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]
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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]
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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]
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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
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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
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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
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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]