4942 Chestnut St Philadelphia, PA 19139

Property Details for 4942 Chestnut St

Year built

1921

Property size

2,765 SF

Property type

Commercial real estate

Description

This exceptional three-story, four-unit apartment building in Philadelphia's University City neighborhood presents a compelling investment opportunity. Completely renovated in 2020, the property boasts 2,765 square feet of net rentable space, currently achieving 100% occupancy with paying tenants. Each unit offers unique features, including two with private decks, and the building includes a coin-operated laundry for added income. The property benefits from a 10-year tax abatement (commencing 2020), a fully electric system simplifying management, and a prime location near public transportation, including the Market-Frankford subway line, making it highly attractive to renters. The building's strong financials are highlighted by a current NOI of $51,511 and a pro-forma NOI of $61,500, translating to a 6.06% cap rate and a pro-forma cap rate of 7.24%. Built in 1921 and situated on a 1,792 square foot lot, this fee-simple property is zoned RM1. The asking price is $850,000, representing $212,500 per unit and $307.41 per square foot. Potential for rental increases exists due to the area's growing population and current HCV rent rates. This turnkey property offers immediate value and significant long-term upside potential within a rapidly appreciating neighborhood. The property's location near universities and hospitals further enhances its desirability and investment potential.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.2206969

Latitude

39.9576773