Philadelphia, PAProperty Type: Multifamily
Size: 30 Units
- 30 New Construction Units within Walking Distance of Drexel, Penn, 30th Street Station
- 6.25+% Actual Cap Rate for First Year Post-Closing
- 100% Occupancy Expected by Mid-Summer
- Full 10-Year Tax Abatement
- Located in a Qualified Opportunity Zone
Marcus & Millichap is pleased to present for sale The Wallace Street Lofts, five newly constructed Class A apartment buildings in the University City submarket of Philadelphia. The properties are comprised of 30 units across five buildings in the heart of the Mantua neighborhood in Philadelphia. The subject properties are currently in the lease-up phase, and will be delivered with the full 10-Year Tax Abatement.
The neighborhood is close to Interstate 76, and several major streets (Market, Spring Garden, 34th) cross the neighborhood. Bike lanes run along Haverford Avenue, Spring Garden Street, and Lancaster Avenue. There are two subway stops nearby on the Market Frankford Line. The Route 10 trolley passes within a short distance, along with SEPTA bus route 31. The neighborhood is adjacent to 30th Street Station. The properties are all within walking distance to the University of Pennsylvania and Drexel University.
The properties consist of all one-bedroom units, ten (10) of which are spacious one-bed/two-bath units that average roughly 850 square feet in size, which are larger than other luxury buildings in the submarket. This provides an outstanding option for tenants looking to live near Center City for half the rent. Units have modern finishes with gourmet kitchens, stainless appliances, washer/dryers, and secured keyless entry. Each building includes shared access to an outdoor patio space as well as rooftop deck.
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