1220 N Broad St & 1254 N Carlisle St 2 Multifamily Properties Offered at $40,200,000 in Philadelphia, PA

Apartments at 1220 (1220-46 N. Broad Street) and the Apartments at 1254 (1254 N. Carlisle Street) are a 309-unit multifamily offering located along the North Broad Street Corridor in Philadelphia, Pennsylvania. The North Broad Street Corridor is a growing residential submarket known for its accessibility to Center City Philadelphia, convenient public transportation, and continued residential and commercial investment.
The offering consists of 309 apartment units and 8,130 square feet of ground-floor commercial space. The residential component features a diverse mix of studio, one-bedroom, two-bedroom, and five-bedroom apartments, while the commercial space is leased by Fulton Bank, Barbers on Broad, Philadelphia Home Health Services, and Vogue Hair Mixy.
The assets offer significant value-add potential through unit and common area renovations, lease-up, and the ability to increase rents that are currently well below market.
- Apartments at 1220: The 291-unit property is 95% occupied with average in-place rents of approximately $1,119 per month, providing stable in-place cash flow while allowing new ownership to implement a renovation program and capture higher market rents as units turn over.
- Apartments at 1254: The 18-unit property is 89% occupied, with 16 units occupied. The average in-place rents are about $1,376 per month compared to proposed rents of $1,529 per month, providing additional upside through lease-up and continued rent growth. (Ownership holds title to an adjacent parcel that has potential development value; contact agent for more details.)
The North Broad Street Corridor continues to experience significant residential and commercial investment through new construction and adaptive reuse projects. Continued investment throughout the corridor and surrounding neighborhoods is expected to support long-term rental demand and continued growth within the submarket.
Residents benefit from the Properties' location along the growing North Broad Street Corridor and proximity to Center City Philadelphia. The surrounding area offers a wide range of restaurants, retailers, grocery stores, entertainment venues, and neighborhood-serving businesses, providing convenient access to everyday amenities.
The Properties are well positioned with convenient access to public transportation, including SEPTA's Broad Street Line, providing direct connectivity to Center City Philadelphia, South Philadelphia, and surrounding neighborhoods. Residents also benefit from easy access to major roadways and employment centers throughout the Philadelphia Region.
The offering presents investors with the opportunity to acquire a well-located, institutional-quality asset with strong in-place occupancy and significant value-add potential. The combination of below-market rents, renovation upside, lease-up potential, and continued investment throughout the North Broad Street Corridor provides a compelling opportunity for new ownership.