1937 Spg Gdn St Philadelphia, PA 19130-3868

Property Details for 1937 Spg Gdn St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.04 lot acres

Property size

3,760 SF

Zone code

RM1

Property type

Apartment buildings

APN

88-1-5831-05

APU

881583105

Description

This exceptional five-unit apartment building, located at 1937 Spring Garden Street in Philadelphia's desirable Fairmount-Art Museum neighborhood, presents a compelling investment opportunity. The property, a four-story, 3,760 square foot brownstone built in 1900, sits on a 1,800 square foot lot (APN 88-1583105) and is zoned RM-1. The building features a desirable unit mix of three one-bedroom and two three-bedroom apartments, offering a strong foundation for rental income. Priced at $1,350,000 ($270,000 per unit), this property boasts a pro-forma cap rate of 6.60%. Its prime location offers easy access to numerous amenities, including award-winning restaurants, boutique shops, and museums. Convenient access to major highways (I-95, I-76, and I-676) and proximity to Center City employers like Aramark and Comcast Universal further enhance its appeal. The property's walkability to the Schuylkill River Trail, Martin Luther King Drive, and Center City, along with its proximity to the SEPTA Broad Street Subway Line (Spring Garden Station), adds to its desirability. This value-add opportunity allows for interior renovations to increase rental income, aligning rents with market comparables. The absence of oversupply in this highly regarded neighborhood makes this a rare find for discerning investors.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.1706

Latitude

39.9639

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments