RARE STUDENT PERMITTEDBUILDING FOR SALE204 W. Gay StreetWest Chester, PA

ta b l e o f c o n t e n t s

Executive Summary

Site Aerial

Listing Details

Tenant Overview

Location Aerial

Area Development

Borough of West Chester

Demographics

marketedExclusively by:

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful,

independent investigation of the property to determine to your satisfaction the suitability of the property to your needs.

e x e c u t i v e S u m m a r yPrecision Realty Group, LLC. has been retained to act as the exclusive agent for the sale of a RARE Student Permitted Apartment located at 204 W Gay Street, in The Borough of West Chester, Pennsylvania.

The property consists of 2 Apartment Units with highly sought after “Student Permits” which are non-transferable assets in The Borough of West Chester. Unit A is a One (1) Bedroom Student Permitted Apartment. Unit B is a Two (2) Bedroom Student Permitted Apartment.

With close proximity to Gay Street & Market in the heart of The Borough of West Chester, the site is ideal for student base.

OFFERING PROCESS

Ownership has established an asking price of $550,000. The Owner will consider all circumstances relating to each proposal including, without limitation, the purchase price, contingencies, if any, period to conduct due diligence, time required to close and the financial capacity and ability of each Purchaser to perform.

Property and market tours will be provided by PRG upon request. All discussions with tenant(s) at the site regarding this offering or lease(s) at the property are strictly prohibited.

s i t e a e r i a l

W. Gay St.

W. Market St.

N. Church St.

N. Darlington St.

proposed development

Site

SITE

Chester County Justice center

Chester County court house

l i s t i n g d e ta i l sG E N E R A L P R O P E R T Y D E T A I L S

• UPI: 1-8-440

• Square Feet: 1,728 +/-

• Acre(s): .04

• Zoning: Town Center (TC)

• 2 Unit Apartment Building

• 2 Student Permits

• Separately Metered for Gas & Electric

• Roof 1: Replaced 2 years

• Roof 2: Less than 10 years old

• Water Heater: Less than 5 years old

• Washer & Dryer on site

• Large backyard with alley access to Darlington St.

U n i t A

• 1 Bedroom: 2 Students

• Currently Rented @ $1,200 Per Month

U n i t B

• 2 Bedroom: 4 Students

• Histically Rented @ $2,200 Per Month

T E N A N T O V E R V I E W

U n i t A : S t u d e n t P e r m i t

• One (1) Bedroom

• Lease: $1,200 Per Month (2 Students)

• Currently Leased

• Tenant Pays: Gas/Electric/TV & Internet

U n i t B : S t u d e n t P e r m i t

• Two (2) Bedroom

• Lease: Historically Leased $2,200 Per Month (4 Students)

• AVAILABLE 6/1/18

• Tenant Pays: Gas/Electric/TV & Internet

E X P E N S E S

Water & Sewer $1584.00

Insurance $1,386.00

Real Estate Tax $2,449.21

Apartment Fee $84.00

Common Electric $336.00

L o c at i o n a e r i a l

SITE

proposed development planBuilder Eli Kahn, of D-Town Associaties, LP, along with partners

Adam Lowe and Matt Adams bought the former Chester County

Annex from the county in 2011 and said that every plan they are

considering would call for demolishing the existing structure.

Kahn’s vision calls for a 45,000 square-foot, four-story building,

with three floors of Class A office space above a floor of retail, and

one or two fine dining restaurants.

P r o p e r t y R e n d e r i n g s

P r o p e r t y R e n d e r i n g s

proposed development

Site

p r o x i m i t y t o 2 0 4 W . G ay S t r e e t

Gay St.

Church St.

SITE

N. Darlington St.

b o r o u g h o f w e s t c h e s t e r

60Boutiques

Over

65Restaurants

Over

100AnnualEvents

Over

West Chester was first settled in 1712 and since then has offered hospitality for visitors from around the world. It became the seat for Chester County in 1786, its current boundaries were established in 1788 and incorporated as a borough in 1799. A timeline of West Chester's development is found at Historic Milestones of West Chester.

Stroll along brick sidewalks past the building where Abraham Lincoln began his quest for the presidency; where the great African-American folk artist Horace Pippin lived and painted; and where America's preeminent composer Samuel Barber was born and raised (best known for his Adagio for String Orchestra).

The entire downtown district is listed on the National Register of Historic Places. Enjoy the Greek Revival architecture along High Street that gave West Chester the nickname Athens of the West. Within the Borough limits, there are over 4,200 structures dating back to the colonial period.

“ONE OF THE WORLD'S MOST PERFECT SMALL

TOWNS.”- The Philadelphia Inquirer

West Chester University of Pennsylvania (WCUPA) is a public university located in West Chester, Pennsylvania. It is the largest of the 14 state universities of the Pennsylvania State System of Higher Education(PASSHE).

Total enrollment: 17,306 (2017)

Hosting over 100 events annually, West Chester brings thousands of visitors and residents to the downtown area on a regular basis.

B I G G E S T a n n u a l E V E N T S

QVC Christmas Parade: 20,000+ Attendees

Chili Cook Off: 5,000-10,000+ Attendees

Twighlight Bike Race: 5,000-10,000+ Attendees

Restaurant Festival: 5,000-10,000+ Attendees

b o r o u g h o f w e s t c h e s t e r

West Chester was named to the top ten “Best Small Town Downtowns in the United States” by Bert Sperling and Peter

Stander, authors of Best Places to Raise a Family. The book cites West Chester’s “right sized combination of stable employment, local downtown amenities, college presence, historic interest, recreation

and convenience at an attractive cost.”

T o p E m p l o y e r s I n C h e s t e r C o u n t yCompany Industry1 Vanguard Group Inc. Finance2 QVC Network Inc Entertainment3 County of Chester Government4 Federal Government Government5 Chester County Hospital (Penn Medicine) Healthcare6 Main Line Health Systems Healthcare7 Giant Food Stores LLC Retail8 Cerner Health Services Healthcare9 PA State System of Higher Education Education10 The Devereux Foundation Healthcare

d e m o g r a p h i c s

EstimatedPopulation

AverageAge

Average HHIncome

Estimated TotalEmployees

Traffic Counts(Daily)

SitesUSA, Inc.

D e m o g r a p h i c s 1 m i l e 3 m i l e s 5 m i l e s

4,217

39.2

$103,251

3,454

13,000

69,506

37.0

$106,785

58,507

116,707

38.5

$120,240

96,990

Type: Public Coeducational

Total enrollment: 17,306 (2017)

Established: 1871

Endowment: $23 million as of 2015

President: Christopher Fiorentino

Provost: R. Lorraine Bernotsky

Academic Staff: 685 full-time / 277 part-time