click for street view $500,000 PRICE REDUCTION

click for street view $500,000 PRICE REDUCTION Precision Realty Group, LLC

Property Details Property Summary The Watermill Lofts are a three story, 20 unit luxury loft apartment and a ground floor veterinary clinic. The property is well located in the heart of historic Manayunk, Philadelphia PA. Located on the Manayunk Trail, minutes off Interstate 76 and walking distance from Main Street Manayunk. The Watermill Lofts have an a great tenant history with an occupancy rate of over 95%. The property has a unique niche catering to professionals seeking semi-urban, loft-style living, parking, well located at affordable rates. The Watermill Lofts feature an outstanding unit mix with 11 one-bedrooms, 7 twobedrooms and two studio units a well established veterinarian clinic and abundant parking. All units are spacious, unique and contain large windows, luxury finishes, central airconditioning and a washer/dryer in every unit. This one of a kind property is ideal for any investor seeking high profile assets, minimal maintenance and great tenant history. The property has below market rent, minimal to zero vacancy and great rent collection history. The property offers a tax abatement until 12/31/23. investment pricing Sale Price $4,550,000 Current Cap Rate 5.8% Gross Revenue $374,087 Net Operating Income $265,520 Price Per Square Foot $197 Price Per Unit $197,950 2016 Projections NOI- $273,485 6% Cap Rate 2017 Projections NOI- $281,690 6.2% Cap Rate Property description Property The Watermill Lofts Address 100 Leverington Avenue Philadelphia PA 7 Years Remaining on Tax Abatement Improvement Area 23,052 SF Units 20 Luxury Loft Apartments Ground Level Retail Caring for Cats Parking 20 19 Resi, 2 Retail and 3 Part time Year Built Late 1800s (Renovated 2012) Stories Three Zoning I-2 Industrial Mixed Use Utilities Separately Metered Interior Flooring Hardwood throughout. Original flooring was restored where possible. Loft areas carpet Bathrooms Fully Renovated Mechanical Heating Electric Mini Split System Air Conditioning Electric Mini Split System Hot Water Gas Electrical All Units Separately Metered Fire Protection Fully Sprinklered Elevators Yes Construction Renovated November 2012 Structural Frame Masonry Windows Historic Wood Frame Windows (2012) Roof Rubber (2012)

property highlights 2012 Luxury, Loft Construction High-End Finishes with high ceilings Large windows and exposed beams Washer/Dryer In Every Unit Below market rents Parking Great Occupancy History No Collection Issues Great access from 76, Kelly Drive and Downtown Manayunk Close Proximity to Universities and Business Nearby Shopping and great restaurants Great tenant mix, with 11 One Bedrooms, 7 Two Bedrooms and 2 Studio Units

rent roll as of 09/2016 Month Year = 09/2016 Unit Unit Type Unit Resident Market Actual Resident Other Move In Lease Move Out Balance Sq Ft Rent Rent Deposit Deposit Expiration Current/Notice/Vacant Residents 4LEV-101 4levst1b 460.00 Tenant 1,100.00 1,000.00 925.00 0.00 10/03/2015 09/28/2016 09/28/2016 0.00 4LEV-102 4lev1b1b 900.00 Tenant 1,400.00 1,300.00 1,300.00 1,342.00 07/01/2016 06/28/2017 0.00 4LEV-201 4levst1b 450.00 Tenant 1,100.00 1,000.00 1,000.00 1,132.00 05/01/2016 05/28/2017 0.00 4LEV-202 4lev1b1b 500.00 Tenant 1,200.00 1,100.00 1,000.00 1,207.00 02/12/2016 04/28/2017 0.00 4LEV-203 4lev1b1b 710.00 Tenant 1,350.00 1,250.00 1,000.00 1,392.00 05/20/2016 05/28/2017 0.00 4LEV-204 4lev2b1b 950.00 Tenant 1,700.00 1,550.00 1,450.00 1,667.00 05/15/2015 05/28/2017 0.00 4LEV-205 4lev1b1b 550.00 Tenant 1,250.00 1,075.00 1,000.00 1,182.00 04/01/2016 03/28/2017 0.00 4LEV-206 4lev1b1b 730.00 Tenant 1,350.00 1,330.00 1,330.00 1,437.00 06/09/2016 06/28/2017 1,437.00 4LEV-207 4levst1b 510.00 Tenant 1,200.00 1,030.00 975.00 991.00 06/01/2014 05/28/2017 1,162.00 4LEV-208 4levst1b 460.00 Tenant 1,100.00 1,000.00 1,000.00 1,107.00 04/30/2016 04/28/2017 0.00 4LEV-209 4lev2b1b 825.00 Tenant 1,600.00 1,500.00 1,500.00 1,542.00 05/12/2016 05/28/2017 1,542.00 4LEV-301 4levst1b 440.00 Tenant 1,100.00 1,030.00 925.00 1,107.00 06/01/2015 06/28/2017-80.00 4LEV-302 4lev1b1b 510.00 Tenant 1,200.00 1,200.00 1,200.00 1,332.00 08/03/2016 07/28/2017 0.00 4LEV-303 4lev1b1b 710.00 Tenant 1,350.00 1,250.00 1,250.00 1,409.00 07/31/2016 07/28/2017 1,667.00 4LEV-304 4lev2b1b 1,270.00 Tenant 1,900.00 1,800.00 1,750.00 1,867.00 07/15/2014 07/28/2017 0.00 4LEV-305 4lev1b1b 730.00 Tenant 1,350.00 1,350.00 1,000.00 1,417.00 11/14/2015 04/28/2017 0.00 4LEV-306 4lev2b1b 980.00 Tenant 1,700.00 1,550.00 1,550.00 1,592.00 09/01/2016 08/28/2017 0.00 4LEV-307 4lev1b1b 680.00 Tenant 1,350.00 1,300.00 1,250.00 1,250.00 11/30/2013 11/28/2016 1,411.00 4LEV-308 4lev1b1b 610.00 Tenant 1,400.00 1,380.00 1,000.00 1,482.00 08/01/2015 07/28/2017 0.00 4LEV-309 4lev2b2b 1,100.00 Tenant 1,900.00 1,700.00 1,650.00 0.00 10/01/2015 09/28/2016 09/28/2016 0.00 STE-100 4levcomm 3,000.00 Tenant 4,657.49 4,657.49 0.00 0.00 06/01/2012 05/31/2019 Option exp2022 215.68 Future Residents/Applicants 4LEV-101 4levst1b 460.00 Tenant 925.00 0.00 1,050.00 0.00 10/01/2016 09/28/2017 0.00 Total 32,257.49 30,352.49 25,105.00 24,455.00 7,354.68 21 Total 32,257.49 30,352.49 25,105.00 24,455.00 7,354.68 Summary Groups Market Actual Security Other # Of % Unit % Sqft Balance Rent Rent Deposit Deposits Units Occupancy Occupied Current/Notice/Vacant Residents $32,257.49 30,352.49 24,055.00 24,455.00 7,354.68 Future Residents/Applicants 0.00 1,050.00 0.00 0.00 Occupied Units 21 100.00 100.00

2015 Actual & pro-forma Income # of Units 2015 2016 2017 2018 2019 Rental Income 21 $352,213 $369,823 $388,314 $407,730 $ 428,117 Parking Income $ 15,704 $ 16,489 $ 17,313 $ 18,179 $ 19,088 Utilities Income $ 4,007 $ 4,207 $ 4,418 $ 4,639 $ 4,870 Miscelllaneous $ 1,514 $ 1,559 $ 1,606 $ 1,654 $ 1,704 Fee Income $ 650 $ 683 $ 717 $ 752 $ 790 Gross Profit $374,087 $392,761 $412,368 $432,954 $ 454,569 Expenses Gross Revenue $374,087 $392,761 $412,368 $432,954 $454,569 Professional Services $ 3,050 $ 3,142 $ 3,236 $ 3,333 $ 3,433 Cleaning $ 3,900 $ 4,017 $ 4,138 $ 4,262 $ 4,389 License Fee $ 1,100 $ 1,133 $ 1,167 $ 1,202 $ 1,238 Alarm Monitoring $ 846 $ 871 $ 898 $ 924 $ 952 Management Fee $ 16,848 $ 17,354 $ 17,874 $ 18,411 $ 18,963 Elevator $ 3,028 $ 3,119 $ 3,212 $ 3,309 $ 3,408 Repairs and Maintenance $ 21,532 $ 22,178 $ 22,843 $ 23,528 $ 24,234 Unit Turnovers $ 4,898 $ 5,045 $ 5,196 $ 5,352 $ 5,513 Landscaping/Snow Removal $ 3,562 $ 3,669 $ 3,779 $ 3,893 $ 4,009 Pest Control $ 615 $ 633 $ 652 $ 672 $ 692 Insurance $ 15,099 $ 15,552 $ 16,019 $ 16,499 $ 16,994 Special Services District Tax $ 5,098 $ 2,549 $ 2,625 $ 2,704 $ 2,785 Real Estate Taxes $ 19,675 $ 20,266 $ 20,874 $ 21,500 $ 22,145 Telephone Expense $ 943 $ 971 $ 1,000 $ 1,030 $ 1,061 Trash Removal $ 2,119 $ 2,182 $ 2,248 $ 2,315 $ 2,384 Electric $ 3,952 $ 4,071 $ 4,193 $ 4,319 $ 4,448 Gas $ 777 $ 800 $ 824 $ 849 $ 874 Water $ 1,525 $ 1,571 $ 1,618 $ 1,667 $ 1,717 Total Expenses $108,567 $111,825 $115,179 $118,635 $ 122,194 NOI $265,520 $273,485 $281,690 $290,140 $ 298,845

manayunk, philadelphia history Manayunk s past and present is tied to the riverfront and the Manayunk Canal, which is listed on the National Register of Historic Places. Visitors can stroll the Main Street Historic District, or take a walking tour of the Manayunk Canal where remnants of manufacturing recall the neighborhood s starring role in the Industrial Revolution. About the Neighborhood Manayunk is conveniently located just 15 minutes from Center City Philadelphia, King of Prussia, Chestnut Hill, and the Main Line. It s an ideal location for commuters with easy access to major highways and various public transportation options. Situated along the Schuylkill River, and the Manayunk Canal it is great for those with an active lifestyle. Manayunk consistently has one of the lowest crime rates in the city. The neighborhood has one of the longest walkable Main Street s in the city. It s lined with charming shops and restaurants, giving you an urban experience with a small town feeling. downtown The heart and soul of the community is Main Street, a mercifully level thoroughfare bustling with dozens of restaurants, owner-operated boutiques, bars and galleries. Daytime activities give way to nighttime action as foodies and revelers hit the streets, scoping out new menu additions at restaurants, jockeying for views at the riverside clubs, catching up-and-coming local musicians or dancing. Demographics Est. Population 21,215 Average Age 33.8 yrs Average HH Income $94,989 Est. Total Employees 18,257 Traffic Counts (Daily) 16,000 SitesUSA, Inc 1 mile radius

aerial SITE Leverington Ave. Manyunk Ave. 15 MINUTES FROM Center City Philadelphia King of Prussia Chestnut Hill Main Line Main St.

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