7930 Barnes St
Philadelphia, PA 19111
Fox Chase Place · Multifamily Property For Sale · 55 Units

Built in the 1960’s, this 55-unit community consists of three buildings, brick exterior and ample off-street parking. The tenants pay heat, cooking gas and electric, while the owner provides domestic hot water and cold water. Every apartment has an individual gas-fired, forced-air furnace. The unit mix is excellent with 20% two-bedroom units and 80% one-bedroom units. There is coin-operated laundry machines (landlord owned) in each of the three buildings. Current ownership spends the majority of their time in Florida and the building is managed by a third party. Rents are extremely below market. With little capital expenditures, a new owner could paint hallways and common area floors and raise rents $75 to $100 per month. In addition, if the new owner wanted to upgrade units, the rents could be increased $150 to $200/month. The Fox Chase rental market is robust. Newly renovated 1960’s apartments rent up to $300 per month more than the average-in-place rents. The property’s location is highly desirable due to the SEPTA’s Fox Chase Regional Rail, SEPTA’s Fox Chase Bus Stop and Bus Loop along with easy access to major road arteries. The train station, which is across the street, provides a 25±-minute commute into Center City and only 20± minutes to Temple University. In addition, the bus stop, which is across the street, offers access to three major bus lines (18,24 and 28) and the Bus Loop offers all of SEPTA’s traveler’s direct access to Fox Chase Cancer Center (a major employment center). Furthermore, the property enjoys easy access to major road arteries such as Route 73, Route 1 and Route 232. Thus, Fox Chase Apartments is one of Philadelphia’s most strategically located rental communities due to its proximity to the Regional Rail, Bus, Bus Loop and major road arteries providing easy access to both Center City Philadelphia and Montgomery County, Pennsylvania. The Fox Chase neighborhood is bordered by Montgomery County to the north-west. The Fox Chase/Burholme Park neighborhood provides the quaint feel of the suburbs mixed with the historic feel of Center City. Its prime location offers shopping, restaurants and the Fox Chase schools. The apartments are a few blocks from the Fox Chase Playground, Burholme Park and Pennypack Trail (5.4 mile trail on the former Fox Chase-Newtown SEPTA rail line). Renters find the cost of leasing apartments in the “Greater Northeast” an affordable alternative to more expensive suburban rental housing in nearby Montgomery County, one of the wealthiest counties in the state. Fox Chase Park’s location, situated near the county line, is buffered by its wealthier suburban neighbors. This rare opportunity in Philadelphia’s Fox Chase/Burholme Park neighborhood is an outstanding value-add opportunity to purchase a property with extremely under market rents in the “Greater Northeast”.