1222 Chancellor St Philadelphia, PA 19107

Property Details for 1222 Chancellor St

Year built

1850

Property size

4,302 SF

Property type

Commercial real estate

APN

871600215

Description

This exceptional 8-unit apartment building, located at 1222-1224 Chancellor Street in Philadelphia's vibrant Midtown Village, presents a compelling redevelopment or value-add investment opportunity. The property, situated on a historic block near City Hall, consists of two buildings with a total of 4,302 square feet on a 1,631 square foot lot. Currently vacant, this fee simple ownership offers significant upside potential. Each of the eight units is a one-bedroom apartment, built in 1850 across three stories, and zoned CMX5. The asking price is $925,000, translating to $115,625 per unit and $215.02 per square foot. The property boasts a current NOI of $153,157, resulting in a compelling 16.56% cap rate, which is also the pro-forma cap rate. The building is being sold "as is," and the seller is open to discussing owner financing options in addition to a traditional fee simple sale. Given its location and the high demand for short-term rentals in Midtown Village, this property is ideally suited for conversion into an Airbnb operation, potentially yielding even higher returns. The average Airbnb stay in this area is 25 days per month, with projections suggesting a 13% cap rate for such a conversion. Traditional apartment rental projections indicate a 9% cap rate. This is a distressed sale, presenting a unique chance to acquire a property with substantial renovation potential in a prime Philadelphia location.