Prescott Arms Apartments is a 50-unit apartment complex consisting of (33) one-bedroom and (17) two-bedroom apartment units. All units feature spacious living rooms, kitchens, and separate dining areas. Tenants have access to coin-operated laundry facilities and ample off-street parking. The apartment units have all been updated over the past 10 years with various upgrades. Current ownership has completed several capital improvement projects including 80% roof replacement, newer boilers, and hot water heaters.

The subject property is 92% occupied and has run historically at 95% occupancy or better. The multifamily properties in the immediate area historically have been running at 95% or more providing a strong and stable tenant base year over year. The Upper Darby rental market has remained strong given the demand for workforce housing. In addition, there are high barriers to entry as there is no available land for new apartment properties to be built adding to the increased demand in the area from renters.

Prescott Arms Apartments is located in the heart of highly sought-after Delaware County. It is conveniently located near Route 3, West Chester Pike, Interstate-476 (the Blue Route), and Township Line Road (Route 1). Additionally, the property is situated less than a mile from SEPTA’s 69th Street Transportation Center for regional rail and numerous bus routes. These transportation options provide tenants with accessibility to Philadelphia and its surrounding suburbs, as well as the area’s top employers including Mercy Catholic Medical Center (Trinity Health System), SAP America, Boeing, Harrah’s Casino, Riddle Hospital (Main Line Health) and Delaware County Memorial Hospital (Crozer Health) among others.  

This offering is an excellent value-add opportunity for a new buyer. In-place rents are at least 10% below market compared to other assets in the immediate area with no work needed for the units to achieve these increases. A new owner could complete minor upgrades to kitchens and baths, and raise rents to competitive market rates that are +10% of what is currently in place. 

Prescott Arms Apartments offers potential buyers an excellent long-term hold in highly sought-after Delaware County, Pennsylvania.