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THE GRACE 3503 Midvale Ave 34 Unit Apartment Building $9,750,000 ($286,765/Unit) 6.70% Cap Rate Philadelphia, PA 19129
INVESTMENT HIGHLIGHTS
- Boutique New Construction Apartment Building
- High Barriers-to-entry Submarket
- 10 Yr Tax Abatement
- Premium Turnkey Multifamily Asset
- Fully Furnished Fitness Center + Furnished Rooftop Terrace + Elevator
- Blue-chip Asset
EXECUTIVE SUMMARY
INTRODUCING: THE GRACE — named for a Philadelphia icon, Grace Kelly — this boutique, 34-unit, ±30K SF new construction apartment property is nestled in the northwest hills of East Falls in Philadelphia, Pennsylvania. This premium turnkey 6.7% CAP multifamily asset commands an impressive streetscape presence on Midvale Avenue — the winding, bucolic avenue which runs from the top of the hill to the Schuylkill River. Located in the storybook East Falls setting where extremely high barriers-to-entry exists, the building is comprised of studios, 1bd and 2bd apartments and commercial space. Residents have access to a fully furnished fitness center on the ground floor to practice everyday health and wellness, as well as a panoramic rooftop terrace showcasing views of the lush surrounds. The Property is set back from the bustling Ridge Ave corridor and tucked into the landscape, providing a quiet respite for residents. Yet, it’s just steps from the plentiful shops, restaurants, cafes and amenities in the East Falls borough, and equally convenient to Main Street Manayunk, The Schuylkill River Trail, Septa’s regional rail station, Jefferson University, Wissahickon Valley Park, Bala Cynwyd shopping + office districts, and so much more—just outside of the urban core. The asset carries the benefits of a 10 year tax abatement along with minimal expenditures, in an area poised for above-average rent growth and appreciation — NW PHL. BUYER RESPONSIBLE TO VERIFY TAXES, FINANCIALS, SF IN DD. 48HR NOTICE REQUIRED TO TOUR.
PROPERTY FACTS
| Price | $9,750,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $286,765 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 6.70% | Building Size | 30,000 SF |
| No. Units | 34 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built | 2024 |
| Zoning | CMX25 - Pedestrian-friendly retail and service uses in commercial areas. It promotes active, mixed-use environments with a focus on walkability | ||
| Price | $9,750,000 |
| Price Per Unit | $286,765 |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.29 AC |
| Building Size | 30,000 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 2024 |
| Zoning | CMX25 - Pedestrian-friendly retail and service uses in commercial areas. It promotes active, mixed-use environments with a focus on walkability |
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Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 882968860 | Improvements Assessment | $51,840 |
| Land Assessment | $120,960 | Total Assessment | $172,800 |
PROPERTY TAXES
Parcel Number
882968860
Land Assessment
$120,960
Improvements Assessment
$51,840
Total Assessment
$172,800
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THE GRACE | 3503 Midvale Ave
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