Philadelphia, PA

Property Type: Multifamily
Size: 7 Units
Price: $2,050,000
CAP: 5.28%

Highlights:

  • 7 Units in Prestigious Rittenhouse Square Neighborhood of Philadelphia
  • Value Add: Ability to Increase Rents Through Unit Renovations
  • Features Private Outdoor Patio Space & In-Unit Washer/Dryers
  • Substantial Capital Expenditures Completed by Current Ownership

Description:

Marcus & Millichap is pleased to exclusively offer qualified buyers the opportunity to acquire 313 South 18th Street - A 7-Unit walkup located in the prestigious Rittenhouse Square neighborhood of Philadelphia. The subject building stands on a double-wide lot, and is situated toward the end of the block between Delancey & Spruce Streets.

313 South 18th Street includes (6) 1-Bedroom units and (1) Studio. 50% of the 1-Bedrooms are very sizable, and feature high ceilings and an office/den area. 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 nearly every unit has its own in-unit washer/dryer.

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.

313 South 18th 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.


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