20 Fort Sumpter Rd
Pennsville, NJ 08070
Applegate Apartments · Multifamily Property For Sale · 72 Units

For additional details about this property, please contact listing agent Andrew Townsend at 215-531-7020 or Andrew.Townsend@marcusmillichap.com, or listing agent Lee Luedtke at 215-531-7076 or Lieben.Luedtke@marcusmillichap.com. Sunrise Gardens Apartments is a 72-unit garden-style apartment community located in Pennsville, New Jersey. The town of Pennsville is in a suburban pocket of Salem County surrounding the Delaware Memorial Bridge. The property sits off Pennsville's Broadway, which is lined with small shopping centers, banks, and restaurants. The property is located 11 miles southeast of Wilmington, 40 miles southwest of Philadelphia and Cherry Hill, and 30 miles west of Vineland. The complex is comprised of six 12-unit buildings totaling 48 one-bedroom units and 24 two-bedroom units. The community features an on-site management office, off-street parking, shared laundry, and separate entrances for tenants. Select units have balconies. The spacious layouts feature large closets, eat-in kitchens, and living rooms. Eighteen of the 72 units have been renovated with brand new cabinetry, appliances, flooring, and remodeled bathrooms. The owner is responsible for common electric, gas, trash removal, water and sewer. The tenant is responsible for individually metered electricity. The offering represents a rare opportunity to acquire a large garden-style apartment community within miles of the Delaware Memorial Bridge. The competing Orchard Court Apartments are less than one mile away and feature a nearly identical complex, and have average rents of $1,230 for one-bedroom units and $1,600 for two-bedroom units. The below-market rents at Sunrise Gardens average $800 for one-bedroom units and $925 for two-bedroom units. This presents an extreme value-add opportunity for investors to complete the renovation schedule for the remaining 54 units and substantially grow rents to compete with surrounding complexes.