THE RESIDENCES AT FRONT STREET — A rare, fully occupied, turn-key 20-apartment investment in the heart of Quakertown's historic downtown. 100% occupied, with 3.47% assumable financing on a $2,000,000 interest-only balance. The offering: 20 apartments — two 3-bedroom, fifteen 2-bedroom, three 1-bedroom — every apartment like-new and renovated, with granite counters, stainless steel appliances, washer/dryer in unit, and wood flooring throughout. Anchored by nine apartments in new construction completed in 2021 with a rooftop deck, alongside the classic red Victorian on Front Street. The numbers: scheduled rent $33,941/month ($407,292/year), with rents ranging from $1,475 to $1,910/month. T12 NOI $353,235 — a 5.94% cap rate at $5,950,000. Seller's pro forma NOI $384,891 — a 6.47% cap — on proposed rents of $38,000/month, a 12% lift over current rents, so there is clear opportunity to bring rents to market. T12 gross income $426,244 against operating expenses of $73,009, and tenants pay electric, water, sewer, and trash. 33 parking spaces. The financing: the existing loan is assumable at 3.47%, interest-only, on a $2,000,000 balance. Seller confirms assumability, subject to lender approval. Quakertown's historic downtown, walkable to shops, restaurants, and the Trolley Barn Public Market, with easy roads to Doylestown, New Hope, and the Lehigh Valley. OFFERING MEMORANDUM attached. Full financial package — rent roll for all 20 units, income and expenses, pro forma, and loan statement — available upon request from the listing agent. Contact Andrew D. Blum, RE/MAX Centre Realtors, for the package and to schedule a private showing. SEE OFFERING MEMORANDUM FOR BED/BATH BREAKDOWN AND FINANCIALS. *** ONE COMBINED OFFERING — all 20 apartments sold together in a single sale; the parcels are not sold separately. This same offering appears under four MLS sheets: 18 Front Street — Commercial PABU2135492, Multifamily PABU2135590; 12 Front Street — Commercial PABU2135586, Multifamily PABU2135592. ***

Listing courtesy of RE/MAX Centre Realtors



The real estate listing information is provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale or lease referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. This web site references real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties in listings may have been sold or may no longer be available. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized collection or dissemination of this information is in violation of copyright laws and is strictly prohibited. Copyright © 2020 Bright MLS. All rights reserved.