Philadelphia, PA
Property Type: MultifamilySize: 12 Units
Price: $3,000,000
CAP: 6.72% (Pro Forma)
Highlights:
- 12 Units in Two Contiguous Brownstones in Spring Garden - One Block from the Philadelphia Museum of Art
- Significant Value-Add Opportunity - Property will be Delivered Vacant, Allowing an Investor to Begin Renovations Immediately
- Located in One of the Strongest and Most Stable Rental Markets in Center City, within Walking Distance of Art Museums, Top Restaurants, and Public Transportation
- Units are Large with Open Floor Plans - Potential to Convert Select One-Bedroom Units to Two-Bedrooms
- Rare Opportunity to Own a Highly-Walkable, Transit-Oriented Asset in One of the Best Rental Submarkets in Philadelphia
- Seller Financing Options Available
Description:
Overview
Marcus & Millichap is pleased to exclusively offer the opportunity to acquire 2309-2311 Green Street - 12 units in two contiguous buildings, located in one of the most sought-after and well-known streets in Philadelphia. The properties consist of ten (10) one-bedroom units and two (2) studios.
The apartments are very large, averaging roughly 900SF and feature several unique qualities, including original wood, mantels, and stained glass. They have undergone renovations at different times, some featuring updated kitchens with newer cabinetry, countertops, and appliances. Select units feature a private outdoor space or roof deck. There are in-unit washer/dryer in select units, as well as common area laundry. Each unit has separately metered gas and electric.
The subject property lies less than a mile north of Center City Philadelphia and just a block from the famed Philadelphia Museum of Art. It is also proximate to the Center City Business District, and everything that Center City has to offer.
The apartments will be delivered vacant, providing the opportunity for an investor to start renovating immediately and stabilize the building within a short period of time. This significant value-add opportunity offers investors the rare chance to develop and own a generational asset in an irreplaceable Center City location.
Significant Value-Add Opportunity
The Green Street Apartments, located at 2309-2311 Green Street, consists of 12 units in two contiguous brownstones located on one of the most sought-after and well-known streets in Philadelphia. The subject property consists of ten (10) one-bedroom units and two (2) studios. The property will be delivered vacant, presenting a rare opportunity for a qualified investor to start their renovation program immediately and stabilize the building within a short period of time.
Open Floor Plans - Potential Upside
The larger one-bedroom units in the rear all average over 1000+SF. The open layouts of the apartments allow an investor to be flexible in their renovation program, possibly converting the larger one-bedroom units to two-bedrooms.
Seller Financing Options Available
The seller is willing to hold financing at the following terms:
• 70% LTV
• 5% Interest Rate
• Interest Only: 12 Months
• 30 Year Amortization
Prestigious Neighborhood
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 by the proximity to green space as well as the thriving food scene. This location is just far enough away from the noise and busy streets that it serves as a haven for young families and professionals.
Excellent Transit-Oriented Location
The property’s location provides easy access to Philadelphia’s top employment centers, restaurants, and a multitude of major essential retailers. There is access by car to Route 676 and Route 76. The property is one mile from 30th Street Train Station - The 11th busiest train station in the U.S. Additionally, the Philadelphia Navy Yard, Philadelphia International Airport, and the Sports Complex are all within a quick 15-minute drive.
Pride of Ownership
This value-add opportunity offers investors the rare chance to develop and own a generational asset in an irreplaceable Center City location.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
