309 16th St Philadelphia, PA 19102-4931

This exceptional investment opportunity presents a 14-unit apartment building situated in Philadelphia's prestigious Rittenhouse Square neighborhood. The property, encompassing 5,300 square feet across four stories, consists of two contiguous brownstones (309 and 311 South 16th Street) totaling 14 units: 12 studios and 2 one-bedroom apartments. Built in 1920, the property sits on a 0.06-acre lot. Units feature varying levels of renovation, with some boasting updated kitchens including newer cabinetry, granite countertops, and stainless-steel appliances. Approximately half of the units include in-unit washer/dryer hookups. All residents enjoy access to an outdoor patio. The current asking price is $2,250,000, representing a price per unit of $160,714 and a price per square foot of $424.53. The property currently generates a Net Operating Income (NOI) of $103,874, resulting in a 4.62% cap rate. A pro-forma NOI of $141,655 projects a 6.30% cap rate, indicating significant value-add potential through rent increases achievable due to the below-market rents of many units. The property's prime location within Rittenhouse Square offers strong potential for long-term appreciation and robust returns. The buildings can be purchased individually or as a portfolio. This presents a rare opportunity to acquire a substantial multifamily asset in a highly desirable, central city location.