Overview
Fully Occupied Multifamily Portfolio
This portfolio includes three buildings with a total of 22 units. Two of the buildings are identical, 5-year-old, 8-unit buildings, and one is a 2-year-old 6-unit building. The total gross annual rental income is $405,540. The buildings at 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 SF and have 5 years of full tax abatement remaining. The building at 1842 E Harold St. consists of six bi-level units, each featuring private outdoor space, hardwood floors, in-unit laundry, and a bathroom for every bedroom. Each unit has its own security system, and the building has a high-tech camera system for buzzing in guests. Located in the East Kensington section of Fishtown, the property is easily accessible by the El and within walking distance of restaurants, bars, shopping, and recreation. Tenants are individually billed directly by the utility company for electric, cable, and internet and are responsible for water billed by the property manager. Connecting the individual unit’s security system directly to police and fire incurs an additional fee. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments include 1, 2, and 3-bedroom units, each with a bathroom for every bedroom. The 3-BR units have 3 bathrooms, the 2-BR units have 2 bathrooms, and the 1-BR units have 1 bathroom. Each unit features oversized windows, hardwood floors, custom-made cabinets, and private, in-unit laundry facilities. The building is all-electric. Tenants are billed for electricity, water, and private trash removal on renewals. Each unit was hard-wired for cable during construction. East Kensington borders Olde Richmond, Fishtown, and Norris Square and offers amenities such as curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and coffee shops. Proximity to the Market-Frankford line, bus lines, and I-95 exits facilitates easy access in and out of town.
