Philadelphia, PAProperty Type: Multifamily
Size: 24 Units
- 24-Unit Apartment Property in North Philadelphia
- Senior-Designated Project-Based HAP Contract on 100% of the Units
- 5-Year HAP Contract Expires 1/2025; Ability to Increase Rents 15-20%
- Great Location Next to Einstein Medical Center, Just off of Broad Street
- Separate Entrances, Front Porches, and Semi-Private Backyards
Marcus & Millichap is pleased to present for sale the Somerville Homes - 24 units in North Philadelphia. The property is subject to a senior-designated project-based HAP contract on 100% of the units, expiring January 1, 2025. At the time of expiration, we are projecting a 15-20% rent increase based on a new rent comparability study.
The property is located directly next to the Einstein Medical Center, which is a large 772-bed teaching hospital. It is also located just off Broad Street, within walking distance of the Olney Transportation Center, which is a bus and subway hub for the area.
The units each have separate entrances and separate utilities, of which gas is paid by the owner. Tenants pay electricity. The downstairs units also have front porches and semi-private backyards.