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3440 Bartram Ave, Philadelp...

Updated Oct 29, 2024

Alliance HSP Acquires Industrial Property In Philadelphia For $3.6M
SOLDIndustrial

Alliance HSP Acquires Industrial Property In Philadelphia For $3.6M

3440 Bartram Ave, Philadelphia, PA, 1...

$3,600,000

$88/SF

Building Size

40,900 SF

Asset Type

Industrial

Closing

Nov 20, 2023

About this deal

AI

The industrial building located at 3440 Bartram Ave in Philadelphia, PA, spans 40,900 square feet. Built in 1980, the property sits in proximity to Interstate 95 and Philadelphia International Airport. The seller, the Philadelphia Housing Authority, represented by Michael Kane and Les Haggett of CBRE, along with Vincent Jolly of CVA Commercial Group, sold the asset to Alliance HSP for $3.6 million.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $3,600,000.00
  • Address: 3440 Bartram Ave, Philadelphia, PA
  • Market: Philadelphia
  • Seller's Rep: Les Haggett (CBRE), Michael Bushkanets (Douglas Elliman)
  • Buyer: Alliance HSP
  • SF: 40,900

Alliance HSP, the buyer in this transaction, acquired the industrial property from the Philadelphia Housing Authority. Les Haggett of CBRE and Michael Bushkanets of Douglas Elliman acted as the seller's representatives, facilitating the sale. The transaction underscores the building's history, having been owned and occupied by the Philadelphia Housing Authority since 1990.

Players

Michael Bushkanets

Compass

Broker

$12.5M

vol

4 deals

Broker

Philadelphia Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $88 per square foot on a published $3.6M for 40,900 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.41%

Cash-on-Cash

-1.26%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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