Academia Suites | 1100 W Godfrey Ave
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Academia Suites 1100 W Godfrey Ave
111 Unit Block of Flats £10,118,889 (£91,161/Unit) 7.40% Net Initial Yield Philadelphia, PA 19141
Investment Highlights
- Attractive Price Point: Asking Price of ±$120,000 per Unit
- Recent Capital Improvements: Multiple CapEx Projects Completed within the Last 5 to 7 Years
- Proximity to Public Transit: Subway, Regional Rail (Lansdale/Doylestown, Warminster and West Trenton Lines), & Bus Routes all Within Walking Distance
- Rental Upside Potential: Increase Rents by 10% “As-Is” or Renovate Kitchens and Baths and Increase as Much as 20%
- Access to Major Roadways: North Broad Street (Route 611), Roosevelt Boulevard (Route 1), and Cheltenham Avenue
- Convenient to Area Employers: Einstein Medical Center (Jefferson), LaSalle University, Temple Health, Temple University, & St. Christopher’s Hospital
Executive Summary
On behalf of Ownership, GREA offers qualified investors the opportunity to acquire the fee simple interest in Academia Suites, a 111-unit apartment community in Philadelphia’s East Oak Lane neighborhood. Built in 1965, Academia Suites served as dormitories for medical students at the Eye Institute (now Salus University).
After the Eye Institute moved operations to its Elkins Park location, Lindy Communities (the second owner ever of the Property) purchased the vacant dorms and converted them to market rate apartments. In 2010, Building #1101 was fully renovated with new kitchens, HVAC, windows, and floors. Within the last 6 to 7 years, the top floor of Building #1101 was fully renovated (Units S401-S412). In addition, within the last 10 years, both buildings had solar panels installed, and Building #1100 received new individual heating and cooling units (through-the-wall PTAC units), a new fitness center, and a common laundry room (see Offering Memorandum for a complete list).
East Oak Lane offers a unique historical charm as one of the oldest neighborhoods in the City of Philadelphia. It is known for its beautiful and diverse architectural styles such as Victorian, Colonial Revival, and Tudor Homes. In addition, the neighborhood boasts open green spaces and parks for residents to enjoy. The local neighborhood associations are extremely active and committed to maintaining the area's character and safety.
Academia Suites is strategically located near major roadways, specifically Routes 1 and 611. It provides easy access to numerous public transportation options including the Rock Transportation Center, making it convenient for residents to commute to other parts of the City and its surrounding suburbs.
A well-maintained property, Academia Suites is an excellent investment opportunity. A new buyer can keep the apartment units “as is” and increase rents by 10%, or if one chooses to renovate all kitchens and baths, a rental increase of 20% could be obtained. In addition to rental upside, Academia Suites can be acquired at a very attractive basis going in at ±$120,000 per unit.
After the Eye Institute moved operations to its Elkins Park location, Lindy Communities (the second owner ever of the Property) purchased the vacant dorms and converted them to market rate apartments. In 2010, Building #1101 was fully renovated with new kitchens, HVAC, windows, and floors. Within the last 6 to 7 years, the top floor of Building #1101 was fully renovated (Units S401-S412). In addition, within the last 10 years, both buildings had solar panels installed, and Building #1100 received new individual heating and cooling units (through-the-wall PTAC units), a new fitness center, and a common laundry room (see Offering Memorandum for a complete list).
East Oak Lane offers a unique historical charm as one of the oldest neighborhoods in the City of Philadelphia. It is known for its beautiful and diverse architectural styles such as Victorian, Colonial Revival, and Tudor Homes. In addition, the neighborhood boasts open green spaces and parks for residents to enjoy. The local neighborhood associations are extremely active and committed to maintaining the area's character and safety.
Academia Suites is strategically located near major roadways, specifically Routes 1 and 611. It provides easy access to numerous public transportation options including the Rock Transportation Center, making it convenient for residents to commute to other parts of the City and its surrounding suburbs.
A well-maintained property, Academia Suites is an excellent investment opportunity. A new buyer can keep the apartment units “as is” and increase rents by 10%, or if one chooses to renovate all kitchens and baths, a rental increase of 20% could be obtained. In addition to rental upside, Academia Suites can be acquired at a very attractive basis going in at ±$120,000 per unit.
Property Facts
| Price | £10,118,889 | Apartment Style | Mid Rise |
| Price Per Unit | £91,161 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.33 AC |
| Net Initial Yield | 7.40% | Building Size | 45,520 SF |
| No. Units | 111 | Average Occupancy | 90% |
| Property Type | Residential | Number of Floors | 4 |
| Property Subtype | Apartment | Year Built | 1965 |
| Price | £10,118,889 |
| Price Per Unit | £91,161 |
| Sale Type | Investment |
| Net Initial Yield | 7.40% |
| No. Units | 111 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 2.33 AC |
| Building Size | 45,520 SF |
| Average Occupancy | 90% |
| Number of Floors | 4 |
| Year Built | 1965 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Ceiling Fans
- Tile Floors
- High Speed Internet Access
- Refrigerator
- Carpet
- Wi-Fi
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Fitness Centre
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Security System
- Breakfast/Coffee Concierge
- Furnished Units Available
- Pet Play Area
- Volleyball Court
- Lift
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Walk Score ®
Very Walkable (74)
Transit Score ®
Excellent Transit (81)
PROPERTY TAXES
| Parcel Number | 881150920 | Improvements Assessment | £3,447,717 |
| Land Assessment | £1,736,135 | Total Assessment | £5,183,852 |
PROPERTY TAXES
Parcel Number
881150920
Land Assessment
£1,736,135
Improvements Assessment
£3,447,717
Total Assessment
£5,183,852
zoning
| Zoning Code | RM-1 |
| RM-1 |
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Corey Lonberger -
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Academia Suites | 1100 W Godfrey Ave
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