New Construction Apartment
85 East Sharpnack Street, Philadelphia, PA 19119
9-unit apartment community in Philadelphia's Mount Airy neighborhood.
Type:Multi-Family / Fee Simple
Property size:
12,720 SFPrice / SF:
$192/SF- Added:
- Sep 18, 2024
- Days on Market:
- 624
- Last Refresh:
- Mar 13 at 10:18 am
Property Features for 85 East Sharpnack Street
General Information
- Standard status
- Active
- Size
- 12,720 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 2022
Listing agent Ryan J McManus License #RS316262 (610) 606-1095
Listing office Keller Williams Liberty Place (610) 606-1095
Listing date Sep 18, 2024
Source Compass
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Liberty Place
HighLights
- Turnkey 9‑unit new construction apartment community with panoramic rooftop terraces and private parking.
- Attractive 6% cap rate and minimal expenditures, ideal for investment.
- 10‑year tax abatement, significantly reducing property taxes.
- High‑end interior finishes including quartz countertops, LVP flooring, and stainless‑steel appliances.
- Walkable to Germantown Avenue's shops, restaurants, and public transportation (3 minutes to train).
- Located in the desirable Mount Airy neighborhood near Wissahickon Valley Park and other amenities.
Overview
This 9-unit gated apartment community is new construction with parking, set back off Germantown Avenue in Philadelphia’s Mount Airy neighborhood. It is a turnkey investment opportunity with an attractive 6% cap rate. The property comprises 3 contiguous triplex buildings and features private parking and panoramic rooftop terraces for residents. Each building contains two 2-bedroom, 1-bathroom units on the first and second floors, and one 3-bedroom, 2-bathroom unit on the third floor with private access to the rooftop terrace. The interiors are outfitted with high-end finish kits including quartz countertops, LVP flooring, and stainless-steel appliance packages. The interiors are bright, spacious and airy. The property is walkable to Germantown Avenue’s commercial corridor with boutiques, shops, breweries, restaurants, cafes and historic structures. It has easy access into Center City and University City by train (3 minutes to Carpenter Station on Chestnut Hill West Septa line) or car (25 minutes to Center City), as well as suburban employment and entertainment districts. Walkable nearby amenities include Mount Airy Tap Room, Acme, Lovett Memorial Library, Wawa, McMenamin’s, Jansen, Johnson House Historic Site, Weaver’s Way Co-op, Grocery Outlet, Young American Hard Cider and Tasting Room, as well as Wissahickon Valley Park, Chestnut Hill and Historic Germantown. The property has a 10-year tax abatement, requiring taxes to be paid on the assessed land value rather than improvements. The property size is 12,720 square feet and is located in the 19119 MLS area.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $386.2k | $30.36 |
| − Vacancy | −$22.4k | −$1.76 |
| EGI | $363.8k | $28.60 |
| − OpEx | −$163.7k | −$12.87 |
| NOI | $200.1k | $15.73 |
12,720 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.50M – $3.33M
NOI $200,079 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.10M
$2.71M – $3.62M
NOI $217,065 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Stay Tuned Ent
Corporate Office
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1864911
- Latitude
- 40.0475954
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 9-unit apartment community in Philadelphia's Mount Airy neighborhood.
Where is this apartment building located?
The property is located at 85 East Sharpnack Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Turnkey 9‑unit new construction apartment community with **panoramic rooftop terraces** and private parking.; Attractive 6% cap rate and minimal expenditures, ideal for investment.; 10‑year tax abatement, significantly reducing property taxes.
