rothrock manor apartments - Rittenhouse Realty Advisors

Transcription

ROTHROCK MANOR APARTMENTS
8 Units
Chester County
428 North Church Street
West Chester, Pennsylvania
Offering Memorandum
The following disclaimer applies to the attached Offering Memorandum (“Memorandum”) and you are,
therefore, advised to read this Disclaimer carefully before reading, accessing or making any other use of the Offering Memorandum or other information supplied in connection with the Property.
The Memorandum shall not constitute an offer to sell the Property. A sale of the Property shall only take
place upon the execution of an Agreement of Sale that has been signed by Buyer and Seller and all conditions
and contingencies contained in the Agreement of Sale have been satisfied prior to settlement.
Neither Rittenhouse Realty Advisors (“RRA”) nor any other third parties have been authorized to give
any information other than what has been provided in the Memorandum. Notwithstanding the foregoing, RRA
does not make any representation as to the completeness or accuracy of the information contained in the Memorandum or the value or performance of the Property either past, present or future. The information contained in
the Memorandum shall not be relied upon as a promise or representation as to any condition, value or performance of the Property. RRA and its owners, members, shareholders, managers, employees, agents and affiliates
expressly disclaim any and all liability for any and all representations, either express or implied, arising from any
statements, warranties, representations or information provided in the Memorandum or from the omission of any
such representations, statements, warranties or information from the Memorandum. It is the sole responsibility
of any recipient of the Memorandum to verify the information contained therein and to conduct the proper due
diligence concerning the Property.
Qualified prospective purchasers of the Property shall be afforded an opportunity to conduct inspections
of the Property. It is expected that such qualified purchasers shall conduct any and all inspections and evaluations of the Property deemed necessary by them.
RRA and Seller reserve the right, at their sole discretion, to reject any and all expressions of interest
concerning the Property from third parties, including the termination of any ongoing discussions and/or negotiations. The Memorandum is subject to withdraw, cancellation or modification by RRA or Seller at any time. Seller shall have no legal obligation to any party that has received or reviewed the Memorandum unless and until a
written Agreement of Sale has been fully executed, delivered and approved by Seller and Seller’s counsel; and
all contingencies and/or conditions to Seller’s obligation to settle have been satisfied.
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA
215.454.2852 | info@rittenhouserealty.com
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Table of Contents
Pricing & Financial Analysis
Executive Summary
5
Financial Analysis
8
Rent Roll Summary
9
Financial Overview
10
Property Description
Property Details
12
Amenities
14
Unit/Layout Plans
15
Property Photographs
23
Market Overview
Competitive Rental Market Survey
32
Location Overview
34
Click Here for Virtual Tour
1628 John F. Kennedy Boulevard, Second Floor | Philadelphia, PA 19103
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PRICING & FINANCIAL ANALYSIS
Executive Summary
Financial Analysis
Rent Roll Summary
Financial Overview
Executive Summary
Investment Highlights
 Historic Property Situated in the Heart of West Chester, Pennsylvania
 Newly Renovated Units: High-End Finishes in Kitchens and Baths
 Historically 100% Occupied: One Year Leases with No Student Rental Per mits
 Value-Add Opportunity: Separ ate Gas and Electr ic Meter s In Place to Char ge Tenants with Utilities
 Excellent Location: Convenient Access to Routes 202 and 322; J ust 25 Miles West of Philadelphia
and 17 Miles North of Wilmington, Delaware
Pricing
Offering Price
$1,350,000
Number of Units
8
Price per Unit
$168,750
Pro Forma Cap Rate (Less Reserves)
6.1%
Terms of Sale
Offered free and clear of debt.
All cash at closing.
5
Executive Summary
Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in
Rothrock Manor, a renovated 8 unit, three-story luxury apartment building listed on the Pennsylvania State Historic
Building Registry, and located at 428 North Church Street in the heart of West Chester, Pennsylvania.
The building is comprised of 1 studio apartment, 5 one-bedroom units, 1 two-bedroom unit, and 1 three-bedroom two
-bath unit. Each unit is separately metered for gas and electricity while heat and hot water is provided to the building
via a high efficiency Weil-McLain boiler and gas fired hot water heater. Six of the eight units have undergone significant interior renovations including upgraded kitchens with granite countertops, tile backsplashes and new appliances.
Baths in these units also feature a water saving toilet, tiled shower, and upgraded granite vanity. In addition, the
property features secure common area entry, interior mailboxes, hardwired smoke detectors, on-site laundry and private, secure tenant storage.
Rothrock Manor Apartments presents an outstanding opportunity to acquire a multifamily asset in a prime Chester
County location with continued qualified tenant demand. The asset also offers the new owner an opportunity to add
value. Completing the current renovation program in the remaining two units has the potential to increase rents 15%
to 20% over in place leases. Separate meters for gas are already in place for each unit, enabling these utility charges
can be passed directly to tenants.
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7
Financial Analysis
(8 Apartment Units)
2015
Pro Forma
2014
INCOME
RENTAL INCOME
Total Street Rent
Less: Vacancy
NET RENTAL INCOME
OTHER INCOME
Gas Reimbursement
Laundry Income
Other Income
TOTAL OTHER INCOME
TOTAL INCOME
OPERATING EXPENSES
Fixed Expenses
Real Estate Taxes
Insurance
$118,800
$130,200
(6,510)
$123,690
$260
740
1,552
$2,552
$260
$740
$800
$1,800
$121,352
$125,490
$8,723
5,973
$8,805
5,973
Pro Forma Assumptions
Street Rent ($10,850 Per Month x 12 Months)
5% Estimate (Actual Vacancy is 0%)
2014 Actual
2014 Actual
$100 Per Unit Estimate
2014 Taxes Per RealQuest
2014 Actual
Gas & Electric
5,888
5,888
2014 Actual
Water & Sewer
4,730
4,730
2014 Actual
Trash Removal
2014 Actual
1,990
1,990
Licenses & Permits
160
328
$41 Per Unit Per Year
Life Safety
781
400
$28,245
$28,114
Management Fee
5,702
$6,275
Repairs & Maintenance
Turnover
7,049
-
2,800
1,600
40% at $500 Per Unit Estimate
Landscaping & Snow Removal
1,843
1,200
-
800
Administrative & Miscellaneous
TOTAL VARIABLE EXPENSES
$14,594
800
$13,475
$1,679 per Unit
TOTAL OPERATING EXPENSES
$42,839
$41,589
NET OPERATING INCOME
$78,513
$83,901
TOTAL FIXED EXPENSES
$3,514 per Unit
Variable Expenses
Advertising & Marketing
($2,000)
CAPITAL RESERVES
NET OPERATING INCOME LESS RESERVES
$78,513
5% Management Fee
$81,901
8
Rent Schedule
Count
Unit No.
1
1
2
2
3
(as of March 10, 2015)
Unit Type
Square Feet
Street Rent
Lease Rent
1 Bedroom-Large
777
$1,525
$1,400
1 Bedroom-Large
815
$1,525
$1,500
3
1 Bedroom
554
$1,250
$1,200
4
4
2 Bedroom
836
$1,500
$1,330
5
5
1 Bedroom
632
$1,250
$1,250
6
6
1 Bedroom
598
$1,250
$1,200
7
7
3 Bedroom / 2 Bath
1,210
$1,600
$1,450
8
8
Efficiency
301
$950
$820
$10,850
$10,150
Units
Rent
Total Occupied
8
$10,150
Total Vacant
0
$0
Total Gross Potential Rent at 100% Occupancy
8
$10,150
x12 Mos.
$121,800
Rent Summary
Total Annual Gross Potential Rent at 100% Occupancy
Total Street Rent
Total Annual Street Rent
Loss to Lease
$10,850
x 12 Mos.
$130,200
6.45%
$8,400
9
Financial Overview
Financial Summary
Offering Price
$1,350,000
Price per Unit
$168,750
CAP Rate
6.1%
Financing
Down Payment (25%)
$337,500
Loan Amount
$1,012,500
Interest Rate
3.65%
Amortization
30 Years
Term
5 Years
Return
Net Cash Before Debt Service
$81,901
Annual Payment
$55,581
Net Cash After Debt Service
$26,320
Debt Coverage Ratio
1.47
Cash-on-Cash Return
7.80%
Above financing terms are offered through Rittenhouse Capital Advisors debt
advisory platform. To discuss bank terms furnished above or to discuss other
programs, contact:
Rittenhouse Capital Advisors
George D. Johnson, Jr.
george@rittenhousecapital.com
(O) 215.989.4443
(M) 267.218.4411
10
PROPERTY DESCRIPTION
Property Details
Site Plan / Aerial
Unit Plans
Amenities
Property Photographs
Property Details
Property Address
428 North Church Street; West Chester, Pennsylvania 19380
County
Chester
Municipality/Township
West Chester Borough
School District
West Chester School District
Zoning
NC1
Land Use Description
Apartments: 4+ Units
APN
010040156.0000
Lot Size
0.11 Acres / 4,688 Square Foot
Year Built / Renovated
1859 / 2006 / 2014
No. of Buildings
1
No. of Stories
3 (plus Basement)
No. of Apartment Units
8
Rentable Square Feet
5,723±
Parking
On Street
Laundry Facilities
On Site (Basement) and in Select Units
12
Property Details
Property Construction
Foundation
Stone / Masonry
Exterior
Brick / Wood Siding
Framing
Wood
Roof
Pitched Asphalt Shingles
Utilities
Cold Water
Public; Paid by Landlord
Hot Water
Gas Fired Hot Water Heater; Paid by Landlord
Gas
Landlord Pays Property Bill up to $500/month
Electric
PECO; Paid by Tenant
Mechanical
Heat
Gas Fired Hot Water Radiator
Wiring
60 Amp Service
Fire Protection
Hardwired Common Area Smoke Detectors and Alarms;
Battery Powered Smoke Detectors In Each Unit
13
Amenities

Situated in the Heart of West Chester, Chester County,
Pennsylvania

Renovated Units Feature Upgraded Kitchens with Tile
Back Splashes and Granite Countertops

New Bathrooms with Upgraded Vanity and Tile Shower

Select Units Feature Washer/Dryer in Unit

Laundry Facility On Site

Secure Tenant Storage On Site

Hardwood Floors

Fireplaces in Most Units

Large Windows with Natural Light

Convenient Access to Routes 202 and 322

Located 25 Miles West of Philadelphia, Pennsylvania and
17 Miles North of Wilmington, Delaware

Close Proximity to West Goshen Shopping Center and
Area Restaurants, Parks, West Chester University and
Other Venues
14
Unit Layout/Plan
Unit #1: One Bedroom - Large
15
Unit Layout/Plan
Unit #2: One Bedroom - Large
16
Unit Layout/Plan
Unit #3: One Bedroom - Medium
17
Unit Layout/Plan
Unit #4: Two Bedroom - Medium
18
Unit Layout/Plan
19
Unit Layout/Plan
20
Unit Layout/Plan
Unit #7: Three Bedroom / 2 Bath
21
Unit Layout/Plan
Unit #8: Efficiency
22
Unit / Interior Photographs
23
24
25
26
27
28
29
30
MARKET OVERVIEW
Location Overview
Year
Built
No.
Units
Effic
Rent
1 Bdr
Rent
2 Bdr
Rent
3 Bdr
Rent
Occup
Rate
1859
8
820
$1,000
$1,500
$1,330
$1,450
100%
Year
Built
No.
Units
Effic
Rent
1 Bdr
Rent
2 Bdr
Rent
3 Bdr
Rent
Occup
Rate
Marshall Manor
50 West Marshall Street
West Chester, PA
1967
9
N/A
N/A
$1,400
$1,600
N/A
100%
Landlord pays
water/sewer
Townhouse style layouts;
off-street parking; private
entrances; private patios
Chestnut Street Lofts
117 E. Chestnut Street
West Chester, PA
2014
60
N/A
$1200
$1475
N/A
N/A
97%
Tenant pays all
Utilities
Gym and parking on site;
Elevator equipped
Audubon Manor
210 N. Everhart Avenue
West Chester, PA
1967
96
N/A
$1,039
$1,101
$1,175
$1,192
N/A
97%
Heat, hot water,
sewer and trash
included
A/C, D/W, garbage disposal,
pool, on site parking, and
laundry in each building
Bradford Hall
201 N. Bradford Avenue
West Chester, PA
1962
44
N/A
$935
$1,015
$1,055
N/A
98%
Heat and hot water
included
A/C, D/W, on site laundry
Towns Edge
613 Downingtown Pike
West Chester, PA
1970
69
N/A
$950
$965
$1,025
$1,080
N/A
98%
Heat and hot water
included
Balcony/patio, A/C, D/W,
on-site parking and laundry
Audubon Pointe
615 Downingtown Pike
West Chester, PA
2014
61
$1,025
$1,145
$1,285
N/A
98%
Water and sewer
included;
Tenant pays electric
Ample off street parking,
laundry facilities on site,
select units with balcony/patio
Property / Location
Rothrock Manor Apts.
428 N. Church Street
West Chester, PA
Utilities
Amenities
Water, sewer, heat,
hot water and trash
included;
Tenant pays electric
Luxury finishes in upgraded
units, on-site laundry facilities,
secure entrance, and tenant
storage
Utilities
Amenities
Market Rate Comparable Properties
Property / Location
32
Property Name and Location
Rothrock Manor Apartments: 428 N. Church Street; West Chester
1
Marshall Manor: 50 West Marshall Street; West Chester
2
Chestnut Street Lofts: 117 E. Chestnut Street; West Chester
3
Audubon Manor: 210 N. Everhart Avenue; West Chester
4
Bradford Hall: 201 N. Bradford Avenue; West Chester
5
Towns Edge: 613 Downingtown Pike; West Chester
6
Audubon Pointe: 615 Downingtown Pike; West Chester
33
Location Overview
West Chester is a borough and the county seat of Chester County,
Pennsylvania. West Goshen Township borders West Chester to the north,
south, and east, while East Bradford Township borders West Chester to the
west. The borough straddles the Brandywine Creek and Chester Creek watersheds. West Chester is located 25 miles west of Philadelphia and 17
miles north of Wilmington, Delaware.
The main east-west road to West Chester is West Chester Pike, which begins in Upper Darby, Delaware County, just outside of Philadelphia, and is
part of PA 3. In West Chester, PA 3 follows Market Street eastbound and
Gay Street westbound. The main north-south road in West Chester is High
Street. To the north of town, the road is known as Pottstown Pike, which
connects to PA 100 in Exton. To the south of town, the road is known as
Wilmington-West Chester Pike (US 202 and US 322). US 202 and US 322
both bypass the center of West Chester on the limited-access West Chester Bypass, with US 202 heading northeast to
King of Prussia and south to Wilmington, Delaware and US 322 heading northwest to Downingtown and southeast to
Chester. US 322 Business passes through West Chester along Hannum Avenue, Chestnut and Market streets, and South
High Street. Other state routes serving West Chester include PA 162 and PA 842, which head west towards Unionville,
and PA 52, which heads southwest towards Kennett Square.
West Chester is home to the West Chester Transportation Center, which serves as a parking garage for the Chester County
Justice Center and a bus terminal, which is located on the lower level of the facility. Two of SEPTA's suburban bus routes
serve West Chester. The Route 92 bus connects West Chester to the Exton Square Mall and the King of Prussia Mall
while the Route 104 bus runs between West Chester University and the 69th Street Transportation Center, mostly following West Chester Pike. West Chester is also served by the Transportation Association of Chester County's SCCOOT,
which provides service to Kennett Square and Oxford, and Krapf's Transit's Route A, which provides service to Exton,
Downingtown, and Coatesville.
The borough’s location affords residents convenient access to businesses in Center City Philadelphia and its surrounding
suburbs as well as Wilmington, Delaware. A number of businesses are located in West Chester and some corporate headquarters include Communications Test Design, Inc. (CTDI), Mars Drinks, VWR International, Synthes and Economy.com
(part of Moody's Analytics). In addition, QVC has its headquarters and television studios in West Goshen Township near
West Chester.
Nestled in the heart of Pennsylvania's Brandywine Valley, West Chester is a picturesque and historic community that offers small-town charm with cosmopolitan flair. The Philadelphia Inquirer called it "one of the world's most perfect small
towns." Valley Forge, the Brandywine Battlefield, Marsh Creek State Park, and other historical attractions are nearby, as
are Longwood Gardens, the Brandywine River Museum, and Christian C. Sanderson Museum. In addition, West Chester
has received a multitude of awards and recognitions. The borough boasts over 70 boutiques that you would not find at the
mall. In addition, there are over 65 award winning restaurants.
34
Location Overview
As of 2010, the total West Chester population was at 18,461, which had grown 3.36% since 2000. The population growth
rate is about the same as the state average rate of 3.43. The median household income was $45,071 in 2008-2012 and had
grown by 19.23% since 2000. The median house value was $294,800 in 2008-2012 and had grown by 109.97% since
2000. The house value growth rate is much higher than the state average rate of 70.00% and is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is
26.63%.
On average, the public school district that covers West Chester is much better than the state average in quality. West
Chester Area School District manages the area's public school system, which includes three high schools (Henderson High
School, West Chester East High School, Rustin High School), three middle schools (J.R. Fugett Middle School, E.N.
Peirce Middle School, G.A. Stetson Middle school), and ten elementary schools (East Bradford Elementary, East Goshen
Elementary, Exton Elementary, Fern Hill Elementary, Glen Acres Elementary, Hillsdale Elementary, Mary C. Howse Elementary, Penn Wood Elementary, Sarah W. Starkweather Elementary, Westtown-Thornbury Elementary).
Founded in 1799 by the Religious Society of Friends, the Westtown School is located in Chester County. Westtown, a
prestigious co-educational, college preparatory day and boarding school for students in pre-kindergarten through twelfth
grade, enrolls about 820 students that come from more than 25 states and 20 foreign countries. Westtown’s 600 acre campus boasts a vast learning laboratory for the earth sciences, rife with many species of plant and animal life. The campus
features a 14 acre lake, arboretum, frog pond, 14 playing fields, stadium tennis courts, organic farm, Lower School mini
farm, medicine wheel garden, a National Wildlife Federation-certified garden at the Lower School, wooded cross country
course, and a 21 element ropes course, including a Flying Squirrel zip line.
West Chester University of Pennsylvania (WCUPA), a public univer sity located in West Chester , is one of the 14
state universities of the Pennsylvania State System of Higher Education. WCUPA was ranked 69th in the Master's Universities (North) category by U.S. News & W orld Report (2009). The school is accredited by the Middle States Association
of Colleges and Schools. With an academic staff of about 800, WCUPA enrolls 13,713 undergraduates and 2,135 postgraduates. West Chester University is located in the borough, south of the commercial and retail center.
35
Location Overview
DEMOGRAPHIC SNAPSHOT
1 Mile
3 Miles
5 Miles
2014 Population
21,053
55,753
111,795
2019 Population
21,699
57,706
115,259
Population Growth 2014-2019
3.07%
3.50%
3.10
Average Age
32.5
36.4
38.6
2014 Total Households
7,276
19,852
41,154
Household Growth (2014-2019)
3.59%
3.82%
3.30%
$49,087
$76,164
$85,551
2.3
2.6
2.5
$325,504
$369,920
$380,903
1951
1971
1979
Median Household Income
Average Household Size
Median Home Value
Median Year Built
36
Location Overview

Location
Philadelphia is located in the Northeastern United States at the confluence of the Delaware and Schuylkill rivers, and it is the only consolidated city-county in Pennsylvania. Within the Delaware Valley, the Pennsylvania metropolitan division consists of five counties in Pennsylvania
and has a population of 4,008,994. The city is the seat of its own county. The adjacent counties are Montgomery to the north; Bucks to the
northeast; Burlington County, New Jersey, to the east; Camden County,
New Jersey, to the southeast; Gloucester County, New Jersey, to the
south; and Delaware County to the west.

Demographics
Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of the
United States, and the fifth-most-populous city in the United States. As of the 2010 Census, the city had a population
of 1,526,006, growing to 1,553,165 in 2013 by Census estimates. Philadelphia median household income is $37,016 in
2008-2012 and has grown by 20.39% since 2000. Philadelphia median house value is $142,300 in 2008-2012 and has
grown by 138.36% since 2000. The house value growth rate is much higher than the state average rate of 70.00% and
is much higher than the national average rate of 51.67%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%

Economic Center
As the center of economic activity in Pennsylvania, the Philadelphia area had a total gross
metropolitan product of $347 billion in 2010, the seventh-largest metropolitan economy
in the United States (Bureau of Economic Analysis). With a gross domestic product of
$388 billion, Philadelphia ranks ninth among world cities and fourth in the nation. The
city is also the nation's fourth-largest consumer media market, as ranked by the Nielsen
Media Research. The city is home to the Philadelphia Stock Exchange and several Fortune 500 companies, including cable television and internet provider Comcast, insurance
companies Colonial Penn, CIGNA and Lincoln Financial Group, energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers
Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and
GlaxoSmithKline, Boeing Rotorcraft Systems, and automotive parts retailer Pep Boys.
Philadelphia's economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information technology and service-based economy. Financial
activities account for the largest sector of the metro economy, and it is one of the largest
health education and research centers in the United States.
37
Location Overview

Education
Education in Philadelphia is provided by many private and public institutions. The School District of Philadelphia runs
the city's public schools. The Philadelphia School District is the eighth largest school district in the United States with
163,064 students in 347 public and charter schools. Philadelphia has the second-largest student concentration on the
East Coast, with over 120,000 college and university students enrolled within the city and nearly 300,000 in the metropolitan area. There are over 80 colleges, universities, trade, and specialty schools in the Philadelphia region. The city
contains three major research universities: the University of Pennsylvania, Drexel University, and Temple University;
and the city is home to five schools of medicine: Drexel University College of Medicine, Philadelphia College of Osteopathic Medicine, Temple University School of Medicine, Thomas Jefferson University, and the University of Pennsylvania. Other institutions of higher learning within the city's borders include: Saint Joseph's University, La Salle University, Peirce College, University of the Sciences in Philadelphia, The University of the Arts, Pennsylvania Academy
of Fine Arts, Curtis Institute of Music, Thomas Jefferson University, Moore College of Art and Design, The Art Institute of Philadelphia, Philadelphia University, Holy Family University and Community College of Philadelphia. The
Philadelphia suburbs are home to a number of other colleges and universities, including Villanova University, Bryn
Mawr College, Haverford College, Swarthmore College, Ursinus College, Cabrini College, and Eastern University.

Cultural Center
Philadelphia is the cultural center of the Delaware Valley, home
to over 6 million people and the country's sixth-largest metropolitan area. Philadelphia is home to many national historical sites
that relate to the founding of the United States. Independence
National Historical Park is the center of these historical landmarks. Independence Hall, where the Declaration of Independence was signed, and the Liberty Bell are the city's most famous
attractions attracting over 2 million visitors (2010). Other historic
sites include homes for Edgar Allan Poe, Betsy Ross, and Thaddeus Kosciuszko, early government buildings like the First and
Second Banks of the United States, Fort Mifflin, and the Gloria
Dei (Old Swedes') Church. Philadelphia's major science museums
include the Franklin Institute, which contains the Benjamin
Franklin National Memorial; the Academy of Natural Sciences;
the Mütter Museum; and the University of Pennsylvania Museum
of Archaeology and Anthropology. History museums include the
National Constitution Center, the Atwater Kent Museum of Philadelphia History, the National Museum of American Jewish History, the African American Museum in Philadelphia, the Historical Society of Pennsylvania, the Grand Lodge of Free
and Accepted Masons in the state of Pennsylvania and The Masonic Library and Museum of Pennsylvania and Eastern
State Penitentiary. Philadelphia is home to the United States' first zoo and hospital, as well as Fairmount Park, one of
America's oldest and largest urban parks.
38
Location Overview

Neighborhoods
Philadelphia's neighborhoods are divided into large sections—North, Northeast, Northwest, West, South and Southwest Philadelphia—all of which surround Center City. Each of these large areas contains numerous neighborhoods, some of whose boundaries derive from the boroughs, townships, and
other communities that made up Philadelphia County before their absorption
into the city. For much of Philadelphia's history, the typical home has been
the row house. A variety of row houses are found throughout the city, from
Victorian-style homes in North Philadelphia to twin row houses in West
Philadelphia. While newer homes are scattered throughout the city, much of
the housing is from the early 20th century or older. The great age of the homes has created numerous problems, including blight and vacant lots in many parts of the city, while other neighborhoods such as Society Hill, which has the largest concentration of 18th-century architecture in the United States, have been rehabilitated and gentrified.

Transportation
Philadelphia is served by the Southeastern Pennsylvania Transportation Authority (SEPTA), which operates buses,
trains, rapid transit, trolleys, and trackless trolleys throughout Philadelphia, the four Pennsylvania suburban counties of
Bucks, Chester, Delaware, and Montgomery, in addition to service to Mercer County, New Jersey and New Castle
County, Delaware. SEPTA's Airport Regional Rail Line Regional Rail offers direct service to the Philadelphia International Airport. Philadelphia's 30th Street Station is a major railroad station on Amtrak's Northeast Corridor, which offers access to Amtrak, SEPTA, and New Jersey Transit lines. The PATCO Speedline provides rapid transit service to
Camden, Collingswood, Westmont, Haddonfield, Woodcrest (Cherry Hill), Ashland (Voorhees), and Lindenwold, New
Jersey, from stations on Locust Street between 16th and 15th, 13th and 12th, and 10th and 9th Streets, and on Market
Street at 8th Street.

Roadways
Interstate 95 runs through the city along the Delaware River as a main north-south artery known as the Delaware Expressway. The city is also served by the Schuylkill Expressway, a portion of Interstate 76 that runs along the Schuylkill
River. It meets the Pennsylvania Turnpike at King of Prussia, Pennsylvania, providing access to Harrisburg, Pennsylvania and points west. Interstate 676, the Vine Street Expressway, has a link between I-95 and I-76, it runs below street
level through Center City, connecting to the Ben Franklin Bridge at its eastern end. Roosevelt Boulevard and the Roosevelt Expressway (U.S. 1) connect Northeast Philadelphia with Center City. Woodhaven Road (Route 63), built in
1966, and Cottman Avenue (Route 73) serve the neighborhoods of Northeast Philadelphia, running between Interstate
95 and the Roosevelt Boulevard (U.S. 1). The Fort Washington Expressway (Route 309) extends north from the city's
northern border, serving Montgomery County and Bucks County. U.S. 30, extending east-west from West Philadelphia
to Lancaster, is known as Lancaster Avenue throughout most of the city and through the adjacent Main Line suburbs.
Interstate 476, commonly nicknamed the "Blue Route" through Delaware County, bypasses the city to the west, serving the city's western suburbs, as well as providing a link to Allentown and points north. Similarly, Interstate 276, the
Pennsylvania Turnpike's Delaware River Extension, acts as a bypass and commuter route to the north of the city as
well as a link to the New Jersey Turnpike to New York.
39
Kenneth Wellar
Tel: 215.454.2879
ken@rittenhouserealty.com
Corey Lonberger
Tel: 215.454.2878
corey@rittenhouserealty.com
Mark Duszak
Tel: 215.454.2884
mark@rittenhouserealty.com
Luke DeLuca
Tel: 716.510.3715
luke@rittenhouserealty.com
Chris Egan
Tel: 215.454.2913
chris@rittenhouserealty.com
Doug Emrich
Tel: 215.454.2889
doug@rittenhouserealty.com
David Greenhalgh
Tel: 215.454.2887
david@rittenhouserealty.com
Robert Marzullo
Tel: 215.454.2921
robert@rittenhouserealty.com
Steve Miceli
Tel: 215.454.2916
steve@rittenhouserealty.com
Vincent Tagliente
Tel: 215.454.2920
vincent@rittenhouserealty.com
Philadelphia Office
1628 John F. Kennedy Blvd.
Eight Penn Center, Second Floor
Philadelphia, PA 19103
Tel: 215.454.2852
New York Office
200 West 57th Street
Suite 702
New York, NY 10019
Tel: 212.765.7900
Delaware Office
102 Larch Circle
Suite 102
Newport, DE 19804
Tel: 302.994.3907
www.RittenhouseRealty.com | info@rittenhouserealty.com

rothrock manor apartments - Rittenhouse Realty Advisors

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