$3,750,000
Introducing Silk Factory Lofts, a boutique 14-unit adaptive reuse apartment community located at 300 Penn Street in Pennsburg, Pennsylvania. Originally constructed in 1925 as a working silk factory, the steel and brick structure maintains its historical significance to this day. Converted in 2023 the new, one-of-a-kind loft residences meld authentic industrial-era architecture with modern, high-end living. The result is a residential experience unavailable anywhere else in the Upper Perkiomen Valley.
The 14 units consist of a balanced mix of one- and two-bedroom loft-style residences. The Property includes (1) one bedroom, one and a half bath unit with a loft and private deck, renting for $2,100 per month, (2) one bedroom, one and a half bath units averaging $1,998 per month, and (2) one bedroom, one bath units averaging $1,625 per month, (7) two bedroom, two bath units with lofts averaging $2,286 per month and (2) two bedroom, two bath units averaging $1,875 per month. This pricing power is created by the distinctive character, raised ceilings, and light-filled open layouts. Given the uniqueness of this asset and its historically strong occupancy, investors can increase rents steadily over time.
Completed in 2023, the full gut renovation preserves the building's historical steel and brick skeleton while delivering premium systems, finishes, and functionality of new construction. Kitchens are complete with granite countertops, stainless steel appliances, dishwashers, and garbage disposals. Every unit also features its own washer and dryer. On-site parking and smartphone intercom access complement the well-thought-out renovations. Lofts provide flexible living and storage spaces, an increasingly valuable amenity for renters in today's market. The combination of historic character and turnkey condition allows buyers to acquire a steady, income-producing asset with minimal deferred maintenance and proven top-of-the-market rents.
PAMC2199748
MLS
300 Penn St, Pennsburg