619 35Th StPhiladelphia, PA 19104

Property Details for 619 35Th St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.14 AC

Property size (Sq ft)

12,000 SF

Zone code

CMX2

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

87-1-6007-65

APU

871600765

Description

This exceptional Class A mixed-use property, located at 619 N 35th St in Philadelphia, PA, presents a compelling investment opportunity. The 13,822 square foot building, constructed in 1920 and extensively renovated in 2023, boasts 12 units with a total of 33 bedrooms and 33 bathrooms. Currently operating at 100% occupancy (as of September 1, 2024), this stabilized investment generates a substantial net operating income (NOI) of $249,475, yielding a 6.24% cap rate. The asking price is $4,000,000. Situated on a 6,000 square foot lot, the property benefits from a CMX-2 zoning designation. The building comprises three stories and includes approximately 1,500 square feet of ground-floor retail space. Each residential unit features modern finishes, private bathrooms, and spacious layouts, catering to the high demand for student and professional housing in University City's vibrant rental market. The property also enjoys a significant advantage with a 10-year tax abatement, further enhancing its profitability. This turnkey asset is ideally positioned near Drexel University and the University of Pennsylvania, ensuring consistent rental income and strong long-term appreciation potential. Financial statements are available upon request. The property's strong performance, prime location, and tax benefits make it an attractive investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $3,378,995

  6.5%

  $3,119,072

  7%

  $2,896,281

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,567,920

  Geo Method

  $1,567,920

• Alternative Use

  Use

  Valuation

  Residential

  $3,867,650

  Hospitality

  $3,542,746

  Educational

  $2,947,523

  Medical

  $3,048,893

  Retail

  $4,585,036

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9644

Longitude

-75.1929

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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