue to encourage further development. This area fosters a hot-bed of development activity including Kimco’s Lincoln Square at Broad and Washington incorporating a mixed use retail center (anchored by Sprout’s Market) complimented by a vibrant mix of new and renovated apartments and townhomes some of which are priced at $2MM+. This thriving area serves as the epicenter to a plethora of venues to suit the needs and desires of the diverse inhabitants including:
This area is highly accessible and is served by several parking garages and public transportation including SEPTA and DRPA at Walnut-Locust, 12-13th Street; 15-16th Street stations and is served by the Broad Street and Lindenwold lines making it an ideal community in which to work, live and play.
¥¥ Shopping¥¥ Dining¥¥ Dancing¥¥ Sports
¥¥ Music¥¥ Art¥¥ Education¥¥ Theater
¥¥ Religion¥¥ Shopping¥¥ Superior
Healthcare
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Around the Block
RITTENHOUSE SQUARERittenhouse Square One of five original squares planned by city founder William Penn in the late 17th century, Rittenhouse Square has become widely considered as one of the finest urban public spaces in the United States. The park square is nested in the middle of Philadelphia’s Center City District, providing an oasis of rest and relaxation amidst the bustling city. Once predominantly a daytime destination, Rittenhouse Square is now a popular nightspot as well, with a string of restaurants in which to enjoy a diverse offering of various cuisines, cocktails under the stars or dancing at one of the clubs.
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Around the Block
WASHINGTON SQUARE WESTLocated between Chestnut and South streets, between Seventh and Broad streets, the Washington Square West neighborhood is a quaint historic area of Philadelphia centered west of Washington Square, dotted by rich historical sites, dating back to the city’s founding. The square was one of William Penn’s original five city squares, laid out in 1682. During Philadelphia’s years as a prominent publishing center, the Washington West neighborhood was Philadelphia’s publishers’ row; several publishers are still located in the neighborhood today. Around the corner, you will find the nation’s oldest hospital, Pennsylvania Hospital, now part of Penn Medicine, and a partner with Thomas Jefferson University in training students and providing the city with the excellent medical care for which it has become known.
21 Roland Avenue | Mount Laurel NJ 08054+1 856 234 9600 | naimertz.com
