Frontline 1229-1231 N Front St 11 Unit Apartment Building $3,400,000 ($309,091/Unit) 6.89% Cap Rate Philadelphia, PA 19122

MPN Realty is pleased to present the exclusive sale of 1229 N Front St., a fully occupied turn-key investment opportunity located in the heart of Fishtown. Built in 2020, the property features 11 residential units, 1 commercial space, and 3 parking spaces. The property is very well designed, featuring spacious residential units with high ceilings and plenty of natural light. The apartments also feature high-end finishes such as gourmet kitchens with quartz counters, stainless steel appliances & white cabinets; tile surround bathrooms; and pre-engineered plank flooring and tile flooring throughout. All units are self-contained, with a washer and dryer in each unit. The property features new systems, i.e., HVAC, sprinkler system throughout, hard-wired smoke and fire system, electric, and plumbing. There is potential to add private storage units for each residential unit, which could bring an additional $6,600 per year or more in rental income. Under the current zoning code, the property is legally zoned for and could be easily converted to a short-term rental building. The seller has previously received offers from multiple short-term rental operators to master lease all of the residential units at substantially higher rents.
The commercial space is leased to Dock Street Brewery as a tap/ tasting room. Established in 1985, Dock Street is one of Philadelphia’s oldest microbreweries. Dock Street is a fantastic fit for the bustling commercial corridor of N. Front St., joining neighboring tenants Middle Child Clubhouse, WM Mulherin’s Sons, Front Street Café, Train and Nourish Studio, Halcyon Floats, Liberty Kitchen and many more restaurants and retailers. The property is extremely well located in the core of Fishtown, right at the steps of the Girard Ave stop for the Market-Frankford Line.
Fishtown was recently featured in Forbes magazine in an article titled, “Fishtown, Philadelphia Is Still One Of America’s Hottest New Neighborhoods”. Located north of Center City, the neighborhood is home to some of the best restaurants and bars with a diverse demographic of families, young professionals, hipsters and artists. The property is ideally located along the I-95 corridor for easy access to downtown Philadelphia, South Jersey, and the Philadelphia suburbs.