28 TOTAL UNITS | UNIVERSITY CITY 3 Multifamily Properties Offered at $5,000,000 in Philadelphia, PA
INVESTMENT HIGHLIGHTS
- Significant Value-Add Investment Opportunity: Improve the assets through upgrading common hallways and unit interior finishes
- Affluent Eds and Meds Tenant Base: The Portfolio is positioned to serve Ivy League Eds and Meds
- Transit Oriented Locations: Direct access to I-95, I-676, I-76, and the Green Line Trolley
- Attractive Neighborhood Living: Properties in proximity to award-winning restaurants, bars, cafes, and green spaces
- In The Path of Growth: UPenn, CHOP, and Drexel Continue to Grow Lifting the University City Neighborhoods Simultaneously
EXECUTIVE SUMMARY
The Spruce Hill Portfolio is comprised of 4224-26 Chester Avenue, 607-09 South 42nd Street, and 4331-33 Pine Street. The Portfolio consists of six Victorian-style buildings containing 28 unrenovated apartment units in the highly desirable Spruce Hill neighborhood of Philadelphia, Pennsylvania.
The Properties present new ownership with a significant value-add opportunity to upgrade the common areas and unit interiors, positioning these buildings as high-quality rental products. Current and future tenants are located just outside University City in the Spruce Hill neighborhood of West Philadelphia, which features award-winning restaurants, celebrated outdoor amenities, and direct access to the University of Pennsylvania, Children's Hospital of Philadelphia, and Hospital of the University of Pennsylvania.
The Portfolio services the large Eds and Meds tenant base that requires access to University City. PHD candidates, medical students, medical residents, and MBA candidates prefer to be close to campus, while also enjoying neighborhood living. In addition, the Properties sit along the Green Line Trolley route, carrying commuters into University City and Center City Philadelphia in minutes. Furthermore, motorists enjoy direct access to Interstates 76, 676, and 95, opening access to employment centers throughout the Philadelphia MSA, New Jersey, and Delaware.
The Properties present new ownership with a significant value-add opportunity to upgrade the common areas and unit interiors, positioning these buildings as high-quality rental products. Current and future tenants are located just outside University City in the Spruce Hill neighborhood of West Philadelphia, which features award-winning restaurants, celebrated outdoor amenities, and direct access to the University of Pennsylvania, Children's Hospital of Philadelphia, and Hospital of the University of Pennsylvania.
The Portfolio services the large Eds and Meds tenant base that requires access to University City. PHD candidates, medical students, medical residents, and MBA candidates prefer to be close to campus, while also enjoying neighborhood living. In addition, the Properties sit along the Green Line Trolley route, carrying commuters into University City and Center City Philadelphia in minutes. Furthermore, motorists enjoy direct access to Interstates 76, 676, and 95, opening access to employment centers throughout the Philadelphia MSA, New Jersey, and Delaware.
PROPERTY FACTS
| Price | $5,000,000 |
| Price / SF | $299.78 / SF |
| Cap Rate | 6.20% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 16,679 SF |
| Total Land Area | 0.32 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 607-609 S 42nd St, Philadelphia, PA 19104 | Multifamily | 8,079 SF | 1900 | - |
| 4331-4333 Pine St, Philadelphia, PA 19104 | Multifamily | 5,000 SF | 1905 | - |
| 4224-4226 Chester Ave, Philadelphia, PA 19104 | Multifamily | 3,600 SF | 1930 | - |
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