2517 Hope St Philadelphia, PA 19133
- Commercial real estate
- 7,110 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2517 Hope St
- Year built
- 2022
- Property size
- 7,110 SF
- Property type
- Commercial real estate
Description
This exceptional 5-unit apartment building, known as Hope Quarters, presents a compelling investment opportunity in Philadelphia's vibrant Kensington neighborhood. The property boasts a prime location within a high-growth rental submarket, offering significant potential for appreciation. Built in 2022, this Class A building features five spacious, 1425 square foot, two-bedroom, two-bathroom units, each with private entrances, modern finishes including Carrara quartz countertops and stainless steel appliances, and in-unit laundry. Residents enjoy a shared 880 square foot rooftop terrace offering stunning city skyline views. The building totals 7,110 square feet and benefits from a 10-year tax abatement, minimizing tax burdens. Currently operating at 20% occupancy, the pro-forma net operating income (NOI) is projected at $94,095, resulting in a 7.65% cap rate and a 7.68% pro-forma cap rate. The asking price is $1,225,000, or $245,000 per unit, and the price per square foot is $172.29. The property is zoned RM1 and offers easy access to Center City, Fishtown, and Northern Liberties. This turnkey investment is poised for long-term success in a thriving Philadelphia market. Additional nearby properties are also available for portfolio acquisition.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1318707
- Latitude
- 39.988197
