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619 N 35th St
Philadelphia, PA 19104
UCITY (DREXEL) 33-BED ASSET · Multifamily Property For Sale
·
12 Units
INVESTMENT HIGHLIGHTS
- TURNKEY APARTMENT BUILDING
- TOP-10 USA MSA
- LOCATED BY PENN AND DREXEL
EXECUTIVE SUMMARY
Newly constructed multifamily building in University City, just steps from Drexel and UPenn. This fully leased property offers 11 apartments with 33 bedrooms and 33 bathrooms over 1,500 SF of retail space. Each unit features private bathrooms, large living areas, and modern finishes. 10-year tax abatement. With an annual gross income of $302K, operating expense of $52K, and net income (NOI) of $250K, this property offers a strong 7.2% cap rate. Ideal for investors seeking a turnkey asset in a prime, high-demand location — UCITY — the fastest-growing rental submarket in Philadelphia, a Top-10 USA MSA (population) and Top-5 USA MSA for Life Sciences. The Eds & Meds economy powers this district and provides the community with insatiable, perennial rental demand, insulating investment properties for years to come.
PROPERTY FACTS
| Price Per Unit | $300,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 7.20% | Building Size | 12,000 SF |
| No. Units | 12 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/2024 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | CMX-2 - primarily intended to accommodate active commercial and mixed-use development, including neighborhood-serving retail and service uses | ||
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 7.20% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.13 AC |
| Building Size | 12,000 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2024 |
| Opportunity Zone |
Yes |
| Zoning | CMX-2 - primarily intended to accommodate active commercial and mixed-use development, including neighborhood-serving retail and service uses |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Smoke Detector
PROPERTY TAXES
| Parcel Number | 881000704 | Improvements Assessment | $1,609,740 |
| Land Assessment | $178,860 | Total Assessment | $1,788,600 |
PROPERTY TAXES
Parcel Number
881000704
Land Assessment
$178,860
Improvements Assessment
$1,609,740
Total Assessment
$1,788,600
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UCITY (DREXEL) 33-BED ASSET | 619 N 35th St
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