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|Number of units||58|
Jones Lang LaSalle Americas, Inc. is pleased to present the opportunity to acquire Lincoln Court, a 58-unit, value-add, multi-housing offering located in the dynamic Overbrook submarket of Philadelphia, Pennsylvania.
Compelling Value-Add Opportunity
Lincoln Court is approximately 62% unrenovated, setting the stage for an investor to capitalize on a well-located asset with a proven renovation program. As currently positioned, renovated units are achieving average rental premiums of $150 - $200 above classic units, further supporting the demand for renovated units in the Overbrook submarket.
Lincoln Court presents the opportunity to increase the density and add eight (8) additional units through the conversion of the four-bedroom floorplans. By increasing density, an investor will lower their going-in basis and capitalize on additional annual rental income. All requirements for this conversion have been met, and Philadelphia’s ZBA approved this request in August 2020.
Lincoln Court is strategically located at the intersection of Lancaster Avenue (Route 30) and City Avenue (Route 1). The Property is just 0.2 miles from the Overbrook SEPTA Regional Rail Station, providing immediate next-stop access to Center City and various suburban destinations traveling west along the Main Line. Additionally, Lincoln Court is under one mile from Lankenau Medical Center, part of the Main Line Health System, St. Joseph’s University, and over 2.6 million square feet of Class A office space and luxury retail along City Avenue in Bala Cynwyd.