1937 Spring Garden St - Apartments FOR SALE


Philadelphia, PA 19130- Fairmount-Art Museum
$1,350,000 USD
215-454-2879
1937 Spring Garden St, Philadelphia, PA for Sale
$1,350,000 USD
Apartments - FOR SALE
1/8
null | 6.6% Cap Rate

1937 Spring Garden St
Philadelphia, PA 19130
Fairmount-Art Museum


HIGHLIGHTS

  • Abundant Neighborhood Amenities: Access to Award-Winning Restaurants, Boutique Shops, and Museums
  • Convenient to Major Highways: Direct Access to I-95, I-76, and I-676
  • Proximate to Center City Employers: Walking Distance to Aramark and Comcast Universal
  • Value-Add Investment Opportunity: Renovate Select Unit Interiors to Push Rents
  • Desirable Unit Mix: (3) One-Bedroom and (2) Three-Bedroom Units

OVERVIEW

On behalf of Ownership, GREA offers qualified investors the opportunity to acquire the fee simple interest in 1937 Spring Garden Street located in the Fairmount-Art Museum section of Center City Philadelphia (the “Property” or “Asset”). The Asset comprises five apartment units with a mix of (3) one-bedroom and (2) three-bedroom floor plans. The Property presents new ownership the opportunity to employ a light value-add business plan to increase rent. Upgrades to select unit interiors will yield a rental premium bringing rents in line with the top end of the competitive set. 1937 Spring Garden is ideally located, servicing a tenant base looking for a location walkable to restaurants, coffee shops, museums, and nightlife. Fairmount-Art Museum residents are also within walking distance of the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia. The Asset is transit-oriented, located minutes from major highway routes such as Interstate 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Further, the 1937 Spring Garden is 0.5 miles from the Spring Garden Station on the SEPTA Broad Street Subway Line, carrying commuters from Fern Rock in North Philadelphia south to the Philadelphia Sports Complex with several stops in Center City. 1937 Spring Garden is a rare opportunity to acquire a value-add brownstone property in a highly regarded neighborhood free from oversupply.

FOR SALE DETAILS

PRICE

$1,350,000 USD

PRICE/SF

$340 USD /SF

# OF UNITS

5

PRICE/UNIT

$270,000

CAP RATE

6.6%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1900

PARKING SPACES

2

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,779 SF

ZONING

RM-1

APN/PARCEL ID

881583105

ASK ABOUT THIS PROPERTY

215-454-2879

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

215-454-2879

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