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1507 Fairmount Ave 5 Unit Apartment Building $1,100,000 ($220,000/Unit) 5.09% Cap Rate Philadelphia, PA 19130
EXECUTIVE SUMMARY
MPN Realty, Inc. is pleased to present the exclusive sale of 1507 Fairmount Ave., a 5-unit apartment building in the heart of Fairmount. The property was fully renovated in 2011, featuring new kitchens with stainless steel appliances, granite countertops, and new cabinets; tile-surround baths; new flooring throughout; and all new systems. The unit mix consists of (2) 2 bed/ 1 bath units and (3) 1 bed/ 1 bath units, all of which are self-contained. The property presents a turn-key investment opportunity with a value-add play as there is room to increase the rents. Located in the Fairmount section of Philadelphia, the site is in a very desirable area with easy access to Center City, the Art Museum, I-676, and public transportation via the Broad St line and many bus routes. Over the past couple of years Fairmount has experienced a tremendous amount of development, with new apartments and new retailers coming to the bustling commercial corridors of N. Broad St., Spring Garden St., and Fairmount Ave.
PROPERTY FACTS
| Price | $1,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $220,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 5.09% | Building Size | 2,859 SF |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2011 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-1 | ||
| Price | $1,100,000 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 5.09% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 2,859 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2011 |
| Opportunity Zone |
Yes |
| Zoning | RM-1 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
1 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Excellent Transit (83)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 881041755 | Improvements Assessment | $585,225 |
| Land Assessment | $103,275 | Total Assessment | $688,500 |
PROPERTY TAXES
Parcel Number
881041755
Land Assessment
$103,275
Improvements Assessment
$585,225
Total Assessment
$688,500
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