Philadelphia, PA
Property Type: MultifamilySize: 12 Units
Price: $1,500,000
CAP: 6.35%
Highlights:
- 12 Units in the Northeast Section of Philadelphia
- Attractive Unit Mix: All One-Bedroom Apartments
- Value Add Opportunity: Rents $100+ Below Market
- Ample On-Site Parking
Description:
Marcus & Millichap is pleased to present for sale 8027 Walker Street - A 12-unit apartment complex located in the Northeast section of Philadelphia, PA. The building contains 12 one-bedroom units and a laundry room. The complex has been kept in very good condition due to the owner’s keen attention to detail. The owner is responsible for gas, common area electric & water and sewer. The tenant is responsible for 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 Tacony neighborhood of Philadelphia, 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 the highly desirable Northeast section of the City of Philadelphia. The market average for competing one-bedrooms ($1,225) in the submarket are 9.5% greater than the average rents of 8027 Walker Street, respectively. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
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