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Location:


Philadelphia, PA

Property Type: Multifamily
Size: 6 Units
Price: $1,300,000
CAP: 4.41%

Highlights:

  • Value Add Opportunity, Ability to Increase Rents Through Unit Renovation
  • Excellent Location, In the Heart of the Spring Garden Neighborhood of Philadelphia
  • Large Units, Several One-Bedroom Apartments Over 750 SF
  • Several Units Feature Unique Historical Details, Including Original Wood, Mantels, and Stained Glass
  • Large Bi-Level Top Floor Unit with Private Roof Deck
  • Excellent Financing Available

Description:

Marcus & Millichap is pleased to present for sale to qualified investors the fee simple interest in 2037 Spring Garden Street - A 6-unit apartment building located on one of the most desirable and widely known streets in Philadelphia. The Property lies less than one mile north of Center City Philadelphia, and is in proximity to Broad Street, the Center City Business District, and everything that Center City has to offer.

Located just beyond Benjamin Franklin Parkway, Spring Garden is home to the city's world-class museums and is often referred to as the Art Museum Area. Residents are drawn to the neighborhood due to its proximity to green space, as well as the thriving food scene. This location is just far enough away from the noise and busier streets in the city, that it serves as a haven for young families and professionals.

The subject building totals five 1-bedroom units and one 1,300 SF bi-level 2-bedroom unit that features a private roof deck. The units are fairly spacious, with the average unit size being roughly 800 square feet. The building holds several unique qualities, including original wood, mantels, and stained glass. An investor can take advantage of excellent financing terms in the marketplace to acquire this asset in a prime Center City location.


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