Philadelphia, PA
Property Type: MultifamilySize: 7 Units
Price: $2,450,000
CAP: 6.01%
Highlights:
- 7-Unit Low-Rise Courtyard Apartment Building in the Prestigious Society Hill Neighborhood of Philadelphia
- Value-Add Opportunity: Ability to Increase Rents Upon Turnover
- Excellent Unit Mix: Primarily Two-Bedrooms
- Large Units: Over 1,000 SF on Average
- Every Unit Features a Private Balcony or Patio
Description:
Marcus & Millichap is pleased to exclusively offer to qualified buyers the opportunity to acquire 510 Lombard Street, a 7 Unit low-rise courtyard apartment building in the Prestigious Society Hill Neighborhood of Philadelphia. 510 Lombard offers a rare opportunity to invest in a very well-maintained asset located in one of Philadelphia’s most stable rental markets. The property offers immediate upside through rent increases upon turnover, as some units are currently rented below market due to long-term tenancy and the owner’s focus on consistent occupancy. Given the property’s prime location and appeal, the property is well suited to provide strong returns and long-term appreciation.
Situated at the corner of Reese and Lombard Streets between 5th & 6th Streets, 510 Lombard includes (5) 2-Bedroom Apartments & (2) 1-Bedroom apartments. The units have all undergone renovations at different times, featuring modern kitchens and baths and stainless-steel appliances. The apartments are very spacious, averaging roughly 1,100SF, and all feature original exposed brick, in-unit washer/dryers and either a private patio or balcony. Three (3) units are bi-level and feature a half bath on the living/dining floor. Five (5) units have modern working fireplaces. The tenant is responsible for gas and electric, and the landlord is responsible for water and sewer. Each unit has a gas range, gas heat, individual water heaters and central air. All residents have direct access to a landscaped courtyard.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
