Drexeline, an apartment complex in Upper Darby constructed in 1967, is on the market for the first time since it was built, writes Natalie Kostelni for the Philadelphia Business Journal.
The 214-unit property was developed along with the adjacent Drexeline Shopping Center by Peter S. Mozino. The retail center was sold for $30 million last year and the residential complex is expected to fetch around $28 million.
The property consists of a pair of seven-story buildings at Route 1 and State Road that are currently 98 percent occupied. Rents run from $900 for a studio to around $1,350 for a two-bedroom unit.
The property has been well maintained over the last five decades, but has not yet undergone a full-scale renovation. This gives any potential buyer the ideal opportunity to invest in upgrading the complex.
The adjacent shopping center is currently undergoing a $123 million redevelopment.
Read more about Drexeline in the Philadelphia Business Journal by clicking here.