721 16Th St Philadelphia, PA 19130

Property Details for 721 16Th St

Year built

2023

Property size

9,000 SF

Property type

Apartment buildings

Description

This exceptional 2023-built, five-story apartment building in Philadelphia's desirable Fairmount neighborhood offers 10 luxury units with high-end finishes including stainless steel appliances, stone countertops, LVT flooring, subway tile backsplashes, and sleek cabinetry. Each unit features central HVAC, in-unit washer/dryer, and oversized windows. Building amenities include a boutique lobby, balconies on select units, and a common roof deck. The unit mix consists of 80% one-bedroom, 10% two-bedroom, and 10% three-bedroom apartments, currently priced at $280,000 per unit, totaling an asking price of $3,300,000, and boasting a 7.20% pro-forma cap rate. The 9,000 square foot building sits on a 1,494 square foot lot (APN: 15-1018400) and is zoned RM-1. A significant value-add opportunity exists with approved plans to construct an additional 8 units on contiguous parcels, potentially creating an 18-unit complex. The property benefits from its proximity to two thriving commercial corridors (Fairmount Avenue and Ridge Avenue), offering residents easy access to numerous amenities including fitness centers, grocery stores, and banks. Excellent public transportation is also readily available via the Broad Street Subway and various bus routes. This turnkey operation presents a rare opportunity to acquire a high-performing asset in a prime Philadelphia location with substantial future development potential. The property's location provides unparalleled access to major thoroughfares like I-76, I-676, and I-95, connecting to the broader Philadelphia metropolitan area.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.1634

Latitude

39.9679