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BH University City Properties Acquires Multifamily Property In Philadelphia For $5.5M

Property Image
SOLD
$5,500,000
Mark Duszak
Kenneth (Ken) Wellar
+ 1

Pennsylvania

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MultiFamily
Sold 04/22/2022
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Property Image
SOLD

BH University City Properties Acquires Multifamily Property In Philadelphia For $5.5M

528 North 34th Street, Philadelphia, Pennsylvania 19104, United States

See Similar Deals
MultiFamily
Sold 04/22/2022
Mark Duszak
Kenneth (Ken) Wellar
+ 1
Contact now

Summary

PENNSYLVANIA
Asset Type:MultiFamily
Transaction Type:Sale

Located at 528 N 34th St in Philadelphia, PA, this multifamily property was recently involved in a closed sale transaction. The property consists of 15 units, resulting in a per unit price of $366,667. The sale took place on 04/22/2022, with a final sale price of $5,500,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $5,500,000
  • Units: 15
  • Price Per Unit: $366,667
  • Address: 528 N 34th St, Philadelphia, PA
  • Market: Philadelphia, PA

The buyer in this transaction was BH University City Properties, while the seller was Drexel Properties. The deal was facilitated by brokers Ken Wellar, Corey Lonberger, Mark Duszak, and Luke DeLuca of Rittenhouse Realty Advisors.

Players

Kenneth (Ken) Wellar
58 deals$1.2B volume
BROKER

Corey Lonberger
Global Real Estate Advisors (GREA)
33 deals$770.3M volume
BROKER

Mark Duszak
Rittenhouse Realty Advisors
24 deals$534.8M volume
BROKER

Luke DeLuca
Global Real Estate Advisors (GREA)
7 deals$56.3M volume
BROKER

SELLER

Details

SOLD
IMAGE: Luke DeLuca, Ken Wellar, Corey Lonberger & Mark Duszak DATE: 04/22/2022 ADDRESS: 528 N 34th St MARKET: Philadelphia, PA ASSET TYPE: Multifamily BUYER: BH University City Properties SELLER: Drexel Properties BROKERS: Ken Wellar (@Ken_Wellar_cre), Corey Lonberger, Mark Duszak & Luke DeLuca - Rittenhouse Realty Advisors (@Rittenhouse_Realty_Advisors), (@Grea) SALE PRICE: $5,500,000 UNITS: 15 ~ PPU: $366,667

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$293,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67