Tioga Luxury Apartments 1700 W Tioga St 46 Unit Apartment Building $7,800,000 ($169,565/Unit) 7.69% Cap Rate Philadelphia, PA 19140

KW Commercial is pleased to present the opportunity to acquire the Tioga Luxury Apartments to qualified investors. This property was built in 2019 and has a 10-year tax abatement that ends in 2031. This property is composed of 11 studio apartments, 31 one-bedroom apartments, 2 one-bedroom one office apartments and 2 two-bedroom apartments in addition to an approximately 4,200 square foot occupied retail space that is leased to a daycare provider. The daycare operator will begin paying rent September 1, 2025.
This property has two elevators, laundry facilities on both the third and fifth floors & a trash shoot for optimal tenant convenience. This property also has a 9-spot parking lot and a backup generator.
This property is centrally located between Broad Street and West Huntington Park Ave. and is less than half a mile away from Temple University’s North Philadelphia campus, which includes Temple University’s Katz School of Medicine, Temple University’s Outpatient Hospital and Temple University’s Health Sciences Center, home to Temple’s School of Pharmacy and School of Dentistry.
Approximately 80% of the leases are with affordable housing providers, giving the buyer a steady stream of guaranteed income.
The asking price for this asset is $7.8 million and the NOI at settlement with the Day Care lease in effect will be $572,948, which is a 7.35% capitalization rate. The buyer for this asset earns the right to cash flow, tax benefits and equity growth through debt principal pay down from the property’s net operating income and through overall market appreciation.