Philadelphia, PA
Property Type: MultifamilySize: 18 Units
Price: $3,200,000
CAP: 5.46%
Highlights:
- 18-Unit Apartment Building in Northeast Philadelphia
- Value-Add Opportunity - Average Rents are $200+ Below-Market
- Highly Visible Location Directly on Grant Avenue, Proximate to I-95
- Very Well Maintained Over 20 Years of Ownership - Many Recent Capital Expenditures
Description:
Marcus & Millichap is pleased to present for sale Grant Terrace - An 18-unit apartment building, located in the Northeast Section of Philadelphia. The property consists of 16 one-bedroom units and 2 two-bedrooms, as well as a laundry room. The building has been kept in very good condition due to the owner's keen attention to detail over their 20 years of ownership. The owner is responsible for hot water, common area electric, and water and sewer. The tenant is responsible for heat and electric.
The City of Philadelphia is home to more than one-and-a half million people, which makes it the most populated city in Pennsylvania. The property is located in the Bustleton neighborhood of Philadelphia directly on Grant Avenue, which allows for easy access to the nearby stores, restaurants, and the Bridesburg and Tacony SEPTA stations. The SEPTA stations provide quick access to Center City Philadelphia.
The Property represents a rare opportunity to acquire an apartment community in highly desirable Northeast Philadelphia. The market average for competing one- and two-bedrooms in the submarket are ($1,412) and ($1,628) which are (18.5%) & (27.8%) greater than the respective average rents of Grant Terrace. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
Full Summary:
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