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West Philly : Cedar Park, Baltimore Ave. & Beyond

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West Philly Apartment pricing

Here are some “back of envelope” type pricing calculations for West Philly

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I visited GARDEN COURT PLAZA, and had a brief meeting with the leasing manager there.

"Set on the charming Pine Street of West Philadelphia, Garden Court Plaza Apartments is
conveniently located in the University City neighborhood, featuring a great mix of studio,
one, two, and three bedroom apartments."

He gave me the following prices for 12 months Rentals - these are unfurnished:

Type :  Monthly Rent :  Unit Size : Per sq foot:
1 BR  : $1500 - 2,000 :  860 -1020: $1.74-$1.96
2 BR  : $1700 - 2,500 : 1100-1400: $1.55-$1.78

The overall average looks like about $1.75 per sq ft.
And that would be $21.00 per sq ft per annum

Based on this, and a target gross yield…
  8% target = $21.00 / 0.08 = $263 per sq ft
10% target = $21.00 / 0.10 = $210 per sq ft

These are very approximate Guesses of what West Philly Condos might be worth
This seems to by approximately correct, given the asking prices at
4727 Walnut st, which is $244 per sq ft for a $350K, of 1,437 sf unit
> https://www.realtor.com/realestateandhomes-detail/4727-Walnut-St-A_Philadelphia_PA_19139_M40630-02240

Footnote: The owner/ manager of Garden Court Plaza is Post brothers.
They have a new project where Apple Storage was.
THIS will reportedly open for Leasing in about 4 weeks

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2018 articles

Post Brothers Plans 2 New Towers In West Philly Apartment Complex Philadelphia Multifamily / January 10, 2018

Post Brothers Apartments hopes to expand its venerable apartment complex on the western edge of University City. The developer plans to add two 82-foot towers to Garden Court Plaza Apartments at 4701 Pine St., which it bought in 2015 and renovated, Naked Philly reports. In order to do that, Post Brothers would need either a substantial number of variances or a rezoning of the CMX-2 lot, currently limiting structures to 38 feet tall. The 146-foot initial structure was built in 1926 as part of a neighborhood-wide development effort that was aborted in its early stages, leaving Garden Court Plaza to tower over the heavily single-family area of West Philadelphia. Before the proposal heads to the Zoning Board of Adjustment, it will go before a community meeting on Jan. 18.

The proposed towers would be built on top of the 260-space parking garage, which will remain intact. Each would be six stories tall and contain a total of 243 apartments between them. A courtyard and swimming pool for residents would also be put on top of the garage. The last proposal Post Brothers put before the ZBA was the multifamily conversion of the Quaker warehouse building on 900 North Ninth St., which the board controversially rejected before a judge overturned the decision and allowed the plan to move forward.
Read more at: https://www.bisnow.com/philadelphia/news/multifamily/post-brothers-west-philly-two-multifamily-towers-garden-court-plaza-83510?utm_source=CopyShare&utm_medium=Browser

/ 2 /

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The interior of the Garden Court Plaza has undergone significant renovation over the last handful of years, since it was purchased by Post Brothers. A West Philly Local story from 2015 indicates that residents were concerned that the new ownership would result in higher rents, and those concerns were surely borne out. Looking at the property website today, we see studios listed for rent for a little over $900/mo, and two-bedroom units renting for almost $2,500/mo. We don’t know for sure, but would have to imagine that the rental rates were lower before Post Brothers started renovating the interior.

Having owned the building for a little more than two years, Post is now looking to take another step forward with this property, an effort that actually jibes really well with the intent of its original developer. A reader tipped us off today, letting us know that Post Brothers is hoping to build two new towers on the site, on top of the existing parking garage. The garage, which has roughly 260 spots, will remain intact, with the proposal adding a pair of 6-story additions with a total of 243 new apartments. Adding those units to the existing 146 units, that that would make almost 400 total units at this location. The project would also have a residents’ courtyard and swimming pool, on the roof of the existing parking garage. Here’s an elevation drawing, to show what we’re talking about:

Screen-Shot-2018-01-08-at-1.11.22-PM.png
Elevation of the new building

The property is zoned CMX-2, which means that this project triggers a tidal wave of refusals. But would it really be such a problematic development? With the additional units, there would be a roughly 2 parking spots for every 3 apartments. Some could argue that the height is inappropriate, but there’s already a 146′ building on the site, so why would new towers that only rise 82′ present a problem? Also, we’re inclined to look at it more favorably because the project relates so well to the original plan for the property.

> http://www.ocfrealty.com/naked-philly/west-philly/post-brothers-wants-build-atop-garden-court-plaza-parking-garage

Post Brothers Apartments hopes to expand its venerable apartment complex on the western edge of University City. The developer plans to add two 82-foot towers to Garden Court Plaza Apartments at 4701 Pine St., which it bought in 2015 and renovated, Naked Philly reports. In order to do that, Post Brothers would need either a substantial number of variances or a rezoning of the CMX-2 lot, currently limiting structures to 38 feet tall. The 146-foot initial structure was built in 1926 as part of a neighborhood-wide development effort that was aborted in its early stages, leaving Garden Court Plaza to tower over the heavily single-family area of West Philadelphia. Before the proposal heads to the Zoning Board of Adjustment, it will go before a community meeting on Jan. 18.

Read more at: https://www.bisnow.com/philadelphia/news/multifamily/post-brothers-west-philly-two-multifamily-towers-garden-court-plaza-83510?utm_source=CopyShare&utm_medium=Browser

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4727 WALNUT

544f212775388420ae87037c76e31f3bl-m0xd-w

PRICE: $350,000 / 1,437 sf = $244 psf -- Listed for 302 days

  • Bedrooms: 2
  • Total Bathrooms: 3
  • Full Bathrooms: 2
  • 1/2 Bathrooms: 1

Exterior and Lot Features

  • Lot Size Square Feet: 4356

Enjoy new construction with a ten year tax abatement in University City. This two bedroom, two and a half bath home is in the enclave community called Walnut Place which consists of 6 boutique condominiums designed and built with the utmost attention to luxury and comfort. All units feature stunning walnut hardwood flooring, oversized windows, 9' ceilings, sleek kitchen cabinetry, granite counter tops and stainless appliances, smart Nest thermostats and high-end fixtures. This unit includes an outdoor garden and terrace. Additional features include off-street parking and a private courtyard. Optional deeded garage parking available. Walk to UPenn, Drexel, CHOP, USciences, PresbyterianHospital and more! Delivery February 2019.

Prices / Monthly cost of 80% Mortgage Loan
4727 Walnut- :  A, $350,000 / 1,437 (2018) = $244 psi / 2BR, 2.5ba: $2,043/mo. @4.41%
Same address: B, $400,000 / 1,582 (2018) = $253 psf / 2BR, 3ba - : $2,261
Same address: C, $450,000 / 1,624 (2018) = $277 psf / 3BR, 3ba - : $2,480
Other
1237 S. 47th St - : $375,000 / 1,515 (2018) = $248 psf / 2BR, 3ba - : $2,407/mo.

> https://www.realtor.com/realestateandhomes-detail/4727-Walnut-St-A_Philadelphia_PA_19139_M40630-02240

 

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