619 35th St Philadelphia, PA 19104-1901
- Investment properties
- 12,000 SF
- 0.14 lot acres
Current Use by Public Records
- The RYYDA Rick Young Youth Development Academy / Youth Organization
- Mantua Community Improve Committee / Home Builder
Property Details for 619 35th St
- Year built
- 1920
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.14 lot acres
- Property size
- 12,000 SF
- Zone code
- CMX2
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 87-1-6007-65
- APU
- 871600765
Description
This exceptional Class A mixed-use property, located at 619 N 35th St in Philadelphia, PA, presents a compelling investment opportunity. The 13,822 square foot building, constructed in 1920 and extensively renovated in 2023, boasts 12 units with a total of 33 bedrooms and 33 bathrooms. Currently operating at 100% occupancy (as of September 1, 2024), this stabilized investment generates a substantial net operating income (NOI) of $249,475, yielding a 6.24% cap rate. The asking price is $4,000,000. Situated on a 6,000 square foot lot, the property benefits from a CMX-2 zoning designation. The building comprises three stories and includes approximately 1,500 square feet of ground-floor retail space. Each residential unit features modern finishes, private bathrooms, and spacious layouts, catering to the high demand for student and professional housing in University City's vibrant rental market. The property also enjoys a significant advantage with a 10-year tax abatement, further enhancing its profitability. This turnkey asset is ideally positioned near Drexel University and the University of Pennsylvania, ensuring consistent rental income and strong long-term appreciation potential. Financial statements are available upon request. The property's strong performance, prime location, and tax benefits make it an attractive investment for discerning buyers.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $865,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $820,000
- 6.5%
- $940,000
- 7%
- $970,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $825,000
- Geo Method
- $895,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $850,000
- Retail
- $725,000
- Mixed-Use
- $995,000
- Hospitality
- $840,000
- Educational
- $940,000
- Residential Income
- $970,000
- Energy
- $940,000
- Income-Based Land
- $890,000
- Food Service
- $855,000
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1929
- Latitude
- 39.9644
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
