19 S 44th St - Apartments FOR SALE


Philadelphia, PA 19104
$1,395,000 USD
215-302-4400
19 S 44th St, Philadelphia, PA for Sale
$1,395,000 USD
Apartments - FOR SALE
1/12
null | 5.61% Cap Rate

19 S 44th St
Philadelphia, PA 19104


HIGHLIGHTS

  • 6-Unit Multifamily Asset | University City District
  • Built in 2020 | Historically Full Occupancy
  • 10-Year Tax Abatement in 2021 | Abatement Ends in 2031 and has 7 years remaining
  • High-End Finishes | In-Unit Washers & Dryers, Luxury Vinyl Flooring, Granite Countertops, and More
  • Strong Rental Market | Outstanding Rental Pool of Students, Young Professionals, and Families
  • World Class Eds & Meds | Access to UPenn, Drexel, USciences, CHOP, Penn Medicine

OVERVIEW

SCOPE Commercial Real Estate Services, LLC "SCOPE" is pleased to present the opportunity to acquire 19 S 44th Street, a 6-unit multifamily asset in Philadelphia's University City District. 19 S 44th Avenue was built in 2020 and comprises two (2) studios, two (2) one-bed, one-and-a-half-bath units, and two (2) two-bed, two-bath units. The average square feet for studios, one-beds, and two-beds are 458 SF, 880 SF, and 918 SF. All units are fully occupied achieving an average rent of $1,203 for studios, $1,313 for one-beds, and $1,695 for two-beds. The property has a tax abatement that ends in 2031. Units feature high-end finishes with in-unit washers & dryers, a full stainless steel appliance package including dishwashers, luxury vinyl flooring, granite countertops, recessed lighting, and self-controlled central AC. Tenants are responsible for electricity, cable/internet, and a $30 water fee. Situated in West Philadelphia’s University City District, Spruce Hill is a charming neighborhood teeming with historic residences, multicultural eateries, and lush spruce trees. The scenic Clark Park serves as a tranquil reprieve from Spruce Hill’s dynamic urban environment, as well as a host to plenty of popular community events. Close proximity to numerous hospitals and universities, including the prestigious University of Pennsylvania and Drexel University, makes the neighborhood a top choice for a diverse range of residents. Spruce Hill boasts a walkable environment along with convenient access to SEPTA bus routes and trolley lines. Center City sits just three miles east of the neighborhood, providing residents with a bevy of metropolitan amenities.

FOR SALE DETAILS

PRICE

$1,395,000 USD

PRICE/SF

$233 USD /SF

# OF UNITS

6

PRICE/UNIT

$232,500

CAP RATE

5.61%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2020

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.03 AC

LAND SF

1,176 SF

ZONING

CMX4

APN/PARCEL ID

88-1-8506-76

ASK ABOUT THIS PROPERTY

Phil SharrowScope Commercial Real Estate Services, LLCMore Info
215-302-4400

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Phil SharrowScope Commercial Real Estate Services, LLCMore Info
215-302-4400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.