1438 Broad St Philadelphia, PA 19121-4326

Property Details for 1438 Broad St

Year built

1912

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.27 lot acres

Property size

14,000 SF

Zone code

CMX4

Property type

Residential income homes

Property subtype

Serviced apartments

APN

88-1-4270-27

APU

881427027

Description

This exceptional 16-unit student housing property, located at 1438 N Broad Street in Philadelphia, Pennsylvania, presents a compelling investment opportunity. The 14,000 square foot building, situated on a 0.27-acre lot, boasts 53 beds across its 16 units and currently enjoys an 87% occupancy rate. Originally constructed in 1870 and extensively renovated in 2019, the four-story building features modern amenities including updated kitchens and baths with stainless steel appliances and kitchen cabinets. The property benefits from a CMX-4 (Commercial Mixed-Use) zoning designation and is ideally positioned on Temple University's campus, just two blocks from the main campus, providing consistent demand and strong rental income. The building includes on-site laundry facilities, security doors, an access control intercom system, and security cameras, enhancing both tenant safety and property management. All units are currently leased under 12-month agreements, running from August 1st to July 31st, with the current tenants being members of the Kappa Delta Rho fraternity. The property also benefits from the remaining balance of a 10-year tax abatement, further enhancing its financial attractiveness. With a net rentable area of 11,355 square feet, the asking price is $3,300,000, representing a price per unit of $206,250 and a price per square foot of $235.71. This property offers a rare combination of historical charm, modern updates, and a prime location within a thriving university setting, making it an ideal investment for discerning buyers. The property's APN is 881427027. The ownership is Fee Simple.