Philadelphia, PA
Property Type: MultifamilySize: 81 Units
Price: Request for Offer
CAP: See Broker for Details
Highlights:
- 81-Unit Project-Based Section 8 Property Located in Philadelphia
- Amenities Include Laundry Facilities, Community Room, and Playground
- Mark-to Market Mortgage Restructuring Closed August 2004; Subject to a Mark-to-Market Use Agreement Through August 2034, Requiring 40% of Units Must be Occupied by (and Affordable to) Low Income Tenants (i.e. 60% of AMI)
- Assumable or Prepayable HUD Mortgage
- 98% Project-Based Section 8 Rent Subsidy Contract; Less Than 2% Economic Vacancy in 2022; 20-Year Option 3b HAP Contract Renewal in 2004
- Located in a Qualified Census Tract (130% Basis) for Low Income Housing Tax Credit Rehabilitation
- July 2023 REAC Score: 91b
- Separately Metered for Gas (heat) and Electric
- More than $340,000 Invested in Recent Property Improvements
Description:
Marcus & Millichap is pleased to present for sale Dorado Village Apartments - An 81-unit affordable housing property located in Philadelphia, PA. This 98% Project-Based Section 8 affordable housing opportunity is being offered without an asking price.
Dorado Village Apartments was built in 1983. The property consists of 34 two-story and three-story buildings that rest on more than two acres of land. Residents benefit from property amenities that include a community room, laundry facilities, and a playground. All units feature central air conditioning. The property is professionally managed and well-maintained, as reflected by the July 2023 REAC Score of 91b. There is one non-revenue producing 2BR unit. There have been more than $340,000 of recent property improvements.
Dorado Village Apartments is located within one mile of Front Grocery Store, Family Dollar, Apollo Pharmacy, Temple University, Temple University Hospital, Hartranft John F School, and North Broad Street. The property is located approximately 3 miles north of Center City Philadelphia.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
