Philadelphia, PA
Property Type: MultifamilySize: 56 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 12 Building, 56-Unit Portfolio Located in the Francisville Neighborhood of Philadelphia
- Significant Value-Add Opportunity: Ability to Substantially Increase Rents Through Renovation
- Great Location: Across the Street from Saint Joseph's Preparatory School
- Excellent Unit Mix & Size: Primarily 1, 2 & 3-Bedroom Units Averaging Over 730 SF
- Attractive Basis of ~$150K per Unit
- 40% of the Units Have Been Renovated: Approximately 70% Have Central Air or Split Systems
- Majority of Units are Month-to-Month
Description:
Marcus & Millichap is pleased to exclusively offer the rare opportunity to acquire twelve buildings totaling fifty-five apartments and one store located in the Francisville Neighborhood of Philadelphia.
The properties consist of four (4) studios, twenty-nine (29) one-bedroom units, eighteen (18) two-bedroom units, four (4) three-bedroom units and a 2,500 SF owner-occupied commercial space. The apartments are large, averaging roughly 717 SF. Approximately 70% of the units have central air or split systems. 40% have undergone renovations at different times, some featuring updated kitchens with newer cabinetry, countertops, and appliances. Roughly 10% of the units feature a deck or private outdoor space. There is common area laundry available in every building. Each unit has separately metered gas and electricity apart from a few units that are still on the central boiler. The portfolio also contains ten (10) parking spaces that are currently not rented.
All twelve subject properties are situated within a couple blocks. Ten of the buildings are on the 1700 block of Girard – directly across the street from Saint Joseph’s Preparatory High School. The portfolio’s location provides easy access to Philadelphia’s top employment centers, restaurants, and a multitude of major retailers. The portfolio is in proximity to Route 676 and Route 76, which are the major thoroughfares of Philadelphia. The Philadelphia Navy Yard, Philadelphia International Airport, and the Sports Complex are all within a quick twenty-minute drive.
All apartments are on month-to-month leases apart from a couple units. This allows an investor to come in and make immediate renovations to the apartments and capture significant upside in the rents. This value-add opportunity offers investors the rare chance to acquire a portfolio of scale in one of Philadelphia’s most sought-after neighborhoods. The portfolio is well suited to provide strong returns and long-term appreciation.
Full Summary:
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