3503 Midvale Ave Philadelphia, PA 19129
- Auto shops
- 1,440 SF
- 0.28 lot acres
Current Use by Public Records
- The Grace Apartments / Apartment Building
Property Details for 3503 Midvale Ave
- Year built
- 1920
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.28 lot acres
- Property size
- 1,440 SF
- Zone code
- CMX2.5
- Property type
- 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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $905,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $845,000
- 6.5%
- $915,000
- 7%
- $885,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $890,000
- Geo Method
- $875,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $840,000
- Retail
- $985,000
- Mixed-Use
- $825,000
- Hospitality
- $770,000
- Educational
- $725,000
- Residential Income
- $895,000
- Energy
- $765,000
- Income-Based Land
- $925,000
- Food Service
- $830,000
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1925
- Latitude
- 40.0139
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
