Philadelphia, PA
Property Type: MultifamilySize: 6
Price: $1,200,000
CAP: 4.55%
Highlights:
- 6 Units in the Heart of the Fitler Square Neighborhood of Philadelphia
- Value-Add Opportunity: Significant Upside in Rents Through Unit Renovations
- Units Feature Several Unique Details, Including Wood Flooring, Original Exposed Brick, and Mini Split System for Heating & Cooling in Each Unit
- Bi-Level One-Bedroom Unit with Private Patio
- Recent Capital Expenditures: New Roofs in 2023 & 2024
Description:
Marcus & Millichap is pleased to present for sale 280 South 23rd Street - A 6-unit apartment building located in one of the most desirable and widely known neighborhoods in Philadelphia, Fitler Square. The subject property is situated toward the end of the block between Spruce & Manning Street.
280 South 23rd Street includes (5) one-bedroom units and (1) studio unit with common area laundry. Unit 1R is bi-level and features a private outdoor patio space. The units hold several unique qualities including wood flooring and original exposed brick. The building has been kept in very good condition due to the owner's keen attention to detail. Both roofs are new as of 2023 & 2024. The landlord is responsible for water and gas for hot water. The tenant is responsible for electric. Each unit has its own mini split system for heating and cooling.
Fitler Square has long been considered one of the most distinctive areas in the city. The neighborhood is a favorite among young professionals, families, and students due to its easy access to parks, top-rated restaurants, and the scenic Schuylkill River Trail. With a blend of historic charm and modern conveniences, this location offers the best of Philadelphia living.
280 South 23rd Street 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 Fitler Square location, the property is well suited to provide strong returns and long-term appreciation.
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