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919-921 Lombard St
Philadelphia, PA 19147
Multifamily Property For Sale
·
6 Units
Investment Highlights
- PRIME WASHINGTON SQUARE WEST LOCATION One of Philadelphia’s most desirable residential neighborhoods.
- UPSIDE TO MARKET RENTS Loss-to-lease opportunity with projected rent growth.
- LARGE UNIT SIZES Average unit size of approximately 1,150 SF.
- STRONG IN-PLACE CASH FLOW In-place NOI of approximately $149,523.
- EFFICIENT OPERATIONS Expenses approximately 20.6% of Effective Gross Income.
- ATTRACTIVE FINANCING PROFILE Strong debt coverage ratios with conventional financing.
Executive Summary
We are pleased to present the exclusive offering of 919–921 Lombard Street, a six-unit multifamily property located in the highly sought-after Washington Square West submarket of Philadelphia. The property consists of six oversized residential units totaling approximately 6,900 rentable square feet, including several bi-level, townhouse-style layouts that offer exceptional interior space, privacy, and functional separation. The asset is currently operating with strong in-place occupancy and stable cash flow.
At the offering price of $2,150,000, the property generates an in-place Net Operating Income of approximately $149,523, equating to a 6.95% cap rate. With upside potential through rent growth and normalization to market rents, the asset is projected to achieve a stabilized NOI of approximately $167,936, representing a 7.81% stabilized cap rate.
At the offering price of $2,150,000, the property generates an in-place Net Operating Income of approximately $149,523, equating to a 6.95% cap rate. With upside potential through rent growth and normalization to market rents, the asset is projected to achieve a stabilized NOI of approximately $167,936, representing a 7.81% stabilized cap rate.
Property Facts
| Price Per Unit | $358,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 6.95% | Building Size | 6,600 SF |
| Gross Rent Multiplier | 11.16 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Cross Streets | S Hutchinson St |
| Apartment Style | Mid-Rise | ||
| Zoning | RM-1 - RM 1 - Residential Multifamily | ||
| Price Per Unit | $358,333 |
| Sale Type | Investment |
| Cap Rate | 6.95% |
| Gross Rent Multiplier | 11.16 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,600 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1928 |
| Cross Streets | S Hutchinson St |
| Zoning | RM-1 - RM 1 - Residential Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
Property Taxes
| Parcel Number | 881511220 | Improvements Assessment | $935,000 |
| Land Assessment | $165,000 | Total Assessment | $1,100,000 |
Property Taxes
Parcel Number
881511220
Land Assessment
$165,000
Improvements Assessment
$935,000
Total Assessment
$1,100,000
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919-921 Lombard St