2120 Walnut StPhiladelphia, PA 19103

Property Details for 2120 Walnut St

Year built

1890

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.07 AC

Property size (Sq ft)

5,844 SF

Zone code

RMX3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

88-1-0283-30

APU

881028330

Description

This exceptional mixed-use property, located at 2120 Walnut Street in Philadelphia, PA 19103, presents a compelling value-add investment opportunity. Situated in the highly desirable Rittenhouse Square neighborhood, this five-story building boasts 7,000-7,500 square feet on a 3,100 square foot lot. The property features eight units: two studios, one one-bedroom, and three two-bedroom apartments, along with two ground floor/mezzanine commercial spaces. Three off-street parking spaces are also included. Currently generating a NOI of $125,000 and a 4.31% cap rate, this property offers significant upside potential due to below-market rents. The RMX-3 zoning allows for various development options. This location provides easy access to premier dining, shopping, and the vibrant energy of downtown Philadelphia. The building's strategic placement within a rapidly developing area, with new residential projects underway, ensures continued growth and increased foot traffic. This is an ideal investment for those seeking to capitalize on the strong rental market and enhance the property's value. The asking price is $2,900,000.

• CAP approach

  CAP return

  Valuation

  6%

  $2,334,470

  6.5%

  $2,154,896

  7%

  $2,000,975

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,183,544

  Geo Method

  $1,183,544

• Alternative Use

  Use

  Valuation

  Residential

  $2,154,896

  Hospitality

  $1,973,873

  Educational

  $1,642,239

  Medical

  $1,698,718

  Retail

  $2,554,594

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9506

Longitude

-75.1769

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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