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3401 Wallace St 12 Unit Apartment Building $4,499,000 ($374,917/Unit) 6.28% Cap Rate Philadelphia, PA 19104
INVESTMENT HIGHLIGHTS
- Assumable loan of $3.1M at 3.8% Until 2031
- 100% leased, Turnkey, Newer construction with low maintenance
- Full management in place already with 1st year for free
- 8 years left in full tax abatement with taxes at $2,600 annually only.
- University city and Drexel university housing
EXECUTIVE SUMMARY
Fully leased and stable 12 units new construction with assumable loan of $3.1M at 3.85% until 2031. 8 years left in full tax abatement. Offered with full management in place. Featuring 12 modern with 1bed/1bath ratio and large units with balconies, bi-level units, roofdeck and modern finishes in the highly desirable university city/Mantua area, walking distance to Drexel university and all the medical institutions. Great cash flow with low maintenance. Contact me for the P&L and more infos.
PROPERTY FACTS
| Price | $4,499,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $374,917 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 6.28% | Building Size | 15,950 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RSA5 - residential zoning designation in Philadelphia that is primarily for single-family attached homes, like townhouses | ||
| Price | $4,499,000 |
| Price Per Unit | $374,917 |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.04 AC |
| Building Size | 15,950 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 2021 |
| Opportunity Zone |
Yes |
| Zoning | RSA5 - residential zoning designation in Philadelphia that is primarily for single-family attached homes, like townhouses |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
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Walk Score®
Very Walkable (81)
Bike Score®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Number | 881808637 | Improvements Assessment | $1,701,000 |
| Land Assessment | $189,000 | Total Assessment | $1,890,000 |
PROPERTY TAXES
Parcel Number
881808637
Land Assessment
$189,000
Improvements Assessment
$1,701,000
Total Assessment
$1,890,000
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3401 Wallace St
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