46 44Th St Philadelphia, PA 19104

Property Details for 46 44Th St

Year built

2020

Property size

3,200 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional Class A, four-unit apartment building, constructed in 2020 and renovated the same year, presents a compelling investment opportunity. Located at 46 S. 44th Street in Philadelphia, Pennsylvania (zip code 19104), this property boasts 3,200 square feet of total space, with 2,800 square feet of net rentable area. The building features four spacious two-bedroom, one-bathroom units, each occupying a full floor. High-end finishes include spa-styled bathrooms, Euro-styled kitchens, and hardwood floors throughout. Each unit is equipped with independent central air and heat, a washer and dryer, and stainless steel appliances. Residents enjoy a shared community rooftop deck offering panoramic views. The property benefits from a 10-year tax abatement, contributing to its strong financial performance. Currently operating at 100% occupancy (as of July 31, 2024), the building generates a Net Operating Income (NOI) of $70,462, resulting in an 8.49% cap rate. Situated just blocks from the University of Pennsylvania campus and Clark Park, this property enjoys a prime location with convenient access to amenities. The lot size is 1,028 square feet, and the building is zoned CMX4. The asking price is $829,900, translating to $259.34 per square foot and $207,475 per unit. Tenants are responsible for all utilities, including a monthly water fee. This stabilized investment offers a rare combination of luxury finishes, prime location, and strong financial performance.