Offering Memorandum 7 Apartment Units 2 Commercial Units

Transcription

7 Apartment Units
2 Commercial Units
Rittenhouse Square
238 South 20th Street
Philadelphia, Pennsylvania
Offering Memorandum
The following disclaimer applies to the attached Offering Memorandum (“Memorandum”) and you are,
therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use of the Offering Memorandum or other information supplied in connection with the Property.
The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only take
place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all conditions
and contingencies contained in the Agreement of Sale have been satisfied prior to settlement.
Neither Rittenhouse Realty Advisors (“RRA”) nor any other third parties have been authorized to give
any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA
does not make any representation as to the completeness or accuracy of the information contained in the Memorandum or the value or performance of the Property either past, present or future. The information contained in
the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates
expressly disclaim any and all liability for any and all representations, either express or implied, arising from any
statements, warranties, representations or information provided in the Memorandum or from the omission of any
such representations, statements, warranties or information from the Memorandum. It is the sole responsibility
of any recipient of the Memorandum to verify the information contained therein and to conduct the proper due
diligence concerning the Property.
Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections
of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and evaluations of the Property deemed necessary by them.
RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest
concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a
written Agreement of Sale has been fully executed, delivered and approved by Seller and Seller’s counsel; and
all contingencies and/or conditions to Seller’s obligation to settle have been satisfied.
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA
215.454.2852 | [email protected]
2
Table of Contents
Executive Summary
4
Financial Analysis
5
Rent Roll Summary
6
Competitive Rental Market Survey
8
Financial Overview
10
Property Details
12
Property Photographs
14
Location Overview
19
Virtual Tour
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
3
Executive Summary
Investment Highlights
 Corner Mixed-Use Property Situated One Block From Famous Rittenhouse Square
 Great Value-Add Opportunity with Current Rents Significantly Below Market and Most Leases are Month-to-Month
 Two Commercial Units and 7 Residential Units Consisting of (1) Studio and (6) One-Bedroom Units
th
 Unique Location with Extreme Barriers to Entry on Hard-Corner of 20 & Locust Street in the Rittenhouse Square
Neighborhood
Pricing
Offering Price
$1,900,000
Number of Units
9
No. of Residential Units
7
No. of Commercial Units
2
Price per Unit
$211,111
Pro Forma Cap Rate (Less Reserves)
5.45%
Terms of Sale
Offered free and clear of debt. All cash at closing.
Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the property at 238 S 20th Street, a mixed-use property situated within the Rittenhouse Square neighborhood. This property has been
family owned and managed for over 60 years and presents a true value-add opportunity. Located one block fr om
the iconic Rittenhouse Square Park, the property affords its tenants convenient access to the city’s best restaurants and
retailers.
The property, situated on the NWC of 20th and Locust, consists of a street-level commercial space with frontage on 20th
Street that is currently occupied by a drop shop dry cleaning business. A second smaller commercial space is in the rear of
the building with and entrance on Locust Street is occupied by a silversmith. The corner retail space, with a façade renovation, could demand a significant rental increase with a NNN lease structure. Nearby neighbors include Spread Bagelry,
Cook, Lacroix, Saxby’s Coffee, Yogarino, Twenty Manning and Audrey Claire restaurants.
The building consistently maintains 100% occupancy and most rents are significantly under market for the area. Recent
Center City District Data showed that 2014 average one-bedroom rents for the Rittenhouse Neighborhood was
$1,902. The current average one-bedroom rent in this property is $910 a month. The appr oximate r ange of unit
size is 625 to 700 for the one-bedroom units. A new owner could increase rents significantly by renovating kitchens and
baths as well as exposing and refinishing original hardwood floors in units. Most leases are on month to month.
4
Financial Analysis
7 Apartment Units; 2 Commercial Units
Pro Forma
INCOME
RENTAL INCOME
Gross Potential Rent
Less: Vacancy
Other Income
TOTAL RENTAL INCOME
RETAIL INCOME
Retail Income
NNN Reimbursements
TOTAL COMMERCIAL INCOME
TOTAL INCOME
$106,800
(5,340)
900
$101,460
$48,600
4,716
$53,316
Comments
Proposed Rents ($8,900 per Month x 12 Months)
5% Estimate
$100 per Unit Estimate
Proposed Rents ($3,800 per Month x 12 Months)
25% of Real Estate Taxes and Property Insurance Estimates
$154,776
OPERATING EXPENSES
Fixed Expenses
Real Estate Taxes
Gas
Water & Sewer
Property & Liability Insurance
Business Privilege Tax
Licenses & Permits
TOTAL FIXED EXPENSES
$13,187
13,934
2,476
6,242
232
350
$35,858
Actual 2016 Assessment ($942,100 x 1.3998%)
2014 Actual
2014 Actual
2014 Actual
0.15% x Total Income per City of Philadelphia
$50 per Apartment Unit per City of Philadelphia
$3,984 per Unit
Variable Expenses
Management Fee
Repairs, Maintenance, & Turnover
Landscaping & Snow Removal
Advertising & Marketing
Admin/Legal/Acct/Misc.
TOTAL VARIABLE EXPENSES
$7,739
3,500
700
700
1,050
$13,689
5% Management Fee
$500 per Apartment Unit Estimate
$1,521 per Unit
TOTAL OPERATING EXPENSES
$49,547
$5505 per Unit
NET OPERATING INCOME
$105,229
CAPITAL RESERVES
($1,750)
NOI LESS RESERVES
$103,479
5
Rent Roll Summary
As of June 2015
Count
Unit No.
1
2
3
4
5
6
7
8
9
1F
1R
1
1A
1B
2A
2B
3A
3B
Unit Type
Retail (Dry Cleaner)
Retail (Silversmith)
1Bdr 1Ba Bi-Level
1Bdr 1Ba
1Bdr 1Ba
1Bdr 1Ba
1Bdr 1Ba
1Bdr 1Ba
Studio
Total Retail
Total Apartment
Total
Total Occupied
Total Vacant
Total Gross Potential
Status
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Units
9
0
9
Current Rent
$1,700
$700
$900
$900
$865
$925
$900
$975
$785
$2,400
$6,250
$8,650
Proposed Rent
$3,250
$800
$1,500
$1,250
$1,250
$1,250
$1,250
$1,300
$1,100
$4,050
$8,900
$12,950
Actual Rent
Monthly
Annual
$8,650
$103,800
0
0
$8,650
$103,800
Proposed Rent
Monthly
Annual
$12,950
$155,400
0
0
$12,950
$155,400
6
7
8
1920
Year
Built
Rittenhouse Claridge
Philadelphia, PA 19103
AQ Rittenhouse
2021 Chestnut Street
1700 Walnut Street
Nineteen Thirty Chestnut
1930 Chestnut Street
1807 Spruce Street
The Townhouse
Philadelphia, PA
The Embassy
2100 Walnut Street
Philadelphia, PA
The Carlyle
2131 Locust Street
The Wellington
The Chatham
222 Rittenhouse
222 W. Rittenhouse Square
2021 Spruce Street
1827 Spruce Street
1953 Locust Street
The Icon
1616 Walnut Street
Property / Location
144
6
84
183
N/A
1925
1986
206
2014
2003
6
1916
68
8
N/A
2007
8
N/A
110
100
1928
2015
93
1927
472
116
1925
1952
87
Total
Units
7 Apts
2 Comm
Total
Units
1928
Year
Built
Competitive Rental Properties
7 Unit Apartment Rental
Property / Location
93%
91%
100%
89%
97%
N/A
96%
90%
100%
100%
100%
96%
97%
96%
99%
Occupancy
Rate
100%
Occupancy
Rate
Unit Type
$1,995-$2,000
$1,880-$2,758
$3,307-$3,798
$3,050-$4,199
$1,485-$1,655
$1,864-$2,100
$2,510
$1,590-$1,925
$2,350-$2,844
$1,495-$1,550
$1,950-$2,150
$1,300-$1,400
$1,500-$2,000
$1,900-$2,100
$1,050
$2,200
$1,395
$1,750-$2,100
$2,250-$2,950
$1,105-$1,285
$1,335-$1,445
$1,565
1 Bdr 1 Ba
1 Bdr 1.5 Ba
Studio
1 Bdr 1 Bath
1 Bdr 1.5 Bath
1 Bdr 1 Ba
3 Bdr 2 Ba/Bi level
Studio
1 Bdr 1Ba
2 Bdr 1 Ba
Studio
1 Bdr 1 Ba
2 Bdr 2 Ba
$1,400
1 Bdr 1 Ba
Studio
1Bdr 1Ba
1Bdr 2Ba/Den
2Bdr 2Ba
Studio
1 Bdr 1 Ba
2 Bdr 2ba
Studio
2 Bdr 1 Ba
$1,490-$2,000
$2,250-$2,500
$3,450
$1,195-$1,350
$1,600-$1,890
$3,000
$1,375
$1,500
$1,800
$1,635
$2,130-$2,355
$3,500
$1,350-$1,500
$1,750
$1,250-$1,850
Monthly
Rent
$785
$865-$975
Monthly
Rent
1Bdr 1Ba
2Bdr 2Ba
3Bdr 2.5Ba
Studio
1 Bdr 1 Ba
2 Bdr 2Ba
Studio
1 Bdr 1 Ba
2 Bdr 2ba
Studio
1 Bdr 1 Ba
2 Bdr 1 Ba
1 Bdr 1 Ba
2 Bdr 2Ba
1 Bdr 1 Ba
Unit Type
Studio
1 Bdr 1 Ba
Rent
PSF
534-624
966-1,086
416
491-725
989-1,118
N/A
N/A
500
635-750
830-940
220-600
900-1,000
1,100
644-879
447-961
930-1,199
908-1,219
400-475
575-875
1,000
550-570
637-887
440
675
950-1,022
1,400
350-500
750-900
1,450
350
600
858
320
580-670
1,150
N/A
N/A
N/A
Unit
Sq. Ft.
$2.48-$2.90
$1.98-$2.02
$3.13-$3.37
$2.75-$3.06
$0.53-$1.92
N/A
N/A
$2.79
$2.71-$2.86
$1.71-$3.13
$5.02-$2.14
$1.44-$1.49
$1.42
$2.27-$3.09
$2.84-$4.20
$3.17-$3.55
$3.44-$3.36
$3.48-$3.71
$2.40-$3.24
$2.51
$3.00 -$3.37
$3.02-$3.77
$3.18
$2.20-$2.96
$2.37-$2.44
$2.46
$2.70-$3.41
$2.10-$2.13
$2.06
$3.93
$2.50
$2.10
$5.11
$3.51-$3.67
$3.04
N/A
N/A
N/A
Rent
PSF
450
$1.74
625-750
$1.38-$1.30
Unit Sizes are Estimates
Unit
Sq. Ft.
Tenant
Tenant
Tenant
Tenant
Tenant
Tenant
Owner
Tenant
Tenant
Tenant
Tenant
Owner
Owner
Tenant
Tenant
Electric
Tenant
Electric
Owner
Owner
Owner
Tenant
Tenant
Tenant
Owner
Tenant
Tenant
Tenant
Landlord
Owner
Owner
Owner
Owner
Heat
Owner
Heat
Owner
Owner
Tenant
Tenant
Owner
Tenant
Owner
Tenant
Tenant
Tenant
Tenant
Owner
Owner
Owner
Tenant
Hot Water
Owner
Hot Water
Owner
Owner
Tenant
Tenant
Owner
Tenant
Owner
Tenant
Tenant
Tenant
Tenant
Owner
Owner
Owner
Owner
C/W &
Sewer
Owner
C/W &
Sewer
Common
In-Unit
Common
In-Unit
In-Unit
In-Unit
Common
In-Unit
Common
Common
Common
In-Unit
Common
In-Unit
In-Unit
Laundry
Facilities
No
Laundry
Facilities
No
No
No
off-site
No
No
Yes
Valet
No
No
No
No
No
No
No
Private
Parking
No
Private
Parking
Property / Location
238 South 20th Street; Philadelphia, PA
8
The Icon: 1616 Walnut Street; Philadelphia, PA
Rittenhouse Claridge: 201 South 18th Street; Philadelphia, PA
1
The Carlyle: 2131 Locust Street; Philadelphia, PA
9
2
The Wellington: 135 South 19th Street; Philadelphia, PA
10 AQ Rittenhouse: 2021 Chestnut Street; Philadelphia, PA
3
The Chatham: 135 South 20th Street; Philadelphia, PA
11 1700 Walnut Street; Philadelphia, PA
4
222 Rittenhouse: 222 W. Rittenhouse Square; Philadelphia, PA
12 Nineteen Thirty Chestnut: 1930 Chestnut Street; Philadelphia, PA
5
2021 Spruce Street; Philadelphia, PA
13 1807 Spruce Street; Philadelphia, PA
6
1827 Spruce Street; Philadelphia, PA
14 The Townhouse: 301 South 19th Street; Philadelphia, PA
7
1953 Locust Street; Philadelphia, PA
15 The Embassy: 2100 Walnut Street; Philadelphia, PA
9
Financial Overview
Financial Summary
Offering Price
$1,900,000
Price per Unit
$211,111
CAP Rate
5.45%
Financing
Down Payment (25%)
$475,000
Loan Amount
$1,425,000
Interest Rate
3.50%
3.85%
Amortization
30 Years
30 Years
5 Years
7 Years
Term
Return
Net Cash Before Debt Service
$103,479
Annual Payment
$76,787
$80,166
Net Cash After Debt Service
$26,692
$23,313
Debt Coverage Ratio
1.35
1.29
Cash-on-Cash Return
5.62%
4.91%
Above financing terms are offered through Rittenhouse Capital Advisors as of
July 20, 2015 and are subject to change. To discuss bank terms furnished above
or to discuss other programs available, contact:
Rittenhouse Capital Advisors
George D. Johnson, Jr.
[email protected]
(O) 215.989.4443
(M) 267.218.4411
10
Property Details
11
Property Details
Property Address
238 South 20th Street; Philadelphia, Pennsylvania 19103
County
Philadelphia
Municipality/Township
City of Philadelphia
School District
School District of Philadelphia
Zoning
CMX3
Use Description
Apartments (5-50 Units)
APN
881548200
Lot Size
0.03 Acres / 1,503± Square Foot
Lot Width/Depth
18 x 84
Year Built
1920
No. of Buildings
1
No. of Stories
4 (plus Basement)
No. of Total Units
9
No. of Residential Units
7
No. of Commercial Units
2
Rentable Square Feet
4,590±
Parking
On Street
12
Property Details
Property Construction
Foundation
Masonry Stone
Exterior
Brick
Framing
Wood Joist
Roof
Flat Rubber Membrane
Utilities
Cold Water
Owner
Hot Water
Owner
Gas
Gas Fired Hot Water Radiator
Electric
Tenants
Mechanical
HVAC
Gas Fired Radiator/ Window A/C Units
Wiring
100 AMP
Fire Protection
Hardwired Fire System
13
Unit / Interior Photographs
14
15
16
17
18
Location Overview
Located between Walnut and Pine Streets, from 15th Street to 24th Street,
Rittenhouse Square is Philadelphia's continuously signatur e fashionable
residential district. The neighborhood is centered on Rittenhouse Square, one
of William Penn's original squares. Originally called South West Square, it
was renamed in 1825 to honor astronomer David Rittenhouse, acclaimed for
his scientific work and astronomical accuracy, and also for being the former
president of the University of Pennsylvania, and the first director of the United
States Mint. Throughout its history, the Rittenhouse Square neighborhood has
always maintained a large residential presence. In 1840, the first house facing
the square was constructed and the neighborhood grew to include many wealthy families and the workers who supported
them. The most valued houses in the neighborhood are the large homes on or close to the central square, including a host of
luxury condominiums. Many noteworthy architects have left their mark on the neighborhood, including Frank Furness,
who designed several homes and churches in the neighborhood, and Paul Cret who designed the façade of the entrance to
Rittenhouse Square. The neighborhood benefitted from a housing boom in the middle of the 19th century when stylish
mansions were built near the square.
To live on or near Rittenhouse Square, in one of the Italianate mansions,
has always been a symbol of status; however, the residential community
stretches for blocks and incorporates Fitler Square at 23rd Street, and
many different architectural styles, including Renaissance and Brownstone Gothic. Small redbrick homes are nestled between a few remaining
Victorian mansions and various modern apartment and condominium
buildings. The community commands the highest average rent of any
neighborhood in the city with approximately 70% of homes and condominiums renter occupied. It also boasts a dense concentration of high-end
retail along Rittenhouse Row, which includes more than 200 stores, restaurants and outdoor cafes, hotels, galleries, and spa-salons.
In close proximity to Rittenhouse Square is the popular Schuylkill
River Trail and the new Boardwalk, a 2,000-foot-long concrete pathway along the shoreline from Locust Street another four blocks south
to connect to the South Street Bridge. The pathway connects to the
South Street Bridge via a 460-foot-long ramp that provides pedestrian,
bicycle and ADA-compliant access to the Schuylkill River Trail. The
riverside path is 15-feet wide and includes four scenic overlooks for
those who want to relax and take in spectacular waterfront views of
the Philadelphia Skyline. This is a huge addition to the Schuylkill
River Trail. The trail is easily one of the most-used parks in Center
City Philadelphia, with more than 19,000 users every week. The trail
is already popular with runners, walkers and bikers, and the boardwalk is going to be another excellent addition to the park’s repertoire,
connecting the trail to University City and beyond.
19
Location Overview
CENTER CITY, PHILADELPHIA DEMOGRAPHICS
Average Monthly Rent (1 Bedroom)
$1,902
Average Household Income
$115,638
Median Sales Price
$490,000
20
Location Overview

Location
Philadelphia is located in the Northeastern United States at the confluence of the Delaware and Schuylkill rivers, and it is the only consolidated city-county in Pennsylvania. Within the Delaware Valley, the Pennsylvania metropolitan division consists of five counties in Pennsylvania
and has a population of 4,008,994. The city is the seat of its own county. The adjacent counties are Montgomery to the north; Bucks to the
northeast; Burlington County, New Jersey, to the east; Camden County,
New Jersey, to the southeast; Gloucester County, New Jersey, to the
south; and Delaware County to the west.

Demographics
Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of the
United States, and the fifth-most-populous city in the United States. As of the 2010 Census, the city had a population
of 1,526,006, growing to 1,553,165 in 2013 by Census estimates. Philadelphia median household income is $37,016 in
2008-2012 and has grown by 20.39% since 2000. Philadelphia median house value is $142,300 in 2008-2012 and has
grown by 138.36% since 2000. The house value growth rate is much higher than the state average rate of 70.00% and
is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%

Economic Center
As the center of economic activity in Pennsylvania, the Philadelphia area had a total gross
metropolitan product of $347 billion in 2010, the seventh-largest metropolitan economy
in the United States (Bureau of Economic Analysis). With a gross domestic product of
$388 billion, Philadelphia ranks ninth among world cities and fourth in the nation. The
city is also the nation's fourth-largest consumer media market, as ranked by the Nielsen
Media Research. The city is home to the Philadelphia Stock Exchange and several Fortune 500 companies, including cable television and internet provider Comcast, insurance
companies Colonial Penn, CIGNA and Lincoln Financial Group, energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers
Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and
GlaxoSmithKline, Boeing Rotorcraft Systems, and automotive parts retailer Pep Boys.
Philadelphia's economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information technology and service-based economy. Financial
activities account for the largest sector of the metro economy, and it is one of the largest
health education and research centers in the United States.
21
Location Overview

Education
Education in Philadelphia is provided by many private and public institutions. The School District of Philadelphia runs
the city's public schools. The Philadelphia School District is the eighth largest school district in the United States with
163,064 students in 347 public and charter schools. Philadelphia has the second-largest student concentration on the
East Coast, with over 120,000 college and university students enrolled within the city and nearly 300,000 in the metropolitan area. There are over 80 colleges, universities, trade, and specialty schools in the Philadelphia region. The city
contains three major research universities: the University of Pennsylvania, Drexel University, and Temple University;
and the city is home to five schools of medicine: Drexel University College of Medicine, Philadelphia College of Osteopathic Medicine, Temple University School of Medicine, Thomas Jefferson University, and the University of Pennsylvania. Other institutions of higher learning within the city's borders include: Saint Joseph's University, La Salle University, Peirce College, University of the Sciences in Philadelphia, The University of the Arts, Pennsylvania Academy
of Fine Arts, Curtis Institute of Music, Thomas Jefferson University, Moore College of Art and Design, The Art Institute of Philadelphia, Philadelphia University, Holy Family University and Community College of Philadelphia. The
Philadelphia suburbs are home to a number of other colleges and universities, including Villanova University, Bryn
Mawr College, Haverford College, Swarthmore College, Ursinus College, Cabrini College, and Eastern University.

Cultural Center
Philadelphia is the cultural center of the Delaware Valley, home
to over 6 million people and the country's sixth-largest metropolitan area. Philadelphia is home to many national historical sites
that relate to the founding of the United States. Independence
National Historical Park is the center of these historical landmarks. Independence Hall, where the Declaration of Independence was signed, and the Liberty Bell are the city's most famous
attractions attracting over 2 million visitors (2010). Other historic
sites include homes for Edgar Allan Poe, Betsy Ross, and Thaddeus Kosciuszko, early government buildings like the First and
Second Banks of the United States, Fort Mifflin, and the Gloria
Dei (Old Swedes') Church. Philadelphia's major science museums
include the Franklin Institute, which contains the Benjamin
Franklin National Memorial; the Academy of Natural Sciences;
the Mütter Museum; and the University of Pennsylvania Museum
of Archaeology and Anthropology. History museums include the
National Constitution Center, the Atwater Kent Museum of Philadelphia History, the National Museum of American Jewish History, the African American Museum in Philadelphia, the Historical Society of Pennsylvania, the Grand Lodge of Free
and Accepted Masons in the state of Pennsylvania and The Masonic Library and Museum of Pennsylvania and Eastern
State Penitentiary. Philadelphia is home to the United States' first zoo and hospital, as well as Fairmount Park, one of
America's oldest and largest urban parks.
22
Location Overview

Neighborhoods
Philadelphia's neighborhoods are divided into large sections—North, Northeast, Northwest, West, South and Southwest Philadelphia—all of which surround Center City. Each of these large areas contains numerous neighborhoods, some of whose boundaries derive from the boroughs, townships, and
other communities that made up Philadelphia County before their absorption
into the city. For much of Philadelphia's history, the typical home has been
the row house. A variety of row houses are found throughout the city, from
Victorian-style homes in North Philadelphia to twin row houses in West
Philadelphia. While newer homes are scattered throughout the city, much of
the housing is from the early 20th century or older. The great age of the homes has created numerous problems, including blight and vacant lots in many parts of the city, while other neighborhoods such as Society Hill, which has the largest concentration of 18th-century architecture in the United States, have been rehabilitated and gentrified.

Transportation
Philadelphia is served by the Southeastern Pennsylvania Transportation Authority (SEPTA), which operates buses,
trains, rapid transit, trolleys, and trackless trolleys throughout Philadelphia, the four Pennsylvania suburban counties of
Bucks, Chester, Delaware, and Montgomery, in addition to service to Mercer County, New Jersey and New Castle
County, Delaware. SEPTA's Airport Regional Rail Line Regional Rail offers direct service to the Philadelphia International Airport. Philadelphia's 30th Street Station is a major railroad station on Amtrak's Northeast Corridor, which offers access to Amtrak, SEPTA, and New Jersey Transit lines. The PATCO Speedline provides rapid transit service to
Camden, Collingswood, Westmont, Haddonfield, Woodcrest (Cherry Hill), Ashland (Voorhees), and Lindenwold, New
Jersey, from stations on Locust Street between 16th and 15th, 13th and 12th, and 10th and 9th Streets, and on Market
Street at 8th Street.

Roadways
Interstate 95 runs through the city along the Delaware River as a main north-south artery known as the Delaware Expressway. The city is also served by the Schuylkill Expressway, a portion of Interstate 76 that runs along the Schuylkill
River. It meets the Pennsylvania Turnpike at King of Prussia, Pennsylvania, providing access to Harrisburg, Pennsylvania and points west. Interstate 676, the Vine Street Expressway, has a link between I-95 and I-76, it runs below street
level through Center City, connecting to the Ben Franklin Bridge at its eastern end. Roosevelt Boulevard and the Roosevelt Expressway (U.S. 1) connect Northeast Philadelphia with Center City. Woodhaven Road (Route 63), built in
1966, and Cottman Avenue (Route 73) serve the neighborhoods of Northeast Philadelphia, running between Interstate
95 and the Roosevelt Boulevard (U.S. 1). The Fort Washington Expressway (Route 309) extends north from the city's
northern border, serving Montgomery County and Bucks County. U.S. 30, extending east-west from West Philadelphia
to Lancaster, is known as Lancaster Avenue throughout most of the city and through the adjacent Main Line suburbs.
Interstate 476, commonly nicknamed the "Blue Route" through Delaware County, bypasses the city to the west, serving the city's western suburbs, as well as providing a link to Allentown and points north. Similarly, Interstate 276, the
Pennsylvania Turnpike's Delaware River Extension, acts as a bypass and commuter route to the north of the city as
well as a link to the New Jersey Turnpike to New York.
23
Kenneth Wellar
Tel: 215.454.2879
[email protected]
Corey Lonberger
Tel: 215.454.2878
[email protected]
Mark Duszak
Tel: 215.454.2884
[email protected]
Luke DeLuca
Tel: 716.510.3715
[email protected]
Chris Egan
Tel: 215.454.2913
[email protected]
Doug Emrich
Tel: 215.454.2889
[email protected]
David Greenhalgh
Tel: 215.454.2887
[email protected]
Robert Marzullo
Tel: 215.454.2921
[email protected]
Steve Miceli
Tel: 215.454.2916
[email protected]
Vincent Tagliente
Tel: 215.454.2920
[email protected]
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Tel: 215.454.2852
New York Office
200 West 57th Street
Suite 702
New York, NY 10019
Tel: 212.765.7900
Delaware Office
102 Larch Circle
Suite 102
Newport, DE 19804
Tel: 302.994.3907
www.RittenhouseRealty.com | [email protected]

Offering Memorandum 7 Apartment Units 2 Commercial Units

Transcription

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