UCITY (DREXEL) 33-BED ASSET 619 N 35th St 12 Unit Apartment Building $3,800,000 ($316,667/Unit) 6.72% Cap Rate Philadelphia, PA 19104

Introducing 619 PHILADELPHIA, PA 19104 NORTH 35TH STREET, a modern apartment building with a 10-year tax abatement and fully leased units conveniently located near Drexel University and the University of Pennsylvania. Each unit features private bathrooms, spacious layouts, and premium finishes, offering a luxurious and comfortable living experience for tenants. The property's strategic positioning ensures a consistent flow of student and professional tenants. With a diverse mix of 2, 3, 4, and 5-bedroom units, this investment opportunity guarantees high rental income and long-term appreciation in one of Philadelphia's most sought-after neighborhoods. The property comes with detailed financials showcasing an annual gross income of $322,668 and a cap rate of 6.716%. Act now to own a piece of this high-demand real estate at 619 PHILADELPHIA, PA 19104 NORTH 35TH STREET and elevate your investment portfolio.
Investment highlights
Property Overview:
Property Type: Newly constructed, modern multifamily building with 11 residential units and 1 retail space.
Location: Prime location in University City, near Drexel University and the University of Pennsylvania.
Total Units: 33 bedrooms, 33 bathrooms, including 2, 3, 4, and 5-bedroom units. Each unit offers private bathrooms for tenant privacy.
Retail Space: Approx. 1,460 SF of ground-floor commercial/retail space with two bathrooms.
Completion Date: Renovation completed in August 2023, including the addition of a third floor.
Tax Abatement: Partial 10-year tax abatement.
Financials:
Asking Price: $3,800,000
Annual Gross Income: $322,668
Operating Expenses: $67,450.65 (%20.904 of gross income)
Annual Net Income: $255,217
Cap Rate: 6.7%
Property Features:
Spacious Layouts: Each unit boasts large living areas and abundant natural light, catering to student and professional tenants.
Fully Leased: Property is fully leased, with leases available upon request.
Modern Amenities: Premium finishes, private bathrooms in every bedroom, and flexible, open floor plans make this an attractive rental option.
Neighborhood Overview:
Located in the heart of University City, the property benefits from a high demand for rental housing due to its proximity to major educational institutions and employers like Drexel University, the University of Pennsylvania, and the Children’s Hospital of Philadelphia.
Vibrant Area: The neighborhood is a hub for education, healthcare, and innovation, drawing students, professionals, and businesses alike. With robust demand for residential and commercial properties, this area is ideal for long-term investment.