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185-191 E Walnut Ln
Philadelphia, PA 19144
Morelane Garden Apartments · Multifamily Property For Sale
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22 Units
Investment Highlights
- 22-Unit Multifamily Asset | Germantown neighborhood of Philadelphia
- Long-Term HAP Contract with HUD | 14 years remaining on term. Contract expires June 24, 2039
- Additional Upside through Land Development | Potential to Develop 4 Duplexes or 8 Additional Units; Total Unit Count Can Increase to 30 Units
- Strong Cash Flow | 7% Cap Rate with Government-Backed Subsidies
- Annual Rent Escalations | Rents are eligible for annual increases through HUD’s Operating Cost Adjustment Factor(OCAF)
- Transit-Oriented Location | Convenient access to SEPTA Regional Rail, multiple bus routes, and proximity to major roadways
Property Facts
| No. Units | 22 | Building Size | 21,900 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1959 |
| Building Class | C | Parking Ratio | 0.5/1,000 SF |
| Lot Size | 0.62 AC | ||
| Zoning | R-12 or RTA-1 | ||
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 21,900 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1959 |
| Parking Ratio | 0.5/1,000 SF |
| Zoning | R-12 or RTA-1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 22 | - | - |
Property Taxes
| Parcel Number | 881211020 | Improvements Assessment | $1,870,000 |
| Land Assessment | $467,500 | Total Assessment | $2,337,500 |
Property Taxes
Parcel Number
881211020
Land Assessment
$467,500
Improvements Assessment
$1,870,000
Total Assessment
$2,337,500
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