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230 E Sharpnack St - 230 & 234 Sharpnack Street 37 Unit Apartment Building Offered at $3,300,000 at a 6.34% Cap Rate Philadelphia, PA 19119
Investment Highlights
- 37-Unit Multifamily Asset with Institutional-Scale Operational Efficiency
- Significant Mark-to-Market Opportunity with 21% Rental Upside
- Clear Path to NOI Growth Through Lease-Up and Rent Normalization
- 6.31% Going-In Cap Rate with 8.05% Stabilized Yield
- Attractive Basis at $89,189 Per Unit
Executive Summary
A 37-unit value-add multifamily investment located in Northwest Philadelphia. The asset offers immediate scale, stable in-place income, and a clearly defined value-add strategy driven by rent growth. Ownership can also generate additional income by charging for the 25 on-site surface lot spots. Ownership has started the renovation program and proved the concept, allowing for the next owners to continue the process.
At the asking price of $3,300,000, the property generates an in-place Net Operating Income of approximately $208,179 (6.31% cap rate), with the ability to achieve approximately $265,554 in stabilized NOI (8.05% cap rate) through rent normalization.
The property comprises 37 one-bedroom units across two adjacent buildings, totaling approximately 22,705 rentable square feet. The asset features a consistent unit mix, efficient layouts, and a scalable operational profile.
Ownership has recently completed meaningful capital improvements, including parking lot resurfacing, roof replacement, and building entry door upgrades. As a result, future ownership can allocate capital toward income-producing renovations rather than deferred maintenance.
Average in-place rents are approximately $807 per unit, compared to projected market rents of approximately $978, representing a meaningful mark-to-market opportunity and a clear path to revenue growth through lease turnover.
At the asking price of $3,300,000, the property generates an in-place Net Operating Income of approximately $208,179 (6.31% cap rate), with the ability to achieve approximately $265,554 in stabilized NOI (8.05% cap rate) through rent normalization.
The property comprises 37 one-bedroom units across two adjacent buildings, totaling approximately 22,705 rentable square feet. The asset features a consistent unit mix, efficient layouts, and a scalable operational profile.
Ownership has recently completed meaningful capital improvements, including parking lot resurfacing, roof replacement, and building entry door upgrades. As a result, future ownership can allocate capital toward income-producing renovations rather than deferred maintenance.
Average in-place rents are approximately $807 per unit, compared to projected market rents of approximately $978, representing a meaningful mark-to-market opportunity and a clear path to revenue growth through lease turnover.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 37 | - | - |
1 1
Moderately walkable
70/100
Fairly drivable
40/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 881094700 | Improvements Assessment | $1,568,770 |
| Land Assessment | $672,330 | Total Assessment | $2,241,100 |
Property Taxes
Parcel Number
881094700
Land Assessment
$672,330
Improvements Assessment
$1,568,770
Total Assessment
$2,241,100
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