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PRIME ON RIDGE 1723 Ridge Ave 15 Unit Apartment Building $5,350,000 ($356,667/Unit) 6.60% Cap Rate Philadelphia, PA 19130
INVESTMENT HIGHLIGHTS
- PRIME LOCATION ON RIDGE AVENUE
- 10 YEAR TAX ABATEMENT
- BOUTIQUE APARTMENT BUILDING
- COVETED 19130 SUBMARKET
- TURNKEY NEW CONSTRUCTION MULTIFAMILY
- TOP 10 USA MSA
EXECUTIVE SUMMARY
Prime on Ridge presents a turnkey 15-unit investment opportunity along the bustling Ridge Avenue corridor in Philadelphia, Pennsylvania. Acquire this —16,250 SF, 5-storey, boutique luxury apartment building in a Top-10 USA MSA with the benefit of a 10yr tax abatement (expiring 2032), minimal OPEX and ±15% rental upside based on market comps. These designer apartments are professionally built (2022 vintage) with an even mixture of seven (7) 1bd units and seven (7) 2bd units atop ground floor commercial space. Anchored on a highly visible block in Francisville (19130), this superior multifamily asset commands attention within the renter pool with its exquisite curb appeal and luxury interiors. The panoramic rooftop terrace provides unparalleled city skyline views. Easy access into Fairmount, Center City, Museums District, North Broad District + more — a completely accessible location — walkable to all of the world-class urban attractions Philadelphia has to offer. Enquire within for pro forma financials and building plans.
PROPERTY FACTS
| Price | $5,350,000 | Building Class | B |
| Price Per Unit | $356,667 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 16,250 SF |
| Cap Rate | 6.60% | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | CMX-2.5 - Pedestrian-friendly retail and service uses in commercial areas. It promotes active, mixed-use environments with a focus on walkability | ||
| Price | $5,350,000 |
| Price Per Unit | $356,667 |
| Sale Type | Investment |
| Cap Rate | 6.60% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.09 AC |
| Building Size | 16,250 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 2021 |
| Opportunity Zone |
Yes |
| Zoning | CMX-2.5 - Pedestrian-friendly retail and service uses in commercial areas. It promotes active, mixed-use environments with a focus on walkability |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Roof Terrace
- Elevator
- Public Transportation
- Smoke Detector
1 1
Walk Score®
Very Walkable (86)
Transit Score®
Excellent Transit (79)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 881443730 | Improvements Assessment | $3,040,200 |
| Land Assessment | $337,800 | Total Assessment | $3,378,000 |
PROPERTY TAXES
Parcel Number
881443730
Land Assessment
$337,800
Improvements Assessment
$3,040,200
Total Assessment
$3,378,000
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PRIME ON RIDGE | 1723 Ridge Ave
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