Philadelphia, PA
Property Type: MultifamilySize: 33 Units
Price: $3,500,000
CAP: 5.45%
Highlights:
- 33 Units/3 Properties in the Rhawnhurst & Wissinoming Neighborhoods of Philadelphia
- Value-Add Through Renovations - Average Rent Almost $200 Below-Market
- Off-Street Parking Available at Each Property
- Laundry and Storage Lockers for Tenants in Basements
Description:
Marcus & Millichap is pleased to present for sale the Northeast Philadelphia Portfolio, which is comprised of three properties located at 1714 Rhawn, 5711 Erdrick and 5910 Erdrick streets. The Rhawn Street building is located in the Rhawnhurst neighborhood of Philadelphia, while the Erdrick Street buildings are in the Wissinoming neighborhood. Each property contains eleven one-bedroom apartments and a laundry room in the basement. Each of the buildings is in very good condition due to the owner’s keen attention to detail.
The City of Philadelphia is home to more than one and a half million people, which makes it the most populated city in Pennsylvania. Each property’s prime location allows for easy access to the nearby stores, restaurants and Septa stations, which provide quick access to Center City Philadelphia.
The Portfolio 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 ($1,059) in the submarkets is 16.4% greater than the average rents of the Portfolio. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
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