3503 Midvale AvePhiladelphia, PA 19129

Property Details for 3503 Midvale Ave

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.28 AC

Property size (Sq ft)

1,440 SF

Zone code

CMX2.5

Property type

Retail properties

Property subtype

Auto shops

APN

88-2-9688-60

APU

882968860

Description

The Grace, a stunning Class A apartment building in Philadelphia's desirable East Falls neighborhood, presents a unique investment opportunity. This newly constructed (2024) five-story building boasts 30,000 square feet and comprises 34 units, currently enjoying 100% occupancy. The units are a mix of studios, one-bedroom, and two-bedroom apartments, catering to a diverse range of residents. Residents enjoy access to a fully furnished fitness center and a panoramic rooftop terrace offering breathtaking views. Situated on Midvale Avenue, the property benefits from a quiet, residential setting while being conveniently close to shops, restaurants, and public transportation, including easy access to the Schuylkill River Trail and Septa's regional rail station. Its location offers proximity to Jefferson University, Wissahickon Valley Park, and the bustling Main Street Manayunk and Bala Cynwyd areas. The property is zoned CMX25 and features a significant advantage: a 10-year tax abatement, minimizing expenses and maximizing returns. The asking price is $10,500,000, translating to $350 per square foot and $308,823.53 per unit. This represents a stabilized investment in a submarket with high barriers to entry and significant potential for future rent growth and appreciation. The buyer is responsible for verifying all taxes, financials, and square footage details. A 48-hour notice is required for property tours.

• CAP approach

  CAP return

  Valuation

  6%

  $349,970

  6.5%

  $323,049

  7%

  $299,975

• Comparable approach

  Method

  Valuation

  Relative Method

  $474,139

  Geo Method

  $474,139

• Alternative Use

  Use

  Valuation

  Residential

  $272,504

  Hospitality

  $249,612

  Educational

  $207,675

  Medical

  $214,817

  Retail

  $323,049

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

40.0139

Longitude

-75.1925

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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