New Multifamily Property in
3503 Midvale Ave Philadelphia, PA 19129
For Sale
Contact for pricing
Boutique 34-unit multifamily property in East Falls, Philadelphia.
Property Size30,000 SF
Price / SF$306.67
Days on Market714
Property Features for 3503 Midvale Ave
General Information
- Standard status
- Active
- Size
- 30,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2024
Listing Agency:
The Oceanside Realty Team
Listed By:
PHL · License #Pennsylvania RS316262
Source:
Crexi
Added: Aug 10, 2024
Changed: Jul 6
Last Checked: Jul 23 at 6:57AM
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 The Oceanside Realty Team
Investment Insights
Based on property information with market context.
The Grace Apartments, a new construction multifamily property with approximately 30,000 square feet, is located in the East Falls neighborhood of Philadelphia, Pennsylvania. This 5-story building features 34 units, including studios, one-bedroom, and two-bedroom apartments, as well as commercial space. Residents have access to a fully furnished fitness center and a panoramic rooftop terrace. The property is situated on Midvale Avenue, near shops, restaurants, cafes, and amenities in East Falls, as well as Main Street Manayunk and the Schuylkill River Trail. It is also conveniently located near Septa’s regional rail station, Jefferson University, Wissahickon Valley Park, and Bala Cynwyd shopping and office districts. The property benefits from a 10-year tax abatement.
Key Highlights
- New construction (2024) boutique apartment building in East Falls, Philadelphia.
- Full 10‑year tax abatement.
- 7.15% CAP rate turnkey asset.
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 | $910.8k | $30.36 |
| − Vacancy | −$52.8k | −$1.76 |
| EGI | $858.0k | $28.60 |
| − OpEx | −$386.1k | −$12.87 |
| NOI | $471.9k | $15.73 |
30,000 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.74M
$5.90M – $7.86M
NOI $471,885 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$7.31M
$6.40M – $8.53M
NOI $511,947 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Grace Apartments
Apartment Building
FAQs
What type of property is this?
Apartment building - Boutique 34-unit multifamily property in East Falls, Philadelphia.
Where is this apartment building located?
The property is located at 3503 Midvale Ave Philadelphia, PA.
What is the asking price?
The asking price for this property is $9,199,999.
What are key features of this property?
This property features: New construction (2024) boutique apartment building in East Falls, Philadelphia.; Full 10‑year tax abatement.; **7.15% CAP rate turnkey asset.**
