25 north apartments - Rittenhouse Realty Advisors

Transcription

25 NORTH APARTMENTS
31 Apartment Units
13 Income-Producing Garages
25 N. Franklin Street
Pottstown, Pennsylvania
Montgomery County
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]
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Table of Contents
Pricing & Financial Analysis
Executive Summary
5
Financial Analysis
8
Rent Roll Summary
9
Capital Improvements
11
Financial Overview
12
Property Description
Property Details
14
Site Plan/Aerial
15
Amenities
16
Unit Floor Plans
17
Property Photographs
18
Market Overview
Competitive Rental Market Survey
23
Location Overview
25
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
 Excellent Location: Half Block to Walkable High Street for Restaurants and Shopping
 Significant Investment in Capital Expenditures; Major Items Addressed in Last Few Years

13 Income-Producing One-Car Garages on Site Plus Off-Street Parking Spaces
 All Brick Exterior
 Laundry Facility On-Site
 Convenient Access to Routes 422 & 100
Pricing
Offering Price
$1,525,000
Number of Apartment Units
31
Price per Unit
$49,194
Pro Forma Cap Rate (Less Reserves)
7.24%
Terms of Sale
Offered free and clear of debt.
All cash at closing.
5
Executive Summary
Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 25
North Apartments consisting of 31 apar tment units and 13 one-car garages in the heart of Montgomery County,
Pennsylvania. Situated just off the corner of High Street and North Franklin Street in the Borough of Pottstown, this
offering includes one 3-½ story brick building and one garage building with 13 one-car garages. Residents enjoy close
proximity to the High Street Business District offering restaurants and shops within walking distance. 25 North Apartments are also centrally located for easy access to Routes 422 and 100 connecting residents to Reading, Allentown,
King of Prussia and Exton, Pennsylvania.
25 North Apartments consists of 31 total apartment units: 6 studio apartments, 24 one-bedroom apartments, and 1 twobedroom apartment, as well as 13 income-producing garages. Average in-place rents are $709. Heat, hot water and
cooking gas are provided by the owner. Heat is provided by a gas-fired boiler via hot water baseboards. Electricity is
individually metered and paid by the tenants. 25 North Apartments presents an outstanding opportunity for the next
owner to acquire 33 units in the high occupancy submarket of Montgomery County, PA.
6
7
Financial Analysis
Number
of Units
Percentage
of Units
Studio
1 Bedroom
2 Bedroom
6
24
1
19%
77%
3%
Totals
31
100%
Unit Type
31 Apartment Units
13 Garages
2015
Pro Forma
INCOME
Rental Income
Total Rent
Less: Vacancy
Net Rental Income
$268,140
(13,407)
$254,733
Average
In-Place
Rent
$634
$715
$895
Proposed
Rent
$635
$735
$895
Comments
Proposed Rent ($22,345 per Month x 12 Months)
5% Estimate
Garage Income
Garage Income
Less: Office Unit
Less: Vacancy
Total Garage Income
$8,892
(900)
(924)
$7,068
Gross Potential Rent; 13 Garages (Avg. $57 per Garage per Month x 12 Months)
$75 per Month x 12 Months
1 Garage at $77 per Month x 12 Months
Other Income
Laundry Income
Other Income
Total Other Income
1,585
1,550
$3,135
Trailing - 12 Months Ending March 31, 2015
$50 per Unit Estimate
TOTAL INCOME
OPERATING EXPENSES
Fixed Expenses
Real Estate Taxes
Insurance
Gas
Electric
Water
Sewer
Trash Removal
Licenses & Permits
Life Safety
Total Fixed Expenses
Variable Expenses
Management Fee
Payroll
Repairs & Maintenance
Turnover
Landscaping & Snow Removal
Advertising & Marketing
Administrative & Miscellaneous
Total Variable Expenses
$264,936
$32,683
10,850
25,118
3,927
6,021
14,795
2,514
1,240
1,550
$98,698
2015 Assessed Value of $620,000 x 52.7152 mills ($1,054 per Unit)
Trailing-12 Months Ending March 31, 2015
$40 per Unit per Year per Borough of Pottstown
$3,184 per Unit
$13,247
12,400
9,300
6,200
2,325
2,325
2,325
$48,122
5% Management Fee
40% at $500 per Unit Estimate
$1,577 per Unit
TOTAL OPERATING EXPENSES
$146,820
NET OPERATING INCOME
$118,116
CAPITAL RESERVES
($7,750)
NOI LESS RESERVES
$110,366
$4,960 per Unit
8
As of June 2015
Rent Roll Summary - Apartments
Count
Unit No.
Unit Type
Status
Street Rent
Lease Rent
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1-10
1-11
1-101
1-102
1-104
1-105
1-106
1-107
1-108
1-109
1-110
1-201
1-202
1-203
1-204
1-205
1-206
1-207
1-208
1-209
1-210
1-301
1-302
1-303
1-304
1-305
1-306
1-307
1-308
1-309
1-310
1 Bedroom
Studio
1 Bedroom
2 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
Studio
1 Bedroom
1 Bedroom
Studio
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
Studio
1 Bedroom
1 Bedroom
Studio
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
Studio
Occupied
Occupied
Occupied
Occupied
VACANT
Occupied
Occupied
Occupied
Occupied
Occupied
VACANT
VACANT
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
VACANT
Occupied
Occupied
VACANT
Occupied
Occupied
Occupied
Occupied
Occupied
VACANT
$735
$635
$735
$895
$735
$735
$735
$735
$735
$735
$635
$735
$735
$635
$735
$735
$735
$735
$735
$735
$635
$735
$735
$635
$735
$735
$735
$735
$735
$735
$635
$715
$620
$595
$895
$22,345
$19,234
$2,740
Units
Rent
Total Occupied
27
$19,234
Total Vacant
4
$2,740
Total Monthly Gross Potential Rent at 100% Occupancy
31
Total for 31 Units
Vacant Rent
$735
$640
$740
$715
$752
$693
$635
$735
$735
$625
$667
$715
$715
$730
$715
$730
$600
$752
$830
$683
$752
$715
$735
$740
$715
$715
$635
Total Annual Gross Potential Rent at 100% Occupancy
$21,974
$263,688
Total Monthly Street Rent
$22,345
Total Annual Street Rent
$268,340
Loss to Lease
1.66%
$4,452
9
As of May 1, 2015
Rent Roll Summary - Garages
Count
Unit No.
Status
Street Rent
Lease Rent
Vacant Rent
1
2
3
4
5
6
7
8
9
10
11
12
13
G-1
G-2
G-3
G-4
G-5
G-6
G-7
G-8
G-9
G-10
G-11
G-12
G-13
OFFICE
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
VACANT
Occupied
Occupied
Occupied
Occupied
Occupied
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
$77.00
—$80.00
$75.00
$77.00
$77.00
$40.00
$29.99
—$40.00
$50.00
$40.00
$40.00
$40.00
$75.00
$1,001
$589
$152
Units
Rent
Total Occupied
11
$589
Total Vacant
2
$152
Total Monthly Gross Potential Rent at 100% Occupancy
13
$741
Total for 13 Units
Summary
Total Annual Gross Potential Rent at 100% Occupancy
$77.00
$8,892
Total Monthly Street Rent
$1,001
Total Annual Street Rent
$12,012
Loss to Lease
25.98%
$3,120
10
Capital Improvements
Description
Replacement of Tenant Mailboxes
Asphalt and Concrete Work
Steam Boiler Replacement
Year
2014
2013-14
2013
Roof Replaced (Main Building)
2013
New Carpeting in Hallways (Common Areas)
Chimney Re-Lined
2013
2013
Carbon Monoxide Detectors (All Units)
2013
New Toilets (All Units)
2013
New Carpeting (24 Units)
Fence Replacement (Rear of Building)
New Breaker Boxes (All Units)
2012
2012
2012
11
Financial Overview
Financial Summary
Offering Price
$1,525,000
Price per Unit
$49,194
CAP Rate
7.24%
Financing
Down Payment (25%)
$381,250
Loan Amount
$1,143,750
Interest Rate
4.25%
Amortization
30 Years
Term
5 Years
Return
Net Cash Before Debt Service
$110,366
Annual Payment
$74,354
Net Cash After Debt Service
$36,013
Debt Coverage Ratio
1.48
Cash-on-Cash Return
9.45%
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
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PROPERTY DESCRIPTION
Property Details
Site Plan / Aerial
Amenities
Unit Floor Plans
Property Details
25 NORTH APARTMENTS
Property Address
25 North Franklin Street; Norristown, Pennsylvania 19464
County
Montgomery
Municipality/Township
Pottstown Borough
School District
Pottstown Borough School District
Zoning
TTN
Use Description
Low-Rise Apartments (11-30 Units)
APN
160017360003
Lot Size
0.54 Acres / 23,675± Square Foot
Year Built / Renovated
1950 / 2012, 2013, 2014
No. of Buildings
1
No. of Stories
3.5
No. of Apartment Units
31
Rentable Square Feet
22,188±
Garages
13
Parking
Off Street; 10 Spaces
Property Construction
Foundation
Masonry
Exterior
Brick
Framing
Wood Joist
Roof
Flat; Rubberized
Parking Surface
Asphalt
Utilities
Cold Water
Owner
Hot Water
Owner
Gas (Heat; Hot Water)
Owner
Gas (Cooking)
Tenant
Electric
Tenant
Mechanical
HVAC
Steam Boiler; Radiator Heat
Wiring
60 AMP Fuses; Breaker Boxes in Each Unit
Fire Protection
Hard-Wired Smoke Detectors in Common Areas and Units
Carbon Dioxide Detectors in Each Unit
14
Site Plan/Aerial
Not drawn to scale. For reference purposes only.
15
Amenities & Features

Mix of One-Bedroom (24), Two-Bedroom (1) and Studio (6) Units

13 Income-Producing One-Car Garages

On and Off Street Parking

Laundry Facility On-Site

Excellent Location: Half Block to Walkable High Street for Cafes,
Restaurants and Shops

Convenient Access to Route 422 (Pottstown Bypass) and Route 100

15 Miles Southeast of Reading; 32 Miles Northwest of Philadelphia

Within Blocks of Montgomery County Community College and
The Hill School

In Close Proximity to Coventry Mall in Pottstown and Philadelphia
Premium Outlets in Limerick
16
Unit / Floor plans
1 Bedroom Units (635 SF)
Studio/Efficiency Unit (575 SF)
17
18
19
Unit / Interior Photographs
20
Unit / Interior Photographs
21
MARKET OVERVIEW
Location Overview
Total
Units
Occupancy
Rate
1950
31
80%
Year
Built
Total
Units
Occupancy
Rate
King Street Commons
262 King Street
Pottstown, PA
1979
156
n/a
Studio
1 BR 1 BA
2 BR 1 BA
$555-$570
$675-$725
$785-$825
Yorkshire Apartments
593 N. York Street
1968
35
91%
1 BR 1 BA
1 BR 1 BA Large
2 BR 2 BA
$795
$875
$975
575
750
1,100
Tenant
Owner
Owner
Owner
Logan Court
759 Logan Street
1970
48
100%
1 BR 1 BA Den
2 BR 1 BA
$715
$785
850
998
Tenant
Tenant
Tenant
Owner
Linden Apartments
900 N. Hanover Street
1953
36
92%
1 BR 1 BA
2 BR 1 BA
$725
$825
600
650
Tenant
Owner
Owner
Owner
Arbor Grove
960 Hale Street
1953
104
99%
1 BR 1 BA
2 BR 1 BA
$769
$869
650
825
Tenant
Owner
Owner
Owner
Hanover Gardens
212 E. Schuylkill Road
1968
183
n/a
1 BR 1 BA
2 BR 1 BA
$790
$$1,035
717
810
Tenant
Owner
Owner
Owner
Coventry Gardens
16 E. Parkway Drive
1963
60
Highland Manor
850 E. Schuylkill Road
1967
106
92%
1 BR 1 BA
2 BR 1 BA
2 BR 1 BA
$845-$910
$1,037
$1,102
695
820
820
Tenant
Owner
Owner
Owner
Valley View Apartments
600 W. Schuylkill Road
1966
176
98%
1 BR 1 BA
2 BR 1 BA
$830
$1,040
705
816
Tenant
Owner
Owner
Owner
Upland Village
422 Upland Street
1970
n/a
1 BR 1 BA
2 BR 1 BA
$815
$965
900
950
Tenant
Owner
Owner
Owner
Wexford Apartments
456 Elm Street
1972
60
n/a
1 BR 1 BA
1 BR 1 BA Den
2 BR 2 BA
$600
$680
$745
700
800
1,033
Tenant
Tenant
Tenant
Owner
Pear Tree Court
17 W. Vine Street
Stowe, Pennsylvania
1970
56
90%
1 BR 1 BA
2 BR 1 BA
$750
$850
650
750
Tenant
Owner
Owner
Owner
Pottsgrove Townhomes
201 Jay Street
1972
106
96%
2 BR 1.5 BA TH
2 BR 1.5 BA TH
(End Unit)
$1,055
$1,075
865
Tenant
Tenant
Tenant
Landlord
25 North Apartments
25 N. Franklin Street
Unit Mix
Studio
1 BR 1 BA
2 BR 1 BA
Average
In-Place Rent
Unit
Sq. Ft.
$634
$715
$895
575
635
N/A
Average
In-Place Rent
Unit
Sq. Ft.
Utilities
Year
Built
Property / Location
Electric
Tenant
Heat
Owner
Hot Water C/W & Sewer
Owner
Owner
Electric
500 Tenant
600
800
Heat
Tenant
Utilities
Hot Water C/W & Sewer
Owner
Owner
Competitive Rental Properties
Property / Location
Unit Mix
1 BR 1 BA
2 BR 1.5 BA
650
900
23
Property / Location
25 North Apartments: 25 N. Franklin Street; Pottstown, Pennsylvania
1
King Street Commons: 262 King Street; Pottstown, Pennsylvania
2
Yorkshire Apartments: 593 N. York Street; Pottstown, Pennsylvania
3
Logan Court: 759 Logan Street; Pottstown, Pennsylvania
4
Linden Apartments: 900 N. Hanover Street; Pottstown, Pennsylvania
5
Arbor Grove: 960 Hale Street; Pottstown, Pennsylvania
6
Hanover Gardens: 212 E. Schuylkill Road; Pottstown, Pennsylvania
7
Coventry Gardens: 16 E. Parkway Drive; Pottstown, Pennsylvania
8
Highland Manor: 850 E. Schuylkill Road; Pottstown, Pennsylvania
9
Valley View Apartments: 600 W. Schuylkill Road; Pottstown, Pennsylvania
10
Upland Village: 422 Upland Street; Pottstown, Pennsylvania
11
Wexford Apartments: 456 Elm Street; Pottstown, Pennsylvania
12
Pear Tree Court: 17 W. Vine Street; Pottstown, Pennsylvania
13
Pottsgrove Townhomes: 201 Jay Street; Pottstown, Pennsylvania
24
Location Overview
Pottstown is located in east Pennsylvania between Montgomer y, Ber ks and Chester Counties. Pottstown is located
about 32 miles northwest of Philadelphia and 15 miles southeast of Reading, on the Schuylkill River. The main east-west
street in Pottstown is High Street, which continues east of the borough as Ridge Pike. The main north-south street in the
borough is Hanover Street. The U.S. Route 422 freeway passes to the south of Pottstown and heads east to King of Prussia and Philadelphia and west to Reading. Pennsylvania Route 100 runs north-south through the Pottstown area, heading
south to West Chester and north to Allentown. Pennsylvania Route 663 begins at PA 100 in Pottstown and follows King
Street east and Charlotte Street northeast before leaving the borough and continuing to Pennsburg and Quakertown. Pennsylvania Route 724 runs along the south bank of the Schuylkill River in Chester County. Bus service in Pottstown and the
surrounding communities is a publicly owned and privately operated system. The Borough of Pottstown owns, funds, and
administers the system. The day-to-day operations are the responsibility of Pottstown Area Rapid Transit, Inc. SEPTA's
Route 93 bus connects Pottstown with Norristown.
As of 2010, the total Pottstown population was at 22,377, which had grown 2.37% since 2000. The median household
income was at $42,969 in 2008-2012 and had grown by 20.08% since 2000. Pottstown median house value was at
$138,300 in 2008-2012 and had grown by 57.88% since 2000. The house value growth rate is 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%.
The Pottstown School District serves the borough, and the Pottsgrove School District serves the surrounding townships in
Montgomery County. Further, private schools such as The Hill School, Wyndcroft School, Saint Aloysius School and
Stowe Lighthouse Christian Academy are an option for residents as well. Further, Pottstown is home to Montgomery
County Community College – West Campus.
In the past, its iron and steel interests were very extensive. There were large rolling mills, furnaces, nail works, textile
mills, bridge works, agricultural-implement works, boiler and machine shops, foundries, and manufactories of bricks,
silks, shirts, hosiery, etc. Today, Pottstown is the center of a productive farming and dairying region.
Pottstown has a rich history, vibrant culture, and evokes a traditional town character through its notable architecture, tree
lined streets, and charming downtown business district.
25
Location Overview
Montgomery County posted a population of 799,874 at
the 2010 Census, making it the 3rd 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, Montco 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 3rd largest county in Pennsylvania, the
2nd 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; HatboroHorsham 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 Mawr College; Gwynedd Mercy College; Haverford College;
Pennsylvania College of Optometry; Penn State Abington; Rosemont College; St. Joseph's University; Temple University – Ambler; and Ursinus College.
26
Location Overview
DEMOGRAPHIC SNAPSHOT
1 Mile
3 Miles
5 Miles
2015 Population
15,474
48,619
81,076
2020 Population
15,738
49,867
83,121
Population Growth 2015-2020
1.71%
2.57%
2.52%
Average Age
36.80
38.10
38.90
2015 Total Households
6,353
19,224
31,059
Household Growth (2015-2020)
1.76%
2.55%
2.53%
$37,506
$55,126
$63,719
2.40
2.50
2.60
$140,283
$184,479
$223,686
1947
1958
1967
Median Household Income
Average Household Size
Median Home Value
Median Year Built
27
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.
28
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.
29
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.
30
Regional Map
31
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]

25 north apartments - Rittenhouse Realty Advisors

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