8 Apartment Units Pennsport Neighborhood 1402 E. Moyamensing
Transcription
8 Apartment Units Pennsport Neighborhood 1402 E. Moyamensing
8 Apartment Units Pennsport Neighborhood 1402 E. Moyamensing Avenue 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 Pricing & Financial Analysis Executive Summary 5 Financial Analysis 8 Rent Roll Summary 9 Relevant Sale Comparables 10 Financial Overview 11 Property Description Property Details 13 Site Plan/Aerial 14 Property Photographs 15 Market Overview Competitive Rental Market Survey 23 Location Overview & Maps 24 Click Here for Virtual Tour 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 3 PRICING & FINANCIAL ANALYSIS Executive Summary Financial Analysis Rent Roll Summary Financial Overview Executive Summary Investment Highlights Value Add Opportunity: Increase Rents 40% with Modest Renovations Semi-Detached 9,000± Square Foot Property Situated on a 23’ x 135’ Lot with Courtyard Access Individual Central Heating and Air Conditioning, Balconies and/or Courtyard Access, and Fireplaces Situated in Pennsport Section of Philadelphia, the 6th Most Walkable Neighborhood in the City Close Proximity to Interstate-95, the Benjamin Franklin Bridge and SEPTA Transit Routes Pricing Offering Price $849,000 Number of Units 8 Price per Unit $106,125 Pro Forma Cap Rate (Less Reserves) 7% Terms of Sale Offered free and clear of debt. All cash at closing. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 5 Executive Summary Investment Overview Rittenhouse Realty Advisors (“RRA”) extends to qualified investors the opportunity to acquire the fee simple interest in the multifamily property situated at 1402 E. Moyamensing Avenue in the Pennsport neighborhood of South Philadelphia. Pennsport is bound by Passyunk Square to the west, the Delaware River to the east, Queen Village neighborhood to the north, and Whitman to the south. Its location provides easy access to major roadways as well as Center City Philadelphia and the Philadelphia Naval Shipyard. SEPTA bus routes run on Front, Third, Fourth and Seventh Streets as well as Moyamensing and Washington Avenues. The area is easily accessible from Interstate-95 and street parking is typically available. In addition biking and walking are straightforward ways to get around. The subject property is a semi-detached 9,000± square foot building situated on a 23 x 135 lot. There are three sections of the building to enter: front, side and rear courtyard entrances. The property consists of (3) two-bedroom flats, (4) two-bedroom bi-level units and (1) one -bedroom flat. Most units feature 9’ to 10’ ceilings, hardwood floors, working fireplaces, exposed brick walls, separate HVAC systems and walk-on balconies. The current cash flow is significantly under market as a result of absentee ownership and management. There is no question this is a value add opportunity where some renovations ($7,500 to $9,500) per unit can increase the current rent schedule approximately 40% (see Comparative Rental Market Survey, page 23). Pennsport is Philadelphia’s riverfront enclave that has been building up exciting momentum in recent years. The influx of energy is welcome in a neighborhood already rich in Philly tradition. The stretch between Front and Third, better known as “Two Street,” is the home of the Mummers. It is a walkable neighborhood that is close to Center City, near the river, has easy access to the highway, and Target is but a stone's throw away. Perhaps that is why developers have descended upon this neighborhood of late, snapping up medium-sized parcels and building new homes and multifamily properties. In addition, a growing number of new restaurateurs and shop owners are breathing new energy into the area, helping expand the neighborhood’s already robust identity such as Moonshine, The Industry, Federal Donuts, Valentino Café, Shamrock Pub and 2nd Street Brewery. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 6 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 7 Financial Analysis (8 Apartment Units) 2015 Pro Forma 2013 INCOME Rental Income Less: Loss to Lease Less: Vacancy Total Rental Income $101,400 (8,592) (5,070) $87,738 OTHER INCOME Laundry Income Total Other Income $960 $960 TOTAL INCOME $61,990 $88,698 EXPENSES Fixed Expenses Real Estate Taxes Utilities (Gas, Electric, Water & Sewer) Insurance Life Safety License & Permits Business Privilege Tax Total Fixed Expenses 7,491 3,137 5,988 $16,616 $9,889 3,137 4,000 400 400 133 $17,959 4,485 3,100 $7,585 $4,435 3,600 400 800 $9,235 TOTAL EXPENSES $24,201 $27,194 NET OPERATING INCOME $37,789 $61,504 - ($2,000) Variable Expenses Management Fee Repairs/Maintenance/Turnover Advertising Admin/Legal/Acct/Misc. Total Variable Expenses CAPITAL RESERVES NOI LESS RESERVES $37,789 (1) Pro Forma Assumptions Proposed Rent per Rent Schedule ($8,450 x 12 Months) 8% Estimate 5% Estimate $10 per Month per Unit Estimate Total Assessed Value x 2014 Millage Rate ($738,000 x .0134) 2013 Actual $500 per Units Estimate $50 per Unit Estimate $50 per Unit per City of Philadelphia 0.15% Total Income $2,245 per Unit 5% Management Fee $450 per Unit Estimate $50 per Unit Estimate $100 per Unit Estimate $1,154 per Unit $3,399 per Unit $250 per Unit Estimate $59,504 (1) Auto, Travel, Interest and Depreciation Removed 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 8 As of July 1, 2014 Rent Roll Summary Unit Unit Type Occupancy Rent Proposed Rents Monthly Monthly Annual 1 2 Bedroom/1 Bath Bi-Level Vacant $750 $1,100 $13,200 2 2 Bedroom/1 Bath Bi-Level Leased $750 $1,100 $13,200 3 2 Bedroom/1 Bath Bi-Level Leased $975 $1,100 $13,200 4 1 Bedroom / 1 Bath Leased $525 $900 $10,800 5 2 Bedroom / 1 Bath Leased $600 $1,050 $12,600 6 2 Bedroom/1 Bath Bi-Level Leased $720 $1,100 $13,200 7 2 Bedroom / 1 Bath Leased $900 $1,050 $12,600 8 2 Bedroom / 1 Bath Vacant $850 $1,050 $12,600 $6,070 $8,450 $101,400 TOTALS 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 9 Relevant Sale Comparables Map Ref Property / Address Total Units Sale Date Sale Price Price per Unit Comments 1 914-928-930 E. Passyunk Ave. Philadelphia, Pennsylvania 12 Aug-14 $1,500,000 $125,000 Seven, 2 Bedroom Units; Five 1 Bedroom Units 2 1344-48 Ellsworth Street Philadelphia, Pennsylvania 6 Aug-14 $795,000 $132,500 Two, 2 Bedroom/1 Bath; Four, 1-Bedroom/1 Bath 3 1507-09 E. Moyamensing Ave. Philadelphia, Pennsylvania 4 Jun-14 $785,000 $196,250 Bank Owned Condo Units; Two, 3-Bedroom/2 Baths and Two, 2 Bedroom/1 Bath 4 1412 South 6th Street Philadelphia, Pennsylvania 4 Apr-14 $425,000 $106,250 Three, 1 Bedroom Units; 1 Studio Unit 5 743 South 4th Street Philadelphia, Pennsylvania 5 Feb-14 $795,000 $159,000 Four, 2-Bedroom/1 Bath; and 1 Efficiency 6 251 Fulton Street Philadelphia, Pennsylvania 4 Jul-13 $540,000 $135,000 Three, 1-Bedroom/1 Bath Units 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 10 Financial Overview Financial Summary Offering Price $849,000 Price per Unit $106,125 CAP Rate 7% Financing Down Payment (25%) $212,250 Loan Amount $636,750 Interest Rate 4% Amortization 30 Years Term 7 Years Return Net Cash Before Debt Service $59,504 Annual Payment $36,479 Net Cash After Debt Service $23,025 Debt Coverage Ratio 1.63 Cash-on-Cash Return 10.85% 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 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 11 PROPERTY DESCRIPTION Property Details Site Plan / Aerial Property Photographs Property Details Property Address 1402 E. Moyamensing Avenue; Philadelphia, Pennsylvania 19147 County Philadelphia Municipality/Township City of Philadelphia School District School District of Philadelphia Zoning RSA-5 APN 881002100 Lot Size 0.07 Acres / 3,105 Square Feet Lot Width/Depth 23 x 135 Year Built / Renovated 1910 No. of Buildings 1 No. of Stories 3 (plus Full Basement) No. of Apartment Units 8 Rentable Square Feet 9,039± Parking On Street Property Construction Foundation Poured Concrete Exterior Brick; Stucco Framing Wood Joist Roof Flat; Asphalt (Approx. 10-15 Years) Utilities Cold Water Paid by Landlord Hot Water Paid by Tenant Gas Paid by Tenant Electric Paid by Tenant Mechanical HVAC Gas Hot Air/Forced; Central Air Wiring 100 AMP Service Fire Protection Fire Suppressors 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 13 Site Plan/Aerial Not drawn to scale. For reference purposes only. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 14 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 15 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 16 Unit / Interior Photographs 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 17 Unit / Interior Photographs 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 18 Unit / Interior Photographs 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 19 Unit / Interior Photographs 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 20 Unit / Interior Photographs 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 21 MARKET OVERVIEW Competitive Rental Market Survey Location Overview Competitive Rental Market Survey Total Units 1402 E. Moyamensing Avenue Philadelphia, Pennsylvania 8 Utilities Unit Mix Current Rent (1) 1 Bdr / 1 Ba (2) 2 Bdr / 1 Ba (4) 2 Bdr / 1 Ba Bi-Level $525 $600-$900 Unit Mix Current Rent Comments Elec Heat H/W Tenant Tenant Tenant C/W & Sewer Landlord $720-$975 COMPARABLE PROPERTIES Map Ref Property / Location Total Units Utilities Comments Elec Heat H/W C/W & Sewer 1 323 Reed Street - 1st & 2nd Fl Philadelphia, Pennsylvania 2 2 Bdr / 1 Ba $1,200 Renovated Tenant Tenant Tenant Landlord 2 1507-09 E. Moyamensing Ave. Philadelphia, Pennsylvania 2 2 Bdr /1 Ba 2 Bdr / 1.5 Ba $1,250 $1,400 Bi-Level Condo Tenant Tenant Tenant Landlord 3 319 Wharton Street - 1st Floor Philadelphia, Pennsylvania 3 (1) 2 Bdr / 1 Ba $1,200 No C/A or Yard: Never Renovated Tenant Tenant Tenant Landlord 4 329 Wharton Street Philadelphia, Pennsylvania 3 1 Bdr / 1 Ba $1,000 Self-Contained Tenant Tenant Tenant Landlord 5 1412 South 6th Street Philadelphia, Pennsylvania 3 1 Bdr / 1 Ba $1,000 Renovated Tenant Tenant Tenant Landlord 6 126-28 League Street Philadelphia, Pennsylvania 4 1 Bdr / 1 Ba $1,000 Separate Utilities Tenant Tenant Tenant Landlord 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 23 Location Overview The Pennsport neighborhood of Philadelphia is bound by Passyunk Square to the west, the Delaware River to the east, Queen Village neighborhood to the north, and Whitman to the south. The 2010 census listed Pennsport's population as 34,156, a figure that includes the populations of Southwark, Queen Village and Whitman. SEPTA buses run on Front, Third, Fourth and Seventh Streets as well as Moyamensing and Washington Avenues. The area is easily accessible from Interstate-95 and street parking is typically available. Biking and walking are straightforward ways to get around. Pennsport is Philadelphia’s riverfront enclave that has been building up exciting momentum in recent years. The influx of energy is welcome in a neighborhood already rich in Philly tradition. The stretch between Front and Third, better known as “Two Street,” is the home of the Mummers, the bedazzled paraders who have been tearing up Broad Street on New Year’s Day for more than 100 years. Mummer clubs and pubs blend into the neighborhood’s quaint, narrow, well-maintained blocks in this historically residential part of town. A growing number of new restaurateurs and shop owners are breathing new energy into the area, helping expand the neighborhood’s already robust identity such as Moonshine (1825 E. Moyamensing Avenue), The Industry (1401 E. Moyamensing Avenue), Federal Donuts, Valentino Café. Shamrock Pub and 2nd Street Brewery. Pennsport is a great place to live. It is a walkable neighborhood that is close to Center City, near the river, has easy access to the highway, and Target and ShopRite are but a stone's throw away. Perhaps that is why developers have descended upon this neighborhood of late, snapping up medium-sized parcels and building a bunch of homes at a time. At 2nd and Reed Streets, six homes have appeared. At 3rd and Reed Streets, a bundle of homes are slowly going up, replacing a church. At 2nd and Wharton Streets, the southwest corner saw four new homes a few years ago and eleven new homes more recently. And there are more projects in the area. The 300 block of Wharton Street is dominated by Saint Casimir's Lithuanian Church, which has been a fixture in the neighborhood for over a hundred years. The associated school closed a few years back and membership has shrunk which led to an administrative merger with Saint Andrew's Parish back in 2011. A few years ago, plans came forward to split off the church's former school, located behind church, and add on a few stories and create an apartment building. Another proposed project is the conversion of a warehouse at 1800 E. Moyamensing Avenue. Instead of demolition and new construction, the zoning notices indicate a plan to use the 11,000 square foot warehouse for a nano-brewery, a restaurant, and food and grocery sales. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 24 Location Overview DEMOGRAPHIC SNAPSHOT 1 Mile 3 Miles 5 Miles 2014 Population 67,722 329,242 805,449 2019 Population 68,367 339,185 832,682 Population Growth 2014-2019 0.95% 3.02% 3.38% 37.5 36.3 35.5 28,780 144,460 321,135 Average Age 2014 Total Households Household Growth (2014-2019) Median Household Income 0.76% 3.29% 3.49% $43,083 $41,301 $33,251 2.3 2.1 2.4 $209,793 $201,868 $140,501 1946 1948 1947 Average Household Size Median Home Value Median Year Built 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 25 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. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 26 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. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 27 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 I76, 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. 1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103 215.454.2852 | [email protected] 28 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]