Philadelphia, PA
Property Type: MultifamilySize: 14 Units
Price: $2,250,000
CAP: 4.62%
Highlights:
- Two-Property, 14-Unit Portfolio Located in the Rittenhouse Square Neighborhood of Philadelphia
- Value Add Opportunity: $250 Upside in Rents Through Unit Renovations
- Limited Deferred Maintenance/Cap Ex
- Lack of Comparable Inventory on the Market
- Rare Opportunity of Scale in Center City
Description:
Marcus & Millichap is pleased to exclusively offer qualified buyers the opportunity to acquire 309-311 S 16th Street, two contiguous 7-unit brownstones totaling 14 units located in the prestigious Rittenhouse Square neighborhood. The subject buildings are located situated toward the end of the block between Delancey & Spruce Streets.
309-311 S 16th Street includes (12) Studios & (2) One-Bedroom apartments. Units have undergone renovations at different times, with some featuring updated kitchens with newer cabinetry, granite countertops, and stainless-steel appliances. All residents have direct access to an outdoor patio space, and roughly 50% of the units feature in-unit washer/dryers.
Rittenhouse Square has long been considered one of the most distinctive areas in the city. The area is home to high-end stores, locally owned boutiques, small galleries, theaters and entertainment, cafes, wine bars, and restaurants of all kinds. The neighborhood is active year-round with both residents and visitors alike.
309-311 S 16th offers a rare opportunity to a qualified investor to add significant value through renovations, as many of the units are rented significantly below comparable apartments in the neighborhood. Given the property’s prime Rittenhouse location, the property is well suited to provide strong returns and long-term appreciation.
309 & 311 are two individual buildings, and can be purchased together or separately.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
