1344-46 Marston St Philadelphia, PA 19121
- Apartment buildings
- 7,000 SF
Current Use by Public Records
- Apartment buildings
Property Details for 1344-46 Marston St
- Year built
- 2019
- Property size
- 7,000 SF
- Property type
- Apartment buildings
Description
This exceptional, newly constructed (2019) Class A apartment building, known as The Icelandic, presents a compelling investment opportunity in Philadelphia's vibrant Brewerytown neighborhood. Boasting 7,000 square feet across four stories, this meticulously designed property features eight units – a mix of one, two, and three-bedroom apartments – each offering modern amenities. High ceilings, stainless steel appliances, tall windows, LED recessed lighting, and in-unit washer/dryers are standard. Every unit includes private outdoor space, a significant draw for renters. The building's Nordic-inspired design, courtesy of Bright Common Architects, emphasizes energy efficiency. The property benefits from a remaining six-year tax abatement, minimizing operational costs. With a strong NOI of $133,810 and a 6.69% cap rate, this turn-key investment offers a substantial return on investment. Located just a block north of Girard Avenue, The Icelandic enjoys excellent proximity to public transportation (bus and trolley), providing easy access to Center City, Kelly Drive, Fairmount Avenue, I-76, and I-676. The surrounding area is rich with amenities, including numerous gyms, cafes, restaurants, and bars, making it an attractive location for residents. The asking price is $1,999,999, translating to approximately $250,000 per unit. This is a rare opportunity to acquire a high-quality, low-maintenance multifamily property in a rapidly appreciating Philadelphia neighborhood.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1809
- Latitude
- 39.977
