Description
INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal " fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by 25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer " insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
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0BEDS
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0.13ACRES
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0BATHS
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01/2 BATHS
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18,000SQFT
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$167$/SQFT
Description
INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal " fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by 25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer " insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
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