Philadelphia, PA
Property Type: MultifamilySize: 5 Units
Price: $1,300,000
CAP: 6.48%
Highlights:
- New Construction Property in the Forgotten Bottom Neighborhood of Philadelphia
- 2019 Construction with Six Years Left on Tax Abatement
- Assumable Financing - 4.2% Rate
- Large Two- and Three-Bedroom Units with High-End Finishes
- Strong Location Near Pennovation Center and I-76, With Easy Access to University City and Center City
- Can be Purchased Together with Harmony Street Apartments: 19 Units 2023 Construction, Located on Neighboring Block
Description:
Marcus & Millichap is pleased to present for sale 1312-1316 Grove Street - A five-unit new construction apartment building in the Forgotten Bottom neighborhood of Philadelphia. The property was built in 2019, and has Philadelphia’s full ten-year tax abatement until May 2029.
The properties consist of two (2) two-bedroom units and three (3) three-bedroom units. Units feature high-end finishes with gourmet kitchens, stainless appliances, and washer/dryers in every unit. As development progresses in Forgotten Bottom, the neighborhood will continue to become even more desirable for residents. With the assumable financing in place, a buyer will be able to take advantage of the below-market interest rate for seven more years. Additionally, this property can also be purchased with the Harmony Street Apartments offering - 19 units just one block away.
Full Summary:
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