5015 McKean Ave 7 Unit Apartment Building $1,600,000 ($228,571/Unit) 10.01% Cap Rate Philadelphia, PA 19144

CAN BE DELIVERED AS-IS OR 100% COMPLETE - The property at 5015 McKean Avenue presents a rare opportunity to acquire a partially renovated multifamily building with both near-term lease-up potential and long-term redevelopment upside. The main structure contains seven residential units that are nearing completion, while a two-story carriage house at the rear of the property offers the opportunity to add up to four new units or create one large additional dwelling.
With most major capital projects already completed, this asset is ideally positioned for an investor or developer looking to complete the final phase of work, stabilize operations, and unlock significant long-term value in one of Philadelphia’s most historic and rapidly developing submarkets.
Over the past 18 months, ownership has completed extensive renovations totaling roughly 85% of the total project scope, with all major systems replaced and the bulk of interior finish work complete. The remaining work primarily involves final trim, finish detailing, and exterior punch-list items before lease-up.
Once completed, each unit will feature modern kitchens, new flooring, renovated bathrooms, and updated mechanical systems, offering long-term durability and reduced operating costs.