321 40th St Philadelphia, PA 19104-4600
- Apartment buildings
- 5,792 SF
- 0.05 lot acres
Oct 07, 2020
Current Use by Public Records
- Apartment buildings
Property Details for 321 40th St
- Year built
- 2016
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.05 lot acres
- Property size
- 5,792 SF
- Zone code
- RM1
- Property type
- Apartment buildings
- APN
- 88-1-1616-90
- APU
- 881161690
Description
Exceptional investment opportunity: a five-unit, fully occupied student housing building at 321 N 40th St, Philadelphia, PA 19104. This 2016-built property boasts 5,792 square feet on a 2,085 square foot lot, offering a compelling 7.00% capitalization rate and a strong net operating income (NOI) of $109,973. The building features a mix of unit sizes: two 5-bedroom/2-bathroom units, one 4-bedroom/2-bathroom unit, and two 2-bedroom/1-bathroom units. Each unit includes separate utilities and HVAC, hardwood floors, granite and stainless steel kitchens with Shaker cabinetry, dishwashers, and built-in microwaves, and tile bathrooms. Four units are partially furnished, and each unit has its own washer/dryer. A spacious unfinished basement provides ample storage. The property benefits from a tax abatement extending through 2026. Located in the desirable West Powelton neighborhood, this property enjoys excellent proximity to Drexel University, the University of Pennsylvania, University City Science Center, Penn-Presby Hospital, and the West Philly tech corridor. Numerous restaurants, coffee shops, and convenient SEPTA public transportation options are within easy reach. Center City is less than a 10-minute commute by car or bike. The property is zoned RM-1 and has an asking price of $1,575,000. This represents a price per square foot of $271.93. The building consists of four stories and is currently operating at 100% occupancy, generating an annual gross rental income of $128,500. This is a turnkey investment ready for immediate cash flow.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,740,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,520,000
- 6.5%
- $1,400,000
- 7%
- $1,300,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,630,000
Market price range: $930k - $2.65M
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Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.2018
- Latitude
- 39.9598
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
