Philadelphia, PAProperty Type: Multifamily
Size: 21 Units
Price: See Broker for Details
- 21-Unit Townhouse-Style Apartment Community Located in the Grays Ferry Section of Philadelphia
- Great Unit Mix - All Units are Large, Three-Bedroom Townhouses with Two Separate Entrances and Private Attached Garages
- LIHTC Until May 2027
- Huge Upside - Rents are Currently Significantly Below Market
- Grays Ferry has seen a Significant Amount of New Development due to its Centralized Location
- Below-Market Price and Lack of Comparable Product in Philadelphia
- Free and Clear of Debt
Marcus & Millichap is pleased to present for sale King's Village, a 21-unit townhouse-style community located in the Grays Ferry section of Philadelphia.
Constructed between 1997-1998, King's Village features all three-bedroom townhouses. The units are 1400 square feet, and feature a living room and kitchen downstairs with bedrooms on the second floor. Units have two separate entrances, and a private garage.
The property is subject to a Low Income Housing Restrictive Use Agreement until May 2027. Tenants at the property must make 50% or less of Area Median Income. Current rents net of utility allowances cannot exceed $1072.
Rents at King's Village are currently significantly below-market, averaging approximately $750 per month. Rents can be increased up to $1072 without restriction. At the end of the LIHTC agreement in 2027, the owner would have the following options:
• The property can be re-syndicated for new LIHTC credits
• The property can be converted to market rate housing
• The property can be subdivided and sold as townhouses
The Grays Ferry section of Philadelphia neighbors Graduate Hospital to the North, and Point Breeze to the West. Grays Ferry has seen a significant amount of new development and increased property values due to its centralized location. Center City, University City, and the Walt Whitman Bridge are all within a 10-minute drive. Tenants have easy access to a Fresh Grocer-anchored shopping center, and shopping and dining along Washington Avenue.
King's Village is priced significantly below-market for comparable product in Philadelphia. Additionally, there are very few multifamily properties in Grays Ferry with limited land available for new construction.