4628 Leiper St - Avondale Apartments 112 Unit Apartment Building Offered at $10,080,000 at a 7.34% Cap Rate Philadelphia, PA 19124

Horvath & Tremblay is pleased to present the opportunity to acquire Avondale Apartments, a 112-unit multifamily asset located at 4628 Leiper St, in the Frankford section of Philadelphia.
Avondale Apartments features seven junior efficiencies, 30 efficiencies, and 75 one-bedroom, one-bathroom units. The property typically hovers around 95 percent occupancy and currently has seven vacancies and one unit occupied as an administrative unit. The administrative unit can be converted back to an efficiency and is included in the unit count. Current in place rents average $881 for the small efficiencies, $913 for the efficiencies, and $1,082 for the one-bedroom, one-bathroom units. Currently, the property generates $114,746 in monthly rent and $1,376,952 in scheduled annual income across 112 units. The units are individually metered with electric baseboard heat and window air-conditioning units, with domestic hot water supplied by a central gas-fired system serving the building (a new boiler and holding tank were installed in August 2026). Cooking is electric. Laundry is provided in the basement laundry facilities for resident use.
A built-in mark-to-market opportunity exists. By meeting the market rent, the junior efficiencies can be advanced to about $900 per month, the efficiencies to $950 per month, and the one-bedroom units to $1,150 per month. Applying those rent levels across the unit counts increases annual rental revenue to $1,477,500, which creates ~$100K in immediate annual upside. This represents an increase of approximately 7 percent over current collections and can be achieved through normal renewals and releasing them to current achievable levels, allowing an investor to realize an 8% Cap Rate.
The property is in the Frankford section of Philadelphia, a long-established, transit-oriented neighborhood. Residents have convenient access to the Arrott Transportation Center (three-minute walk) and the Market–Frankford SEPTA line for direct service to Center City, University City, and other employment hubs, along with multiple bus routes running along Arrott Street and Frankford Avenue. Daily-needs retail, neighborhood restaurants, and service businesses are concentrated along the Frankford Avenue corridor, and Jefferson Frankford Hospital and other medical and institutional employers help support consistent rental demand. The location also offers quick connections to Roosevelt Boulevard and I-95, which is important for residents who work elsewhere in the city or in suburban job centers. Taken together, the transit, neighborhood retail, and employment drivers make this an attractive location for smaller units and affordability-focused products like Avondale Apartments