springhouse apartments - Rittenhouse Realty Advisors

Transcription

SPRINGHOUSE APARTMENTS
32 Apartment Units
575 West Main Street
Montgomery County
Trappe, 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
7
Rent Roll Summary
8
Financial Overview
9
Property Description
Property Details
11
Site Plan/Aerial
12
Amenities
13
Property Photographs
14
Market Overview
Rental Market Surveys
19
Location Overview & Maps
23
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: Completed in 2014

Stabilized Occupancy: 96% Occupancy as of J uly 31, 2014

Premium Units: Select Units Featur e Gr anite Counter tops and Har dwood Floor s

High Occupancy Submarket: Sur r ounding Mar ket Compar ables Show 96% to 98% Occupancy

Superior Location: Access to Major Employment, Retail Center s and Ur sinus College
Pricing
Offering Price
$6,200,000
Number of Units
32
Price per Unit
$193,750
Pro Forma Cap Rate (Less Reserves)
6.1%
Terms of Sale
Offered free and clear of debt. All cash at closing.
5
Executive Summary
Investment Overview
Rittenhouse Realty Advisors (“RRA”) extends to qualified investors the opportunity to acquire the fee simple
interest in Springhouse Apartments, a 32-unit rental community, located in the Borough of Trappe, Montgomery
County, Pennsylvania. Strategically located near the King of Prussia/Valley Forge submarket, home to one of the
largest centers of office and retail space in the country, Springhouse Apartments residents are in close proximity
to work, shop, and play via the “Route 422 Corridor”.
Completed in 2014, Springhouse Apartments is a four building rental community comprised of all two bedroom,
two bathroom units. Each unit features a private entrance with patio or balcony as well as access to private storage. Unit interiors feature open kitchens with breakfast bar, gas cooking, stainless steel appliances and a full size
washer and dryer. A total of 12 units offer an upgraded amenity package with granite countertops and hardwood
floors, commanding superior rents. Each apartment has central air conditioning and gas fired forced air heating.
The units are exceptionally spacious averaging 1,250 square feet.
The Borough of Trappe presents an outstanding location for multifamily rentals via the “Route 422 Corridor”.
Located in a high occupancy submarket (96% to 98%), Springhouse Apartments is less than three miles from
Route 422 connecting residents to the King of Prussia/Valley Forge submarket which includes King of Prussia,
Collegeville, Phoenixville and Limerick. Additionally, Route 422 provides access to Route 202, Interstate-276
(The Pennsylvania Turnpike), and Interstate-76 (The Schuylkill Expressway) which links Valley Forge to the
City of Philadelphia. The King of Prussia Mall, the largest retail space in the United States, is located in this submarket and attracts 25 Million visitors annually.
Springhouse Apartments presents an outstanding opportunity to acquire 32 new construction apartment units located within a high occupancy sub market.
6
Financial Analysis
(32 Apartment Units)
Pro Forma
INCOME
Gross Potential Rental Income
Less: Vacancy
Total Gross Potential Rental Income
OTHER INCOME
Utility Income
Pet Income
Application/Late Fee Income
Total Other Income
TOTAL INCOME
$13,440
$3,000
$3,200
$19,640
1
2
$35 Per Month Per Unit
$25 Per Month Per Pet
$100 Per Unit Estimate
$550,196
$65,165
11,200
4,000
5,760
6,843
3,372
1,395
$97,735
VARIABLE EXPENSES
Management Fee
Payroll
Repairs/Maintenance
Turnover
Landscaping/Snow
Advertising/Marketing
Admin/Legal/Misc
TOTAL VARIABLE EXPENSES
$27,510
16,000
8,000
6,400
4,800
3,200
3,200
$69,110
TOTAL OPERATING EXPENSES
$166,845
NET OPERATING INCOME
$383,351
NET OPERATING INCOME LESS RESERVES
$46,540 Per Month x 12 Months
5% Estimate (3% Vacant Per Rent Roll Dated 7-31-14)
$558,480
($27,924)
$530,556
EXPENSES
FIXED EXPENSES
Real Estate Taxes
Insurance
Water
Sewer
Electric
Trash Removal
Licenses & Permits
TOTAL FIXED EXPENSES
CAPITAL RESERVES
Pro Forma Assumptions
($8,000)
3
4
4
2014 Montgomery County Assessment
Trailing 7 Months Annualized
$281 Per Month Per Current Contract
$109 Per Unit at 40% Turnover
$3,054 Per Unit
5% Management Fee
40% at $500 Per Unit
$2,159 Per Unit
$375,351
(1) $35 per month per unit fee for water, sewer and trash currently applied to 9 units; All 32 units on renewal or new lease will be required to pay fee.
(2) 9 tenants currently pay $25 per pet per month with a combined total of 10 pets. $250 x 12 Months = $3,000
(3) 2014 Assessment of $1,952,120 x 33.382 mils
(4) Estimate based on increased occupancy and usage increase from 247,000 gallons to 271,000 gallons per quarter.
7
As of July 31, 2014
Rent Roll Summary
Unit
Number
Unit Mix
Status
Unit
SF
Current
Rent
Rent
PSF
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
VACANT
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
Occupied
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
1,250
$1,495
$1,495
$1,420
$1,395
$1,395
$1,550
$1,420
$1,385
$1,495
$1,420
$1,595
$1,595
$1,495
$1,420
$1,495
$1,420
$1.20
$1.20
$1.14
$1.12
$1.12
$1.24
$1.14
$1.11
$1.20
$1.14
$1.28
$1.28
$1.20
$1.14
$1.20
$1.14
$1,395
$1,420
$1,395
$1,395
$1,420
$1,420
$1,420
$1,420
$1,420
$1,495
$1,395
$1,595
$1,495
$1,495
$1,375
$1.12
$1.14
$1.12
$1.12
$1.14
$1.14
$1.14
$1.14
$1.14
$1.20
$1.12
$1.28
$1.20
$1.20
$1.10
1
1,250
—
Total Occupied
31
38,750
$45,045
Total
32
40,000
$45,045
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
B-1
B-2
B-3
B-4
B-5
B-6
B-7
B-8
C-1
C-2
C-3
C-4
C-5
C-6
C-7
C-8
D-1
D-2
D-3
D-4
D-5
D-6
D-7
D-8
Beds
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
Total Vacant
Baths
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
SUMMARY
Type
In Place Rent
Vacant at Market
Gross Potential Rent
Vacant
Rent
$1,495
$1,495
$1,495
Monthly
Monthly
$45,045
Annual
Annual
$540,540
1,495
17,940
$46,540
$558,480
8
Financial Overview
Financial Summary
Offering Price
$6,200,000
Price per Unit
$193,750
CAP Rate
6.1%
Financing
Down Payment (25%)
$1,550,000
Loan Amount
$4,650,000
Interest Rate
3.650%
Amortization
30 Years
Term
7 Years
+ 5 Year Extension
Return
Net Cash Before Debt Service
$375,351
Annual Payment
$255,262
Net Cash After Debt Service
$120,089
Debt Coverage Ratio
1.47
Cash-on-Cash Return
7.75%
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
9
PROPERTY DESCRIPTION
Property Details
Site Plan / Aerial
Amenities
Property Photographs
Property Details
SPRINGHOUSE APARTMENTS
Property Address
575 West Main Street; Trappe, Pennsylvania 19426
County
Montgomery
Municipality/Township
Trappe Borough
Zoning
C
APN
23008001
Lot Size
3.7345 Acres
Year Built / Renovated
2013
No. of Buildings
4
No. of Stories
2
No. of Apartment Units
32
Rentable Square Feet
40,000
Property Construction
Foundation
Concrete
Exterior
Stone; Siding
Framing
Wood
Roof
Pitched; Asphalt Shingles
Parking Surface
Asphalt
Utilities
Cold Water
Owner; Tenant Contributes $35 per Month
Hot Water
Tenant
Gas
Tenant
Electric
Tenant
Mechanical
HVAC
Central Air Conditioning; Gas-Fired Forced Hot Air
Wiring
100 AMP
Fire Protection
Hardwired Smoke Detectors
11
Site Plan
12
Amenities

Kitchens Feature Upgraded Countertops and 42” Cabinets

Stainless Steel Appliances

Gas Cooking

Two Full Bathrooms in Each Unit

Full Size Washer/Dryer in Each Unit

Spacious, Walk-In Closets

Central Air Conditioning and Heat

Private Patio or Balcony in Each Unit

Hard-Wired Smoke Detectors

Situated in the Center of Town - “Main Street”

Less Than 2 Miles from Ursinus College

Minutes from Wyeth, Pfizer, SEI, Quest, Dow and Other
Major Employers

Walking Distance to Trappe Dog Walk, Shops, Dining and
Other Local Venues
13
Exterior Photographs
14
Unit / Interior Photographs
15
16
17
MARKET OVERVIEW
Competitive Rental Market Survey
Location Overview
Competitive Rental Market Survey - Class “A” Assets
Subject Property
Year
Built
Total
Units
Occup.
Unit Mix
Current Rent
Unit
Sq. Ft.
Rent
PSF
Balcony
or Patio
Pets
Utilities
Springhouse Apartments
575 W. Main Street
Trappe, PA
2012
32
96%
2 Bdr 2 Ba
$1,420-$1,595
1,250
$1.14-$1.27
Yes
Yes
Tenant pays electric,
heat and hot water;
Monthly fee of $35
per month per unit
covers water, sewer
and trash
Comparable Properties
Year
Built
Total
Units
Occup.
Unit Mix
Current Rent
Unit
Sq. Ft.
Rent
PSF
Balcony
or Patio
Pets
Utilities
Jefferson Pointe
890 S. Matlack Street
West Chester, PA
2012
230
96%
2Bdr 2Ba
$1,407-$1,739
1,075-1,217
$1.30-$1.43
Yes
Yes
Tenant pays all Utilities
AVE Downingtown
1236 E Lancaster Avenue
Downingtown, PA
2006
173
97%
2Bdr 2 Ba
$1,699-$1,750
1,150-1,199
$1.45-$1.47
Yes
Yes
Londonbury Apartments
301 Washington Ave
Conshohocken, PA
2010
309
97%
2 Bdr 2 Ba
$1,894-$3,822
1,011-1,157
$1.87-$3.30
Yes
Yes
Riverview Landing
1776 Patriots Lane
Eagleville, PA
2004
310
93%
2Bdr 2 Ba
$1,470-$2,054
1,033-1,356
$1.42-$1.51
Yes
Yes
Dekalb Apartments
2609 Dekalb Pike
East Norriton, PA
2007
73
93%
2 Bdr 2 Ba
$1,655
1,190
$1.39
Yes
Yes
Tenant pays electric;
Owner pays heat, hot/
cold water, sewer and
trash
19
Competitive Rental Market Survey - Class “A” Assets
Property / Address
Springhouse Apartments - 575 W. Main Street; Trappe, Pennsylvania
A
Jefferson Pointe at West Chester - 890 S. Matlack Street; West Chester, Pennsylvania
B
AVE Downingtown - 1236 E Lancaster Avenue; Downingtown, Pennsylvania
C
Londonbury Apartments - 301 Washington Avenue; Conshohocken, Pennsylvania
D
Riverview Landing - 1776 Patriots Land; Eagleville, Pennsylvania
E
Dekalb Apartments - 2609 Dekalb Pike; East Norristown, Pennsylvania
20
Competitive Rental Market Survey - Local Market
Subject Property
Year
Built
Total
Units
Occup.
Unit Mix
Current Rent
Unit
SF
Rent
PSF
Balcony
or Patio
Pets
Utilities
Tenants pay electric,
heat, and hot water;
Monthly fee of $35
per month per unit
covers water, sewer
and trash
Springhouse Apartments
575 W. Main St
Trappe, PA 19426
2012
32
96%
2 Bdr 2 Ba
$1,420-$1,595
1,250
$1.14 - $1.27
Yes
Yes
Comparable Property
Year
Built
Total
Units
Occup.
Unit Mix
Current Rent
Unit
SF
Rent
PSF
Balcony
or Patio
Pets
2 Bdr 2 Ba
$1,455 -$1,495
980 -1,095
$1.36-$1.48
2 Bdr 2 Ba
Upgrade
$1,585 -$1,625
980 -1,095
$1.48-$1.61
Walnut Crossing
350 Brook Drive
Royersford, PA 19468
1998
260
96%
Yes
Utilities
Yes
heat and hot water;
Owner pays cold
water, sewer, and
trash
Summer Chase
100 Hunsberger Drive
Limerick, PA 19468
2000
198
97%
2 Bdr 2 Ba
$1,350-$1,660
975 - 1,327
$1.25-$1.38
Yes
Yes
heat and hot water;
Owner pays cold
water, sewer, and
trash
Chestnut Pointe
150 Morgan Drive
2000
192
95%
2 Bdr 2 Ba
$1,560-$1,580
1,100-1,166
$1.40
Yes
Yes
Tenants pay all
utilities
College Arms
74 E. Fifth Avenue
Collegeville, PA 19426
1969
176
100%
2 Bdr 1 Ba
$1,135
823
$1.31
Yes
Yes
Tenants pay electric;
Owner pays heat,
hot water, sewer
and trash
Mingo Apartments
50 Keokuk Road
1972
71
100%
2 Bdr 2 Ba
$1,120
814
$1.38
Yes
Yes
Tenants pay electric;
Owner pays heat,
hot water, sewer
and trash
Yes
heat and hot water;
Owner pays cold
water, sewer, and
trash
Lakeview Park
601 Lakeview Drive
2002
80
99%
2 Bdr 2 Ba
$1,250
1,142
$1.09
Yes
21
Competitive Rental Market Survey - Local Market
Property / Address
Springhouse Apartments - 575 W. Main Street; Trappe, Pennsylvania
A
Walnut Crossing - 350 Brook Drive; Royersford, PA 19468
B
Summer Chase Apartments - 100 Hunsberger Drive; Limerick, PA 19468
C
Chestnut Pointe - 150 Morgan Drive; Royersford, Pennsylvania
D
College Arms Apartments - 74 E. Fifth Avenue; Collegeville, PA 19426
E
Mingo Apartments - 50 Keokuk Road; Royersford, PA 19468
F
Lakeview Park Apartments - 601 Lakeview Drive; Royersford, PA 19468
22
Location Overview
Springhouse Apartments is situated in the center of town along Main Street which is the main east/west local commercial artery between Montgomery County and Berks County and runs parallel with Route 422. Main Street consists of a mixture of traditional merchants, village commercial shops, professional offices, restaurants and shopping
centers. Surrounding Main Street is a mix of residential neighborhoods including Carriage Ridge, an active 55+
adult community of about 40 townhomes. Contiguous to Carriage Ridge is College Woods, a townhome community. In close proximity to the property is a 130,000+/- square foot community shopping center, anchored by national
tenants such as CVS/pharmacy, Tuesday Morning, Dollar Tree, Citizens Bank and Anytime Fitness. Directly behind the shopping center is Heritage Park, a popular large townhome community that features their own fitness
club, community club and tennis courts. One of the area’s great attractions is the Philadelphia Premium Outlets,
which lies just eight miles west of the subject property. Springhouse Apartments is in close proximity to the 170
acre campus of Ursinus College as well as top employers such as Wyeth, Pfizer, SEI, Quest and Dow.
According to the 2010 census, 3,509 people call Trappe Borough home. The Borough is located in central Montgomery County, about a one-hour drive from Center City Philadelphia, and encompasses 2.24 square miles. While
primarily a bedroom community, Trappe possesses modest agricultural, industrial, and commercial uses. The borough's main thoroughfare, West Main Street, boasts many retail and specialty shops reminiscent of the quaint
country villages that once dotted the Pennsylvania landscape. Trappe is more family-centric than the surrounding
county with 41.47% of the households containing married families with children. The county average for households married with children is 35.31%. The median household income in Trappe, Pennsylvania is $82,695. The
median household income for the surrounding county is $75,797 compared to the national median of $50,935. The
median age of people living in Trappe is 37.5 years.
23
Location Overview
DEMOGRAPHIC PROFILE
1 Mile
3 Miles
5 Miles
2014 Population
5,360
41,165
102,983
2019 Population
5,513
42,249
105,161
Population Growth 2014-2019
2.85%
2.63%
2.11%
Average Age
36.5
36.2
37.8
2014 Total Households
1,901
13,660
35,610
Household Growth (2014-2019)
2.79%
2.73%
2.24%
$86,947
$100,142
$88,342
2.8
2.9
2.7
$294,736
$331,447
$300,585
1989
1991
1987
Median Household Income
Average Household Size
Median Home Value
Median Year Built
24
Location Overview - Montgomery County, Pennsylvania
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, 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 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 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.
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.
26
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 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.
27
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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]
Shaun Pudles
Tel.: 215.989.4440
[email protected]
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Philadelphia, PA 19103
Tel: 215.454.2852
Vincent Tagliente
Tel: 215.454.2920
[email protected]
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]

springhouse apartments - Rittenhouse Realty Advisors

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