Completed in 2015, 124 Marketplace is a five-story building consisting of 88 apartment units, 4 commercial units (8,701 RSF) and 76-car parking garage. This new, luxury apartment community has an excellent unit mix with 73% two-bedroom/two-bath units (64 units), 18% one-bedroom units (16 units) and 9% studio units (8 units). All units have high-end finishes that include in-unit washer/dryer, dishwasher, garbage disposal, granite countertops, and individual heat pumps with central air conditioning. 124 Marketplace is 100% occupied with tenants paying heat, hot/cold water, and electric. The property offers building-wide wireless access, an elegant foyer with a coffee station, and a state-of-the-art fitness facility. In addition, the four street-level commercial units are 100% leased. The property also offers a 76-car parking garage.
This fantastic location in the heart of downtown West Chester at “Main & Main” is truly unique with a vibrant, pedestrian-oriented downtown that is filled with historical buildings. The Philadelphia Inquirer calls this location “one of the world’s most perfect small towns”. Tenants are just steps away from 50+ restaurants, endless boutiques and a fabulous, upscale night life.
-Two of the Largest Chester County Employers: The Vanguard Group (17,000± employees) and QVC (17,000± employees) are located within 15 minutes of the property.
-Top Rated School District: The West Chester Area School District has received the top rating of “Gold Medal District” ranking in the top 17% of all public secondary school districts in the United States. The high school was named one Newsweek’s Top 500 High Schools in America.
-“Eds and Meds”: West Chester University (17,000± students) is located within five minutes of the property. Penn Medicine Chester County Hospital has been ranked among the best Pennsylvania hospitals by US News & World Report and the local hospital was ranked 10th in the state.
124 Marketplace competes with only three complexes in downtown West Chester. All competing properties have rental rates ranging from $2.01 PSF to $2.86 PSF. The in-place average at 124 Marketplace is $1.70 PSF. Chestnut Square Apartments (205 units, 2016 construction) is highly amenitized and comparable in unit size. The building currently has no available one-bedroom units and only one two-bedroom/two-bath unit available. The asking rent for the two-bedroom/two-bath unit is $2,575. The two-bedroom/two-bath in-place average rent at 124 Marketplace is $1,790. Chestnut Street Lofts Apartments (60 units, 2014 construction) is similarly amenitized but offers units 82% smaller. There is only one one-bedroom unit available. The asking rent is $1,500. The one-bedroom in-place average rent at 124 Marketplace is $1,668. Thus, with extreme below market in-place rents of $1,740, 124 Marketplace offers excellent management-enhancement potential for a new owner by immediately raising rents 12% to 18% without making any changes to the units or building.
124 Marketplace’s extraordinary, downtown West Chester location, outstanding amenity package with garage parking, and incomparable structure make this a “once in a lifetime” multi-family investment opportunity in the wealthiest county in Pennsylvania.
