13 Apartment Units 4 Commercial Units Montgomery County 303

Transcription

13 Apartment Units
4 Commercial Units
Montgomery County
303-305 W. Main Street
& 306 Madison Street
Lansdale, 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
Pricing & Financial Analysis
Executive Summary
5
Financial Analysis
8
Rent Roll Summary
10
Financial Overview
12
Property Description
Unit Mix Summary
14
Amenities
14
Property Details
15
Property Photographs
17
Market Overview
Competitive Rental Market Survey
25
Location Overview & Maps
26
Click Here for Virtual Tour
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
3
PRICING & FINANCIAL ANALYSIS
Executive Summary
Financial Analysis
Rent Roll Summary
Financial Overview
Executive Summary
Investment Highlights

New Construction: 10 Apartment Units and 1 Commercial Unit (306 Madison)

Value-Add Opportunity: 3 Apartment Units and 3 Commercial Units (303-305 West Main)

Directly Across from the Madison Lot Redevelopment Project (Estimated $50mm Project)

150 Yards from SEPTA Lansdale Station on Lansdale/Doylestown Line

Lansdale Station Ranks 9th Out of 153 Stations in Pedestrian Traffic

Excellent Street Visibility: Location on West Main Street

Washer/Dryer in Every Unit with Tenants Paying Heat and Electric

Within 2 Miles of the Lansdale Interchange on the NE Extension of the PA Turnpike (I-476)

Located in a Burgeoning and Historic Residential Area of Lansdale
Pricing
Offering Price
$2,750,000
Number of Units
17
No. of Apartment Units
13
No. of Commercial Units
4
Price per Unit
$161,765
Pro Forma Cap Rate
7.2%
Madison Street Property
Terms of Sale
Offered free and clear of debt.
All cash at closing.
West Main Street Property
5
Executive Summary
Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 303305 West Main Street and 306 Madison Street, 13 apartment units and 4 commercial units located in historic Lansdale, Pennsylvania. The original property at 303-305 West Main was built in 1920, and remodeled with significant
capital expenses and the addition (306 Madison) in summer 2013. The property is located in the heart of Lansdale
Borough, home to many restaurants, shops and historic landmarks. This location is directly across the street to the
Lansdale Station on the SEPTA Lansdale/Doylestown Regional Rail Line, and it is two miles from the Lansdale Interchange on the Northeast Extension of the Pennsylvania Turnpike.
303-305 West Main Street and 306 Madison Street offers an excellent unit mix consisting of 1 efficiency unit, 9, onebedroom/one bath units, 2, two-bedroom/two bath units, 1, four-bedroom/one-and-half bath unit and 4 commercial
units with all tenants paying for heat and electric. The property at 306 Madison features 10 brand new apartment units
(8 one-bedrooms and 2 two-bedrooms) and 1 commercial unit. The apartment units incorporate hardwood floors,
granite countertops, stainless steel appliances, washer/dryer’s and video intercom system. As of July 17, 2015, the
leased occupancy was 100% with average-in-place-rents of $1,111 for the one and two bedroom units. The rental
rates at the subject property are below market considering its prime/desirable location, as shown in the “Competitive
Rental Market Survey.” The units at 303-305 West Main present itself as a value-add opportunity for a new owner.
One-bedroom units at 303-305 West Main are rented for $200± less than 306 Madison. The bi-level 4 bedroom unit
has the potential to be converted into two units and could achieve rents equal to or greater than 306 Madison. This
presents an outstanding opportunity for a new owner to acquire newly constructed units that are rented significantly
below market and units that are primed for a value-add component.
The desirable residential borough of Lansdale, with a high commercial concentration, has experienced recent revitalization efforts that included an ambitious and successful Streetscape Project, increasing the aesthetic enjoyment and
“walkability” of Main Street. The Madison Lot Redevelopment Project, Lansdale’s most anticipated project, is situated directly across the street from the subject property. The Madison Lot Redevelopment is a partnership between the
Lansdale Parking Authority, SEPTA and Equus Capital Partners. The scope of the redevelopment is to provide more
parking spaces and a parking garage, along with the benefit of residential and retail space (See Location Overview,
page 27, for more details on the Madison Lot Redevelopment Project).
303-305 West Main and 306 Madison offers close proximity to major transportation arteries and convenient access to
public transportation. The property is approximately two miles from the Lansdale Interchange on the Northeast Extension of the Pennsylvania Turnpike. This provides convenient access to the Greater Philadelphia Area and Center City
Interstates 476, 276, 76 and 95 as well as Route 309. In addition, there is an abundance of public transportation via
regional rail with the Lansdale Station on the SEPTA Lansdale/Doylestown Regional Rail Line, the busiest station on
its line. SEPTA daily bus stops are also located within walking distance of the property at the Lansdale Station serving suburban bus lines 96 and 132.
6
7
Financial Analysis
(13 Apartment Units; 4 Commercial Units)
2015
Pro Forma
Pro Forma Assumptions
INCOME
APARTMENT INCOME
Less: Vacancy
Gross Potential Rent
$173,280
(8,664)
TOTAL APARTMENT INCOME
$164,616
Gross Potential Rent; Rent Roll dated 7/17/2015 ($14,400 x 12 Months)
5% Estimate (0% Vacant per Rent Roll dated 7/17/2015)
OTHER INCOME
Commercial Income
Real Estate Tax Reimbursement (1)
Other Income
TOTAL OTHER INCOME
TOTAL INCOME
$102,600
4,075
1,700
Per Rent Roll dated 7/17/2015 ($8,550 x 12 Months)
See Footnote
$100 per Unit Estimate
$108,375
$272,991
OPERATING EXPENSES
Fixed Expenses
Real Estate Taxes
$29,107
2015 Assessed Value x Total Millage ($930,720 x .0312743)
Electric
5,733
Trailing 12 Months Actual
Water
1,763
Sewer
5,173
Property & Liability Insurance
5,100
Trash Removal
1,200
$100 per Month; Owner Provided
Elevator
1,000
Estimate
Telephone/Cable
389
$32.41 per Month (Verizon)
Fire & Safety
750
754
$375 x 2 (Biannual Fee)
Licenses & Permits; Fees
TOTAL FIXED EXPENSES
Per Lansdale Borough ($58 per Apartment Unit)
$50,969
$2,998 per Unit
$13,650
5% Management Fee
Variable Expenses
Management Fee
Repairs & Maintenance
3,250
$250 per Apartment Unit Estimate
Turnover
1,950
30% at $500 per Apartment Unit Estimate
Landscaping & Snow Removal
650
Advertising
650
650
Admin/Legal/Acct/Misc.
TOTAL VARIABLE EXPENSES
$20,800
$1,224 per Unit
TOTAL OPERATING EXPENSES
$71,769
$4,222 per Unit
NET OPERATING INCOME
CAPITAL RESERVES
NET OPERATING INCOME LESS RESERVES
(1)
$201,222
($4,250)
$196,972
Per commercial leases for tenants occupying 305 West Main Street (1st Floor) and 306 Madison Street (1st Floor), the owner is reimbursed a total of 14% of the
total real estate tax.
8
9
As of July 17, 2015
Rent Roll
Count
Unit No.
Unit Type
Lease Rent
Vacant Rent
Lease Begin
Lease Expire
$1,540
12/01/2014
11/30/2015
1
305 W. Main - 2nd & 3rd Fl.
4 Bedroom / 1.5 Bath
2
303 W. Main - 2nd Fl.
1 Bedroom / 1 Bath
$900
03/01/2015
02/29/2016
3
303 W. Main - 3rd Fl.
Efficiency
$700
10/01/2014
09/30/2015
4
306 Madison - Apt 202
1 Bedroom / 1 Bath
$1,050
11/01/2014
10/31/2015
5
2 Bedroom / 2 Bath
$1,400
09/01/2014
09/30/2015
6
1 Bedroom / 1 Bath
$1,100
04/01/2015
03/31/2016
7
1 Bedroom / 1 Bath
$1,000
09/01/2014
08/31/2015
8
1 Bedroom / 1 Bath
$1,050
11/01/2014
10/31/2015
9
1 Bedroom / 1 Bath
$1,050
09/07/2014
10/01/2015
10
2 Bedroom / 2 Bath
$1,400
08/01/2014
08/01/2015
11
1 Bedroom / 1 Bath
$1,100
06/01/2015
05/31/2016
12
1 Bedroom / 1 Bath
$1,100
10/01/2014
09/30/2015
13
1 Bedroom / 1 Bath
$1,050
11/15/2014
11/14/2015
Total for 13 Residential Units
14
15
16
17
$14,440
305 W. Main - 1st Fl. (1)
303 1/2 W. Main - 1st Fl.
Commercial
(2)
$2,300
Vacant—See Footnote
Commercial
$350
303 W. Main - 1st Fl.
(3)
Commercial
$1,400
9/01/2014
9/30/2015
306 Madison - 1st Fl.
(4)
Commercial
$4,500
6/12/2015
6/11/2020
Total for 4 Commercial Units
$6,250
See Footnote
$2,300
(1) Currently, the owner is in discussions with a prospective tenants in leasing this space. The owner is seeking $2,300 per month with a NNN lease
where the tenant would pay a pro rata share of 8.5% of the real estate taxes.
(2) A new lease is currently being executed, but the lease amount will be unchanged. The tenant is responsible for all utilities except water.
(3) The current tenant signed a one-year lease with tenant responsible for electric, gas, heat and water. The option to renew for an additional four years
must be made at least 90 days prior to the expiration of the current lease. The lease amount for these additional four years are to be negotiated.
4) The current tenant is in Year 2 of a two-year lease with annual rental increases of 5.5% and the tenant responsible for electric, gas, heat and water.
There is an option to renew for an additional four years with rent: at $4,500 per month in Year 1; $4,780 per month in Year 2; $5,050 per month in year 3
and $5,500 in year 4. Tenant must provide notice to owner at least 90 days prior to the expiration of the current lease.
10
Rent Roll Summary
As of July 17, 2015
303-305 West Main Street & 306 Madison Street: Apartments
Number
of Units
Total Occupied Apartments
Total Vacant Apartments
Total Gross Potential
Percentage
of Units
Rent
13
100%
$14,440
0
0%
$0
13
100.00%
$14,440
303-305 West Main Street & 306 Madison: Commercial
Number
of Units
Percentage
of Units
Rent
Total Occupied Commercial
3
75%
$6,250
Total Vacant Commercial
1
25%
$2,300
Total Gross Potential
4
100%
$8,550
Unit Mix with Rent Analysis (Apartments Only)
303-305 West Main Street & 306 Madison - Unit Mix Summary (Apartments Only)
Unit Type
Number
of Units
Percentage
of Units
Rent
Average
Rent
Efficiency
1
7.69%
$700
$700
1 Bedroom / 1 Bath
9
69.23%
$9,400
$1,044
2 Bedroom / 2 Bath
2
15.38%
$2,800
$1,400
4 Bedroom / 1.5 Baths
1
7.69%
$1,540
$1,540
13
100.00%
$14,440
$1,111
Total/ Average
11
Financial Overview
Financial Summary
Offering Price
$2,750,000
Price per Unit
$161,765
CAP Rate
7.2%
Financing
Down Payment (25%)
$687,500
Loan Amount
$2,062,500
Interest Rate
4.00%
Amortization
25 Years
Term
5 Years
Return
Net Cash Before Debt Service
$196,972
Annual Payment
$130,640
Net Cash After Debt Service
$66,333
Debt Coverage Ratio
1.51
Cash-on-Cash Return
9.65%
Above financing terms are offered through Rittenhouse Capital Advisors debt
advisory platform. To discuss bank terms furnished above or to discuss other
programs, contact:
Rittenhouse Capital Advisors
George D. Johnson, Jr.
[email protected]
(O) 215.989.4443
(M) 267.218.4411
12
PROPERTY DESCRIPTION
Unit Mix Summary
Amenities
Property Details
Property Photographs
Unit Mix Summary
(Apartments Only)
Unit Type
Number
of Units
Percentage
of Units
Rent
Average
Rent
Efficiency
1
7.69%
$700
$700
1 Bedroom / 1 Bath
9
69.23%
$9,400
$1,044
2 Bedroom / 2 Bath
2
15.38%
$2,800
$1,400
4 Bedroom / 1.5 Baths
1
7.69%
$1,540
$1,540
13
100.00%
$14,440
$1,111
Total/ Average
Amenities

Hardwood Flooring in Living Room and Bedrooms

Ceramic Tile in Kitchens and Bathrooms

Kitchens Feature Custom Wood Cabinets, Granite Countertops,
Stainless Steel Appliances, Dishwasher and Garbage Disposal

In-Unit Washer & Dryers

200 AMP Service to All Units (Madison Street Building)

50-Gallon Hot Water Tanks In Each Unit

Video Intercom System

Elevator (Madison Street Building)
14
Property Details
Property Address
303-305 W. Main Street; Lansdale, Pennsylvania 19446
County
Montgomery
Municipality/Township
Lansdale Borough
School District
North Penn School District
Zoning
B
APN
Multi-Use (Retail / Office / Apartments)
Lot Size
110009520009
Lot Width/Depth
0.20 Acres / 8,594 Square Feet
Year Built / Renovated
1920 / 2013
No. of Buildings
2
No. of Stories
3
No. of Units
17 (13 Apartment Units; 4 Commercial Units)
Rentable Square Feet
22,433±
Parking
On Street
Elevator
1 (Madison Street Property)
Madison Lot
Redevelopment
Project
15
Property Details
Property Construction
Foundation
Concrete Block; Modular
Exterior
Stucco
Framing
Wood Joist
Roof
Flat; Rubber
Utilities
Cold Water
Paid by Owner
Hot Water
Paid By Tenant
Gas
Paid by Tenant
Electric
Paid by Tenant
Mechanical
HVAC
Central Fan; Forced Air
Wiring
Copper; 200 AMP
Fire Protection
Hardwired and Sprinklered
16
Property Photographs - Apartment Unit
17
18
19
20
21
Property Photographs - Commercial Unit
22
Property Photographs - Commercial Unit
23
MARKET OVERVIEW
Location Overview & Maps
Map
Ref.
Property / Location
303-305 W. Main Street
&306 Madison Street
Lansdale, PA 19446
Year Built/
Renovated
Total
Units
Occupancy
Rate
1920
2013
13
100%
Unit Type
Current
Rent
Eff. (W. Main)
1BR 1BA (W. Main)
4BR (W. Main)
$700
$900
$1,540
1BR 1BA (Madison)
$1,000-$1,100
2BR 2BA (Madison)
$1,400
Unit Type
Current
Rent
Utilities
Electric
Heat
Tenant
Tenant
Hot Water C.W & Sewer
Tenant
Owner
Comparable Rental Properties
Map
Ref.
Property / Location
Year Built/
Renovated
Total
Units
Occupancy
Rate
Utilities
Electric
Heat
Hot Water C.W & Sewer
1
Silk Factory Lofts
200 S. Line Street
Lansdale, PA 19446
2009
115
95%
1BR 1BA
2BR 1BA
2BR 1BA Bi-Level
$1,195-$1,495
$1,480-$1,665
$1,535-$1,680
Tenant
Tenant
Tenant
Owner
2
Avenel at Montgomery Square
2004
256
97%
Tenant
Tenant
Tenant
Tenant
Tenant
Tenant
Tenant
Owner
3
1Bdr 1Ba
$1,200-$1,445
1100 Avenel Boulevard
1Bdr 1Ba Den
$1,270-$1,315
North Wales, PA 19454
1Bdr 1Ba Loft
$1,415-$1,450
2Bdr 2Ba
2Bdr 2Ba Den
2Bdr 2Ba Loft
$1,630-$1,820
$1,925-$2,135
$1,775-$1,900
2Bdr 2Ba Den Lg.
$2,365-$2,565
1BR 1BA
2BR 2BA
2BR 2BA Lg.
$1,495
$1,825
$1,925-$2,100
AVE Lansdale
1001 Towamencin Avenue
Lansdale, PA 19446
2014
160
97%
25
Location Overview
Lansdale is a bor ough in Montgomer y County, in easter n
Pennsylvania about 28 miles northwest of Philadelphia.
Lansdale is served by SEPTA Regional Rail's Lansdale/
Doylestown Line via Lansdale Station in downtown. Further, Interstate-476 and Routes 202 and 309 are in close
proximity to the property for easy access to Philadelphia,
Allentown, Plymouth Meeting and King of Prussia. Due to
its location, area residents have convenient access to destinations such as Montgomery Mall, Hillcrest Shopping Center,
Pinecrest Country Club, Lansdale Hospital and other area
attractions and destinations.
As of 2010, the total Lansdale population was at 16,269, which grew 1.23% since 2000. The median household income in
Lansdale was at $55,833 in 2008-2012 and grew by 20.77% since 2000. Lansdale’s median house value was at $225,100
in 2008-2012 which grew by 83.91% since 2000. The house value growth rate is 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%.
On average, the public school district that covers Lansdale is much better than the state average in quality. The community is a part of the North Penn School District. K-6 public elementary schools in Lansdale include Gwynedd Square Elementary, Knapp Elementary, Oak Park Elementary, Inglewood Elementary, Walton Farm Elementary, and York Avenue
Elementary. Penndale Middle School serves grades 7-9. The area public high school is North Penn High School in Towamencin Township. The borough is also home to St. Stanislaus School of the Roman Catholic Archdiocese of Philadelphia. In January 2012, St. Rose of Lima School in North Wales merged with St. Stanislaus, with students attending classes
in Lansdale at the newly combined school, Mater Dei, Latin for Mother of God. Calvary Baptist School is a pre-K-12th
grade Christian school. Lansdale area private high schools include Lansdale Catholic High School and Christopher Dock
Mennonite High School. Dock is in Towamencin Township.
Lansdale is home to a Kugel Ball, which is a dark grey granite sphere supported by a very
thin film of water pumped from beneath its base. The Kugel Ball is located in Railroad Plaza,
adjacent to the SEPTA Lansdale/Doylestown Line train station in downtown Lansdale. The
plaza consists of a bricked patio with benches centered around the Kugel Ball and closes at
11:00 pm. An annual 5k race is held in June, accordingly named the Kugel Ball race, which
starts and ends at the actual Kugel Ball in Railroad Plaza.
26
Location Overview
The Madison Lot Redevelopment Plan is a par tnership between the Lansdale Par king Author ity, SEPTA and
Equus Capital Partners, formerly BPG Properties. The project has an estimated annual revenue of $747,500. Lansdale
Parking Authority Chairman, Dan Dunigan, has stated, "this is an outside-of-the-box idea for creating a multimodal project
that will be a model for the state."
The scope of the redevelopment is to provide more parking spaces and a parking garage, along with the benefit of residential and retail space. Townhomes previously considered in the northwest portion of the site are no longer part of the plan.
SEPTA has its sights set on an estimated $15 million parking garage on the other side of the tracks, off the West Fifth
Street entrance. A pedestrian bridge is proposed over the tracks to connect to the Madison Lot Redevelopment, complete
with ADA-compliant ramps or elevators.
Dunigan said the plan merges "shared needs to create shared opportunities." The borough improves its town center and
makes it more friendly, which sparks more redevelopment in its core. "It's an opportunity to create something more
through a public-private partnership between and among the borough, Equus and SEPTA: a truly multimodal transitoriented development, which serves as the focal point and a primary gathering place for the borough," Dunigan said.
27
Location Overview
Specifics of Madison Lot Redevelopment

250 apartment units, with a 50/50 mix of 1-bedroom and 2-bedrooms in two separate buildings.

About 10,000-square-feet of retail space on the ground floor of each building.

A parking garage will be built in the second phase.

Building A will be built in the first phase. It will house 11,000-square-feet of retail on the ground floor. There
will be 21 residential units on the first floor and 156 units on floors two to six.

Building B will be built in the second phase. It will house 9,800-square-feet of retail space on the ground floor.
There will be eight residential units on the first floor and 68 units on the second to fifth floors.

The project calls for 540 total parking spaces: 340 spaces for residents and 200 spaces for the public. Of the 340
resident spaces, 309 of them will be at grade and 31 spaces will be elevated.

A designated Lansdale Police Bike Patrol area near the train station and Railroad Plaza.
A public plaza is proposed between the two buildings.
The total overall benefit, he said, is $25.6 million to Lansdale.
Artist Rendering of Madison Lot Redevelopment Project
SUBJECT
PROPERTY
28
Location Overview
SEPTA secures funding for engineering of garage, Madison pedestrian bridge in Lansdale
Published: Tuesday, April 22, 2014; By Dan Sokil
A pedestrian bridge leading to a new SEPTA parking garage behind the Lansdale train station has moved one big step
ahead.
On April 16, borough Parking Authority Chairman Dan Dunigan announced that SEPTA has agreed to fund the engineering costs of the pedestrian bridge and garage, a development he called “a big win for the borough.”
Over the past several years, SEPTA, borough staff and volunteer boards including its planning commission and the parking authority have worked in conjunction with developers Equus Capital Partners to develop plans - given final approval
late last year - for a complex atop the current Madison Parking Lot consisting of two apartment and retail buildings adjacent to a parking garage, to be joined by a skate park and public plaza.
Connecting to that parking garage would be a pedestrian bridge meant to take walkers over the SEPTA railroad tracks to
a planned SEPTA garage, to be built atop the current parking lots behind the train station and near the rail tracks.
“Every single space was utilized at Lansdale by 10 a.m., so there’s definitely a need as people continue to come to SEPTA, and there’s also a certain amount of growth the borough will experience” from the nearby Madison project, he said.
Early estimates put the cost of the garage and bridge construction “probably just north of $20 million,” which he said the
agency, borough and parking authority will work together to seek sources for, with a target of the end of 2014 to have
design work done and funding secured.
“This garage, combined with the bridge and with all of the improvements we are making to Lansdale, will serve as an
incentive for current and new SEPTA riders to get off the train and visit Lansdale,” Dunigan said.
Knueppel added that the idea of shared parking fits together well with the Madison project because commuter parking
during the day would have little overlap with residential or visitor parking at night - “typically when they need parking is
when we don’t need parking, and vice-versa, so it’s a really smart use of a garage.”
“You’re talking about a development right next to the railroad, so those people are not going to need a whole lot of vehicles; you’re talking about a bike and pedestrian trail that will also bring people to the station, and then this modest parking garage that can be used by both the development and by SEPTA,” he said.
“This is a really, really intelligent way to move forward with transit-oriented development,” Knueppel said.
Full article at Montgomery Media
29
Location Overview
DEMOGRAPHIC SNAPSHOT
1 Mile
3 Miles
5 Miles
2015 Population
15,977
78,618
143,051
2020 Population
16,301
80,646
146,537
Population Growth (2015-2020)
2.03%
2.58%
2.44%
Average Age
39.8
40.7
41.0
2015 Total Households
6,653
31,339
55,594
Household Growth (2015-2020)
1.94%
2.55%
2.40%
$57,204
$71,345
$80,595
2.4
2.5
2.5
$235,699
$235,159
$316,984
1958
1974
1980
Median Household Income
Average Household Size
Median Home Value
Median Year Built
30
Location Overview
Montgomery County posted a population of 799,874 as of
2010, making it the third most populous county in Pennsylvania (after Philadelphia and Allegheny counties). It is a suburban county northwest of Philadelphia and is part of the Delaware Valley. It is the 51st wealthiest county in the country
(measured by median household income). In 2008, it was
named the 9th “Best Place to Raise a Family” by Forbes.
A suburb of Philadelphia, many of its residents work in the
city. However, Monaco is also a major employment center
with large business parks in Blue Bell, Lansdale, Fort Washington, Horsham and King of Prussia which attract thousands
of workers from all over the region. The strong job base and
taxes generated by those jobs have resulted in Montgomery
County receiving the highest credit rating of 'AAA' from
Standard & Poor's, one of fewer than 30 counties in the United
States with such a rating.
Montgomery County is the third largest county in Pennsylvania, the
second wealthiest county in the Commonwealth and the 51st wealthiest in the United States. With just under 800,000 people living in its
487 square miles, Montgomery County is home to scores of major
employers in pharmaceuticals, banking, manufacturing, healthcare
and education. Major employers include: Abington Memorial Hospital; Aetna; Arcadia University; Giant; Hatfield Quality Meats; Hatboro-Horsham School District; Holy Redeemer Health System; Lockheed Martin; Lower Merion School District; Main Line Health;
Merck; Pfizer; Prudential; Quest Diagnostics and SEI Investments
Company.
The county is served by a number of awarding winning public school
districts including: Abington School District; Hatboro-Horsham
School District; Lower Merion School District; North Penn School
District and Perkiomen Valley School District as well as a number of
private schools. Further, colleges and universities situated with Montgomery County include: Arcadia University; Bryn Mar College;
Gwyneth Mercy College; Haverford College; Pennsylvania College of
Optometry; Penn State Abington; Rosemont College; St. Joseph's
University; Temple University – Ambler; and Ursine College.
31
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.
32
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.
33
Location Overview

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.
34
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
Philadelphia, PA 19103
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]

13 Apartment Units 4 Commercial Units Montgomery County 303

Transcription

Similar documents

PDR-13-30-10:Layout 1.qxd - Philadelphia Public Record

HISTORICAL DVD COLLECTION - Lansdale Historical Society

Jenkins Journal - Lansdale Historical Society

The RC Laundromutt is now open!!! 201 S. 18th Street Philadelphia

PDR-10-13-10:Layout 1.qxd - Philadelphia Public Record

August 2013

WALKING TOURS OF PHILADELPHIA SOUTH PHILLY

DOWNLOAD: PCCY Childwatch July 2016

Read more - CODY Systems

. {(i]o

ppt unit 2 Const - Grants Pass School District 7

Alex Holley Joins `Good Day` Monday Morning!

ADVANTAGE POINT STUDENT HOUSING

New Resident Guide