4050 ludlow philadelphia · 2020. 8. 28. · total parking stalls: 18 (1 ada) 16 required, 3 car...
TRANSCRIPT
4050 LUDLOWPHILADELPHIA9,500 Sq Ft CMX4 Development Site
4050 LUDLOWTABLE OF CONTENTS
WHO WE ARE 3
SERVICES WE PROVIDE 4
PROJEC T OVERVIEW 5
FLOOR PL ANS 6-7
PUBLIC RECORD 8
CLOSED L AND SALES 9-10
STABILIZED ASSE T SALES 11-13
PRO FORM A 14-17
4050 LUDLOWWHO WE ARE
STEPHEN STAFFORDCell: 609.335.4016
SEAN DOYLECell: 267-606-3587
The Stafford Group is a full service real estate team affiliated with Keller Williams Philly founded by Stephen Stafford after a successful start as a solo agent. The team focuses primarily on commercial real estate transactions anchored in multifamily sales. The team is comprised of 5 agents and 1 broker, a full service conveyancing team, a full service marketing team, and is on pace to top 60MM in sales for the year 2020 and has sold in excess of 60MM in property since inception at the end of June 2018.
Stephen started his Real Estate career in 2014 as a humble student housing leasing agent around Temple university. Since becoming a full time sales agent in 2015 Stephen has helped his clients acquire, invest in, sell, and lease over 100MM in residential and commercial real estate. After receiving his brokers license in Pennsylvania, and having gained ample experience, Stephen decided to begin a team in which he surrounded himself with like minded agents who are aggressive, and hard working. I believe that face to face interactions with my agents and clients are crucial to cementing lasting and successful relationships
4050 LUDLOWSERVICES WE PROVIDE
LEASINGFINANCINGACQUISITIONSSALESMANAGEMENTDEVELOPMENTThe Stafford Group focuses on the leasing, financing, acquisition, sales, management, and development of multi family properties in Philadelphia, and it’s sub markets. Having developed our own properties we are fully aware of the intricacies involved in the process and are well equipped to navigate municipal red tape as well as neighborhood to client interaction. We pride ourselves on our ability to analyze a property and determine the assets value based on both the comparable and income approach. Our wide range of clientele allows us to sell properties before hitting the market by going to repeat buyers with whom we have a stellar reputation and relationship.
4050 LUDLOWPROJECT OVERVIEW
4050 LUDLOW4050 Ludlow is a planned development site with zoning permits in place for a 7 story mid-rise apartment building. The design calls for first floor commercial, below grade parking with 36 spaces, and 96 residential units in the above floors. The residential units will be one bedroom and studios making the lease up exceptionally easy as these are the unit types across Philadelphia in the highest demand. The layouts also create incredible value as these units consistently garner the highest price per/sf in the city and this sub market. This project is in the very core of the University City sub-market in Philadelphia, an extension of Center City that is seeing incredible growth and demand. There are high barriers to entry in the sub market with development sites quickly drying up. Preliminary drawings will be included with the sale of the property. We believe this is an incredible opportunity to acquire a property with the approved zoning permit in hand in the heart of one of the most exciting sub markets in the North East Corridor.
Price 6.5MM
Property Sq Ft 9,500Sq Ft
Zoning CMX4
96 UNITS 36 PARKING SPOTS
4050 LUDLOWFLOOR PLANS
130'-3" P.L. @ S78°59'E
24'-0" DRIVE AISLE
67'-0"
3'-1 1/2"
94'-0" PROPERTY LINE @ S86°28'31"W
11'-9 1/4" P.L. @N78°59'W
69'-6
7/8"
P.L.
@ S
11°1
'W20
'-5" P
ARKI
NG S
YSTE
M±2
8'-11
"±1
9'-1"
±1'-2
"
97'-1 5/8" PROPERTY LINE @ N5°25'14"W
11'-0"ADA STALL
(VANACCESSIBLE)
CAR LIFT
8
10
22'-9"
20'-0"
30'-8 15/16"
20'-0"
24'-0 3/16"
18'-0 1/8"
128'-2"
24'-9" DN UP
DN
UP
WATER/SPRINKLER
ROOM
BICYCLESTORAGE
ROOM
PROJECT SUMMARY: 4050 LUDLOW STREET9,504 SF SITE AREA7 STORIES7,352 SF AT FIRST FLOOR; 8,547 SF AT FLOORS 2-6 (90%)7,127 SF AT 7TH FLOOR57,214 SF TOTAL (601% FAR; 500% FAR MAX.)TOTAL DWELLING UNITS: 96
1ST FLR 2ND FLR 3RD FLR 4TH FLR 5TH FLR 6TH FLR 7TH FLR TOTAL
STUDIO 7 11 11 11 11 11 8 70 (73%)JR. 1 BEDROOM 1 4 4 4 4 4 4 26 (27%)
8 15 15 15 15 15 15 96
TOTAL PARKING STALLS: 18 (1 ADA) 16 REQUIRED, 3 CAR SHARE SPACES, +15 BIKE PARKING SPACES, 1 ADA SPACE
DRIVE AISLES /PARKING GARAGE
AMENITY
JR. 1 BED
COMMERCIAL
STUDIO
CIRCULATION/MECH.STOR./TRASH
PLANSSD.1
4050
LU
DLO
W S
TREE
T
# DATE ISSUE / REVISION
FEASIBILITY04/08/2020
DRAWN BY: REVIEWED BY:
JMW14050 LUDLOW STREETPhiladelphia, PA
© 2019 HARMAN DEUTSCH OHLER ARCHITECTURE. ALL RIGHTS RESERVED.
JMW
FEASIBILITY REV04/29/2020 JMW2 JMW
SD.11 BASEMENT FLOOR
1/8" = 1'-0"
DN UP
PECO VAULT
REFUSEROOM
RESERVOIRSPACE
RESERVOIRSPACE
CAR LIFT
128'-3 3/4"
69'-6
7/8"
19'-1
"
20'-3 1/4"18'-4 3/4"
39'-7 5/16"
44'-11 7/8"84'-7 3/16"
UP
18'-7"
STUDIO443 SF
STUDIO443 SF
STUDIO451 SFSTUDIO
445 SFSTUDIO489 SF
15'-0"
15'-0"
STUDIO445 SF
29'-7"
27'-6"9'-3 3/4"
13'-0 1/2"
15'-0"
11'-7 1/8" 10'-10 7/16"
8'-6 7/16"
JR. 1BEDROOM
481 SF
STUDIO443 SF
DN
UP
FITNESS915 SF
ELECTRICROOM
PACKAGEROOM
PROJECT SUMMARY: 4050 LUDLOW STREET9,504 SF SITE AREA7 STORIES7,352 SF AT FIRST FLOOR; 8,547 SF AT FLOORS 2-6 (90%)7,127 SF AT 7TH FLOOR57,214 SF TOTAL (601% FAR; 500% FAR MAX.)TOTAL DWELLING UNITS: 96
1ST FLR 2ND FLR 3RD FLR 4TH FLR 5TH FLR 6TH FLR 7TH FLR TOTAL
STUDIO 7 11 11 11 11 11 8 70 (73%)JR. 1 BEDROOM 1 4 4 4 4 4 4 26 (27%)
8 15 15 15 15 15 15 96
TOTAL PARKING STALLS: 18 (1 ADA) 16 REQUIRED, 3 CAR SHARE SPACES, +15 BIKE PARKING SPACES, 1 ADA SPACE
DRIVE AISLES /PARKING GARAGE
AMENITY
JR. 1 BED
COMMERCIAL
STUDIO
CIRCULATION/MECH.STOR./TRASH
PLANSSD.2
4050
LU
DLO
W S
TREE
T
# DATE ISSUE / REVISION
FEASIBILITY04/08/2020
DRAWN BY: REVIEWED BY:
JMW14050 LUDLOW STREETPhiladelphia, PA
© 2019 HARMAN DEUTSCH OHLER ARCHITECTURE. ALL RIGHTS RESERVED.
JMW
FEASIBILITY REV04/29/2020 JMW2 JMW
SD.21 FIRST FLOOR
1/8" = 1'-0"
4050 LUDLOWFLOOR PLANS
DN UP
DN
UP
STUDIO445 SF
STUDIO443 SF
STUDIO443 SF
STUDIO443 SF
STUDIO443 SF
STUDIO443 SF
STUDIO473 SF
JR. 1BEDROOM
545 SF
STUDIO437 SF
STUDIO450 SFJR. 1 BEDROOM
662 SF
JR. 1 BEDROOM543 SF
STUDIO451 SF
JR. 1BEDROOM
481 SF
22'-7" 12'-8" 21'-0" 14'-0" 15'-0" 15'-0" 15'-0" 15'-0"
29'-7
"
69'-7
"
19'-1
"
15'-0"
15'-0"
15'-0"
15'-0"
11'-4 15/16"
4'-1 9/16"
29'-7
"
34'-6 1/2"
85'-1 3/4"
STUDIO445 SF
29'-7"
8'-4"
42'-3 1/4"
30'-7
"
20'-1
1"
23'-1
1 3/4"
REFUSE
PROJECT SUMMARY: 4050 LUDLOW STREET9,504 SF SITE AREA7 STORIES7,352 SF AT FIRST FLOOR; 8,547 SF AT FLOORS 2-6 (90%)7,127 SF AT 7TH FLOOR57,214 SF TOTAL (601% FAR; 500% FAR MAX.)TOTAL DWELLING UNITS: 96
1ST FLR 2ND FLR 3RD FLR 4TH FLR 5TH FLR 6TH FLR 7TH FLR TOTAL
STUDIO 7 11 11 11 11 11 8 70 (73%)JR. 1 BEDROOM 1 4 4 4 4 4 4 26 (27%)
8 15 15 15 15 15 15 96
TOTAL PARKING STALLS: 18 (1 ADA) 16 REQUIRED, 3 CAR SHARE SPACES, +15 BIKE PARKING SPACES, 1 ADA SPACE
DRIVE AISLES /PARKING GARAGE
AMENITY
JR. 1 BED
COMMERCIAL
STUDIO
CIRCULATION/MECH.STOR./TRASH
PLANSSD.3
4050
LU
DLO
W S
TREE
T
# DATE ISSUE / REVISION
FEASIBILITY04/08/2020
DRAWN BY: REVIEWED BY:
JMW14050 LUDLOW STREETPhiladelphia, PA
© 2019 HARMAN DEUTSCH OHLER ARCHITECTURE. ALL RIGHTS RESERVED.
JMW
FEASIBILITY REV04/29/2020 JMW2 JMW
SD.31 2-6TH FLOORS
1/8" = 1'-0"
DN UP
DN
UP
STUDIO445 SF
STUDIO443 SF
STUDIO443 SF
STUDIO473 SF
STUDIO437 SF
STUDIO450 SFJR. 1 BEDROOM
559 SF
JR. 1 BEDROOM553 SF
STUDIO451 SF
21'-3 11/16" 12'-8" 21'-0" 14'-0" 15'-0"
29'-7
"
69'-7
"
19'-1
"
15'-0"
15'-0"
15'-0"
15'-0"
11'-4 15/16" 10'-10 7/16"
8'-5 11/16"
29'-7
"
35'-2 1/4"
85'-1 3/4"
STUDIO445 SF
29'-7"
8'-4"
41'-7 1/2"
30'-7
"
20'-1
1"
23'-1
1 3/4"
ROOF TERRACE
REFUSE
JR. 1BEDROOM
545 SF
JR. 1BEDROOM
481 SF
PROJECT SUMMARY: 4050 LUDLOW STREET9,504 SF SITE AREA7 STORIES7,352 SF AT FIRST FLOOR; 8,547 SF AT FLOORS 2-6 (90%)7,127 SF AT 7TH FLOOR57,214 SF TOTAL (601% FAR; 500% FAR MAX.)TOTAL DWELLING UNITS: 96
1ST FLR 2ND FLR 3RD FLR 4TH FLR 5TH FLR 6TH FLR 7TH FLR TOTAL
STUDIO 7 11 11 11 11 11 8 70 (73%)JR. 1 BEDROOM 1 4 4 4 4 4 4 26 (27%)
8 15 15 15 15 15 15 96
TOTAL PARKING STALLS: 18 (1 ADA) 16 REQUIRED, 3 CAR SHARE SPACES, +15 BIKE PARKING SPACES, 1 ADA SPACE
DRIVE AISLES /PARKING GARAGE
AMENITY
JR. 1 BED
COMMERCIAL
STUDIO
CIRCULATION/MECH.STOR./TRASH
PLANSSD.4
4050
LU
DLO
W S
TREE
T
# DATE ISSUE / REVISION
FEASIBILITY04/08/2020
DRAWN BY: REVIEWED BY:
JMW14050 LUDLOW STREETPhiladelphia, PA
© 2019 HARMAN DEUTSCH OHLER ARCHITECTURE. ALL RIGHTS RESERVED.
JMW
FEASIBILITY REV04/29/2020 JMW2 JMW
SD.41 7TH FLOOR
1/8" = 1'-0"
4050 LUDLOWPUBLIC RECORD
4050 LUDLOWCLOSED LAND SALES
Page 17/15/2020
4125 Chestnut St - 4125 ChestnutPhiladelphia, PA 19104 - University City Submarket
Property Summary Report
LANDType: Commercial Land
Land AC: 0.39 AC
Land SF: 17,001 SF
Density Allowed: cmx-4
Parcel 881442703
ZONING & USAGEZoning: CMX4
Proposed Use: Apartment Units
Approvals: Approved Plan
CURRENT CONDITIONInfrastructure: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water
TRAFFIC & FRONTAGE
Made with TrafficMetrix® Products
Traffic Volume: 19,896 on Chestnut St & S 42nd St (2018)
19,102 on Walnut St & S 41st St (2018)
Frontage: 75' on chestnut
TRANSPORTATIONTransit/Subway: 6 minute walk to 40th Street Transit Stop (Market-Frankford Line)
Commuter Rail: 5 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)
Airport: 16 minute drive to Philadelphia International Airport
Walk Score ®: Walker's Paradise (98)
Transit Score ®: Excellent Transit (89)
Copyrighted report licensed to The Stafford Group - 1010631.
Page 57/15/2020
Aerial / Map Report4125 Chestnut
4125 Chestnut St - Philadelphia, PA 19104
Copyrighted report licensed to The Stafford Group - 1010631.Page 6
7/15/2020
Aerial / Map Report4125 Chestnut
4125 Chestnut St - Philadelphia, PA 19104
Copyrighted report licensed to The Stafford Group - 1010631.
Page 27/15/2020
4125 Chestnut St - 4125 ChestnutPhiladelphia, PA 19104 - University City Submarket
Property Summary Report
SALELast Sale: Sold on Apr 11, 2018 for $9,900,000 ($25,365,104/AC - $582.32/SF)
PROPERTY CONTACTSTrue Owner: Danella Realty & Management Co.
Recorded Owner: 4125 Chestnut Partners Llc
Prior True Owner: CRP Buildiers
Copyrighted report licensed to The Stafford Group - 1010631.
4050 LUDLOWCLOSED LAND SALES
Page 77/15/2020
Aerial / Map Report
4258-4260 Chestnut St - Philadelphia, PA 19104
Copyrighted report licensed to The Stafford Group - 1010631. Page 87/15/2020
Aerial / Map Report
4258-4260 Chestnut St - Philadelphia, PA 19104
Copyrighted report licensed to The Stafford Group - 1010631.
Page 37/15/2020
4258-4260 Chestnut StPhiladelphia, PA 19104 - University City Submarket
Property Summary Report
LANDType: Commercial Land
Land AC: 0.26 AC
Land SF: 11,500 SF
Topography: Level
Parcel 881612550
ZONING & USAGEZoning: CMX-4
Proposed Use: Commercial
CURRENT CONDITIONGrading: Raw land
Infrastructure: Curb/Gutter/Sidewalk, Electricity, Gas, Sewer, Streets, Water
TRAFFIC & FRONTAGE
Made with TrafficMetrix® Products
Traffic Volume: 3,576 on S 43rd St & Ranstead St (2018)
19,896 on Chestnut St & S 42nd St (2018)
Frontage: 83' on Chestnut St
127' on 43rd St
TRANSPORTATIONTransit/Subway: 9 minute walk to 46th Street Transit Stop (Market-Frankford Line)
Commuter Rail: 6 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)
Airport: 16 minute drive to Philadelphia International Airport
Walk Score ®: Walker's Paradise (98)
Transit Score ®: Excellent Transit (87)
Copyrighted report licensed to The Stafford Group - 1010631.
Page 47/15/2020
4258-4260 Chestnut StPhiladelphia, PA 19104 - University City Submarket
Property Summary Report
SALELast Sale: Sold on Aug 17, 2016 for $2,350,000 ($8,901,515/AC - $204.35/SF)
PROPERTY CONTACTSRecorded Owner: 4258-60 Chestnut Street, LP
Prior True Owner: University of Pennsylvania
Copyrighted report licensed to The Stafford Group - 1010631.
4050 LUDLOWSTABILIZED ASSET SALES
Page 17/15/2020
The Netherlands Apartments - 4300 Chestnut StPhiladelphia, PA 19104 - Spruce Hill MF Submarket
Property Summary Report
BUILDINGType: Mid-Rise Apartme…
Year Built: 1907; Renov 2016
Units: 109
GBA: 110,300 SF
Floors: 4
Construction: Wood Frame
Rent Type: Market
Market Segment: All
LANDLand Area: 0.70 AC
Zoning: C4
Parcel 881121700
EXPENSES PER UNITTaxes: $720.53 (2020)
SITE AMENITIES
Laundry Facilities
UNIT AMENITIES
Kitchen, Range, Refrigerator
BEDROOM SUMMARY
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 625 32 29.4% 0 0.0% $1,045 $1.66 $1,043 $1.66 0.3%
All 2 Beds 834 29 26.6% 0 0.0% $1,427 $1.71 $1,424 $1.70 0.2%
All 3 Beds 1,351 35 32.1% 0 0.0% $1,502 $1.11 $1,498 $1.11 0.3%
All 5 Beds 1,450 13 11.9% 0 0.0% $1,924 $1.33 $1,919 $1.32 0.2%
Totals 1,019 109 100% 0 0.0% $1,398 $1.37 $1,395 $1.37 0.2%
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
1 1 - 1 0.9% 0 0.0% $1,250 - $1,247 - 0.2%
1 1 625 31 28.4% 0 0.0% $1,039 $1.66 $1,036 $1.66 0.3%
2 1 - 2 1.8% 0 0.0% $1,475 - $1,472 - 0.2%
2 1 800 4 3.7% 0 0.0% $1,500 $1.88 $1,496 $1.87 0.3%Updated July 01, 2020
Copyrighted report licensed to The Stafford Group - 1010631.
Page 27/15/2020
The Netherlands Apartments - 4300 Chestnut StPhiladelphia, PA 19104 - Spruce Hill MF Submarket
Property Summary Report
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
2 1 825 21 19.3% 0 0.0% $1,401 $1.70 $1,397 $1.69 0.2%
2 1 1,000 2 1.8% 0 0.0% $1,513 $1.51 $1,509 $1.51 0.3%
3 1 1,100 2 1.8% 0 0.0% $1,750 $1.59 $1,746 $1.59 0.3%
3 1 1,200 11 10.1% 0 0.0% $1,701 $1.42 $1,697 $1.41 0.2%
3 2 1,290 11 10.1% 0 0.0% $1,315 $1.02 $1,311 $1.02 0.3%
3 2 1,610 11 10.1% 0 0.0% $1,446 $0.90 $1,442 $0.90 0.3%
5 2 1,450 13 11.9% 0 0.0% $1,924 $1.33 $1,919 $1.32 0.2%Updated July 01, 2020
COMMERCIAL LEASINGAvailable Spaces: No Spaces Currently Available
FEESApplication Fee $35
PET POLICYCats Allowed - $25/Mo, One-Time Fee: $0
Dogs Allowed - $25/Mo, One-Time Fee: $0
SALELast Sale: Portfolio of 2 Multi-Family Properties in Philadelphia, PA Sold on Jun 8, 2016 for $14,700,000 ($105,000/Unit)
TRANSPORTATIONTransit/Subway: 8 minute walk to 46th Street Transit Stop (Market-Frankford Line)
Commuter Rail: 6 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)
Airport: 16 minute drive to Philadelphia International Airport
Walk Score ®: Walker's Paradise (97)
Transit Score ®: Excellent Transit (88)
PROPERTY CONTACTSTrue Owner: Brick Capitol Real Estate Prior True Owner: Earl W Trent
Property Manager: ZanderCO - The Netherlands Apartments
Copyrighted report licensed to The Stafford Group - 1010631.
4050 LUDLOWSTABILIZED ASSET SALES
Page 47/15/2020
Hamilton Court - 3816-3836 S Chestnut StPhiladelphia, PA 19104 - University of Pennsylvania
Property Summary Report
BUILDINGType: Mid-Rise Apartme…
Year Built: 1915
Missing ID: 135,000 SF
Floors: 7
Construction: Wood Frame
LANDLand Area: 1.60 AC
Zoning: C2
PARCEL
881117000, 881117100
SITE AMENITIES
Fitness Center, Furnished Units Available, Laundry Facilities
UNIT AMENITIES
Cable Ready, Heating, High Speed Internet Access, Kitchen, Vaulted Ceiling, Wi-Fi
BEDROOM SUMMARY
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds 664 12 11.4% 2 16.7% $1,970 $2.97 $1,950 $2.94 1.0%
All 2 Beds 1,140 30 28.6% 6 20.0% $2,972 $2.61 $2,942 $2.58 1.0%
All 3 Beds 1,331 31 29.5% 6 19.4% $3,757 $2.82 $3,719 $2.80 1.0%
All 4 Beds 1,518 19 18.1% 4 21.1% $5,098 $3.36 $5,046 $3.32 1.0%
All 5 Beds 1,675 13 12.4% 3 23.1% $5,872 $3.50 $5,813 $3.47 1.0%
Totals 1,277 105 100% 21 20.0% $3,833 $3.00 $3,794 $2.97 1.0%
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
1 1 600 5 4.8% 1 20.0% $1,945 $3.24 $1,925 $3.21 1.0%Updated July 10, 2020
Copyrighted report licensed to The Stafford Group - 1010631.
Page 57/15/2020
Hamilton Court - 3816-3836 S Chestnut StPhiladelphia, PA 19104 - University of Pennsylvania
Property Summary Report
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
1 1 660 1 1.0% 0 0.0% $1,945 $2.95 $1,925 $2.92 1.0%
1 1 717 6 5.7% 1 16.7% $1,995 $2.78 $1,975 $2.75 1.0%
2 1 1,000 2 1.9% 0 0.0% $2,845 $2.85 $2,817 $2.82 1.0%
2 1 1,100 14 13.3% 3 21.4% $2,895 $2.63 $2,866 $2.61 1.0%
2 1 1,115 2 1.9% 0 0.0% $2,894 $2.60 $2,865 $2.57 1.0%
2 1 1,200 6 5.7% 1 16.7% $3,095 $2.58 $3,064 $2.55 1.0%
2 1 1,230 6 5.7% 1 16.7% $3,095 $2.52 $3,064 $2.49 1.0%
3 1 1,160 2 1.9% 0 0.0% $3,500 $3.02 $3,465 $2.99 1.0%
3 1 1,300 4 3.8% 1 25.0% $3,795 $2.92 $3,757 $2.89 1.0%
3 1 1,310 18 17.1% 4 22.2% $3,795 $2.90 $3,757 $2.87 1.0%
3 1 1,315 2 1.9% 0 0.0% $3,795 $2.89 $3,757 $2.86 1.0%
3 1 1,375 2 1.9% 0 0.0% $3,498 $2.54 $3,463 $2.52 1.0%
3 1 1,590 3 2.9% 1 33.3% $3,795 $2.39 $3,757 $2.36 1.0%
4 1 1,520 2 1.9% 0 0.0% $4,944 $3.25 $4,895 $3.22 1.0%
4 1 1,540 2 1.9% 0 0.0% $4,820 $3.13 $4,772 $3.10 1.0%
4 1 1,590 7 6.7% 1 14.3% $5,052 $3.18 $5,002 $3.15 1.0%
4 2 1,450 8 7.6% 2 25.0% $5,245 $3.62 $5,193 $3.58 1.0%
5 2 1,610 7 6.7% 1 14.3% $5,938 $3.69 $5,878 $3.65 1.0%
5 2 1,695 2 1.9% 0 0.0% $5,795 $3.42 $5,737 $3.38 1.0%
5 2 1,780 4 3.8% 1 25.0% $5,795 $3.26 $5,737 $3.22 1.0%Updated July 10, 2020
FEESApplication Fee $55
PET POLICYCats Allowed - $250 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0
Dogs Allowed - $250 Deposit, $50/Mo, 1 Maximum, One-Time Fee: $0
SALELast Sale: Sold on Oct 21, 2015 for $40,500,000 ($506,250/Unit) at 5.00% Cap
TRANSPORTATIONParking: 30 Surface Spaces are available; 0.1/Bed
Transit/Subway: 7 minute walk to 40th Street Transit Stop (Market-Frankford Line)
Commuter Rail: 5 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)
Airport: 16 minute drive to Philadelphia International Airport
Walk Score ®: Walker's Paradise (96)
Transit Score ®: Rider's Paradise (92)
Copyrighted report licensed to The Stafford Group - 1010631.
4050 LUDLOWSTABILIZED ASSET SALES
Page 77/15/2020
42nd and Ludlow - 4200 Ludlow StPhiladelphia, PA 19104 - University of Pennsylvania
Property Summary Report
BUILDINGType: Mid-Rise Apartme…
Year Built: Under Construction
Missing ID: 18,000 SF
Floors: 8
LANDParcel 881442747
SITE AMENITIES
24 Hour Access, Bicycle Storage, Community-Wide WiFi, Elevator, Furnished Units Available, Grill, Key Fob Entry, Maid Service, Online Services, Property Manager on Site, Public Transportation, Shuttle To Campus, Tenant Controlled HVAC, Video Patrol, Walking/Biking Trails, Wi-Fi
UNIT AMENITIES
Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Refrigerator, Security System, Stainless Steel Appliances, Tub/Shower, Washer/Dryer
BEDROOM SUMMARY
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds - 10 10.4% - - - - - - -
All 2 Beds - 43 44.8% - - - - - - -
All 3 Beds - 43 44.8% - - - - - - -
Totals - 96 100% - - - - - - -
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
1 1 - 10 10.4% - - - - - - -
2 1 - 43 44.8% - - - - - - -
3 2 - 43 44.8% - - - - - - -Updated June 25, 2020
Copyrighted report licensed to The Stafford Group - 1010631.
Page 77/15/2020
42nd and Ludlow - 4200 Ludlow StPhiladelphia, PA 19104 - University of Pennsylvania
Property Summary Report
BUILDINGType: Mid-Rise Apartme…
Year Built: Under Construction
Missing ID: 18,000 SF
Floors: 8
LANDParcel 881442747
SITE AMENITIES
24 Hour Access, Bicycle Storage, Community-Wide WiFi, Elevator, Furnished Units Available, Grill, Key Fob Entry, Maid Service, Online Services, Property Manager on Site, Public Transportation, Shuttle To Campus, Tenant Controlled HVAC, Video Patrol, Walking/Biking Trails, Wi-Fi
UNIT AMENITIES
Air Conditioning, Carpet, Dishwasher, Disposal, Freezer, Granite Countertops, Hardwood Floors, Heating, Kitchen, Microwave, Oven, Refrigerator, Security System, Stainless Steel Appliances, Tub/Shower, Washer/Dryer
BEDROOM SUMMARY
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Totals Avg SF Units Mix % Units Percent Per Unit Per SF Per Unit Per SF Concessions
All 1 Beds - 10 10.4% - - - - - - -
All 2 Beds - 43 44.8% - - - - - - -
All 3 Beds - 43 44.8% - - - - - - -
Totals - 96 100% - - - - - - -
UNIT BREAKDOWN
Unit Mix Vacancy Avg Asking Rent Avg Effective Rent
Bed Bath Avg SF Units Mix % Units Vac % Per Unit Per SF Per Unit Per SF Concessions
1 1 - 10 10.4% - - - - - - -
2 1 - 43 44.8% - - - - - - -
3 2 - 43 44.8% - - - - - - -Updated June 25, 2020
Copyrighted report licensed to The Stafford Group - 1010631.
Page 87/15/2020
42nd and Ludlow - 4200 Ludlow StPhiladelphia, PA 19104 - University of Pennsylvania
Property Summary Report
SALELast Sale: Portfolio of 3 Properties in Philadelphia, PA Sold on Mar 30, 2018
TRANSPORTATIONTransit/Subway: 6 minute walk to 40th Street Transit Stop (Market-Frankford Line)
Commuter Rail: 5 minute drive to Philadelphia 30th Street Commuter Rail (Atlantic City Line)
Airport: 16 minute drive to Philadelphia International Airport
Walk Score ®: Walker's Paradise (97)
Transit Score ®: Excellent Transit (89)
PROPERTY CONTACTSTrue Owner: University Realty Apartments Property Manager: University Realty Apartments - 42nd and Lu…
Developer: University Realty Apartments
Copyrighted report licensed to The Stafford Group - 1010631.
4050 LUDLOWPRO FORMA
Total Borrower Lender Loan SchedulePurchase 6,500,000.00$ Purchase Price 6,500,000.00$ 1,300,000.00$ 5,200,000.00$ Interest Rate 0.00375 4.5% by 12Settlement Costs (3.139%) 204,035.00$ Settlement Costs 204,035.00$ 40,807.00$ 163,228.00$ Origination 0.0075Total Purchase Price 6,704,035.00$ Soft Costs 105,000.00$ 21,000.00$ 84,000.00$ Title 1%
Construction 10,298,520.00$ 2,059,704.00$ 8,238,816.00$ Total Loan Amount Interest PaymentArchitectural Fee/Permitting 75,000.00$ Interest 836,474.10$ 167,294.82$ 669,179.28$ Draw 1 777,777.78$ 777,777.78$ 2,916.67$ Month 1Civil Engineering, Geotech, etc 15,000.00$ Miscellaneous 75,000.00$ 15,000.00$ 60,000.00$ Draw 2 777,777.78$ 1,555,555.56$ 5,833.33$ Month 2Legal/Misc 15,000.00$ Total Cost 18,019,029.10$ 3,603,805.82$ 14,415,223.28$ Draw 3 777,777.78$ 2,333,333.34$ 8,750.00$ Month 3Developer Fee -$ 20.00% 80.00% Draw 4 777,777.78$ 3,111,111.12$ 11,666.67$ Month 4Total Soft Costs 105,000.00$ Draw 5 777,777.78$ 3,888,888.90$ 14,583.33$ Month 5
SQ FT Construction PPSF Draw 6 777,777.78$ 4,666,666.68$ 17,500.00$ Month 6Construction Cost 10,298,520.00$ 57214.00 180.00$ Draw 7 777,777.78$ 5,444,444.46$ 20,416.67$ Month 7Total Cost of Construction 10,298,520.00$ Sale Price (5.5 Cap) 23,284,200.00$ Refi Value 19,209,465.00$ Draw 8 777,777.78$ 6,222,222.24$ 23,333.33$ Month 8
Settlement Costs (8.139%) 1,895,101.04$ Cost of Project 18,019,029.10$ Draw 9 777,777.78$ 7,000,000.02$ 26,250.00$ Month 9Interest - Construction Loan: 656,250.00$ Net Sale Price 21,389,098.96$ Cash Out 1,190,435.90$ Draw 10 777,777.78$ 7,777,777.80$ 29,166.67$ Month 10Origination - Construction Loan: 77,238.90$ Total Cost 18,019,029.10$ Draw 11 777,777.78$ 8,555,555.58$ 32,083.33$ Month 11Title Insurance 102,985.20$ Net Gain 3,370,069.86$ Draw 12 777,777.78$ 9,333,333.36$ 35,000.00$ Month 12Total Interest 836,474.10$ Unlevered Return 18.7% Draw 13 777,777.78$ 10,111,111.14$ 37,916.67$ Month 13
Stabilized Asset Buyer Draw 14 777,777.78$ 10,888,888.92$ 40,833.33$ Month 14Insurance 75,000.00$ 30% Cash Down 7,229,744.10$ Draw 15 777,777.78$ 11,666,666.70$ 43,750.00$ Month 15Total Miscellaneous Expenses 75,000.00$ Acqusition (5.5 Cap) 23,284,200.00$ Draw 16 777,777.78$ 12,444,444.48$ 46,666.67$ Month 16
Closing Costs (3.5%) 814,947.00$ Draw 17 777,777.78$ 13,222,222.26$ 49,583.33$ Month 17Total ARV -$ Total Acquisition 24,099,147.00$ Draw 18 777,777.78$ 14,000,000.04$ 52,500.00$ Month 18Total Cost of Project 18,019,029.10$ New Buyer Cap Rate 5.3% Draw 19 -$ -$ 52,500.00$ Month 19LTV #DIV/0! Cash On Cash 6.6% Draw 20 -$ -$ 52,500.00$ Month 20
Draw 21 -$ -$ 52,500.00$ Month 21Draw 22 -$ -$ -$ Month 22Draw 23 -$ -$ -$ Month 23Draw 24 -$ -$ -$ Month 24
Total 656,250.00$
Project Pro Forma
4050 LUDLOWRENT SCHEDULE
RENT SCHEDULEEXHIBIT E
Rent Schedule
EstimatedUnit Unit Monthly Annual Estimated MonthlyType Count Rent Income Rent/ Unit Sq Ft Per Unit Total Sq Ft Unit PPSF
Studio 70 98,000.00$ 1,176,000.00$ 1,400.00$ 440 30800 3.18$ 1BD 1BA 26 40,300.00$ 483,600.00$ 1,550.00$ 480 12480 3.23$
Parking Fee 18 3,600.00$ 43,200.00$ 200.00$ Ammenity Fee 96 7,200.00$ 86,400.00$ 75.00$
Water Fee 96 4,800.00$ 57,600.00$ 50.00$
Total Number of Units 96 Building Sq FT 57214.00 100%Total Monthly Income - Current 153,900.00$ Hallways/Stairs 11442.8 20%Total Annual Income - Current 1,846,800.00$ Rentable Sq Ft 45771.2 80%
Total Rentable Sq Ft
4050 LUDLOW10 YEAR OPERATING
STREET, PHILADELPHIA, PA10 YEAR OPERATING PRO FORMA
EXHIBIT F
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10INCOME:
Gross Rents 1,846,800 1,902,204 1,959,270 2,018,048 2,078,590 2,140,947 2,205,176 2,271,331 2,339,471 2,409,655 Less: Vacancy (92,340) (95,110) (97,964) (100,902) (103,929) (107,047) (110,259) (113,567) (116,974) (120,483)
Gross Income 1,754,460 1,807,094 1,861,307 1,917,146 1,974,660 2,033,900 2,094,917 2,157,765 2,222,497 2,289,172
EXPENSES:Real Estate Taxes (10 YR Tax Abatement) 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 6,156 Miscellaneous 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Repair and Maintenance 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Replacement Reserves 48,000 49,920 51,917 53,993 56,153 58,399 60,735 63,165 65,691 68,319 Water/Heat 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Common Electric 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Security 24,000 24,960 25,958 26,997 28,077 29,200 30,368 31,582 32,846 34,159 Management Fee 87,723 91,232 94,881 98,676 102,624 106,728 110,998 115,437 120,055 124,857 Insurance 75,000 78,000 81,120 84,365 87,739 91,249 94,899 98,695 102,643 106,748 Trash 12000 12,480 12,979 13,498 14,038 14,600 15,184 15,791 16,423 17,080 Commission 76950 80,028 83,229 86,558 90,021 93,621 97,366 101,261 105,311 109,524
Total Operating Expenses 473,829 492,536 511,991 532,225 553,267 575,152 597,912 621,582 646,199 671,801
NET OPERATING INCOME 1,280,631 1,314,558 1,349,315 1,384,921 1,421,393 1,458,748 1,497,005 1,536,183 1,576,299 1,617,372
DEBT SERVICE:First Mortgage 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110
TOTAL DEBT SERVICE 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110 801,110
NET CASH FLOW 479,521 513,448 548,206 583,812 620,283 657,639 695,896 735,073 775,189 816,262 CUM CASH FLOW 479,521 992,969 1,541,175 2,124,987 2,745,270 3,402,908 4,098,804 4,833,877 5,609,066 6,425,328 DEBT COVERAGE RATIO 1.60 1.64 1.68 1.73 1.77 1.82 1.87 1.92 1.97 2.025 Year Average 1.69Break Even Annual Rent 1,274,938.76 NOTESBreak Even Monthly Rental Amount 106,244.90 Total Units 96Percentage Difference 31% Purchase Price/Estimated Value 23,284,200 Break Even DSCR 1.00 Principal (LTV)= 62% 14,415,223 Management Fee: 5% **Self Managed**Expense Ratio 27.0% Rate 3.750% Miscellaneous $500 per unitBuild to Cap Rate 7.11% Term 30 Repair and Maintenance $500 per unitCash on Cash 13.3% Cap Rate - 4.00% 32,015,775.00 Replacement Reserves $500 per unit
Cap Rate - 4.75% 26,960,652.63 Annual Vacancy Rate 5%REFI Cap Rate - 5.00% 25,612,620.00
SALE Cap Rate - 5.50% 23,284,200.00 Annual Inflation - Cap Rate - 6.00% 21,343,850.00 Rent 3%Cap Rate - 6.50% 19,702,015.38 Expenses 4%Cap Rate - 7.00% 18,294,728.57
4050 LUDLOW
2401 Walnut St. 6th FloorPhiladelphia, PA 19103
Stephen Stafford Cell: 609.335.4016
Sean DoyleCell: 267-606-3587