5929 Keystone St Philadelphia, PA 19135

Property Details for 5929 Keystone St

Year built

1983

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.37 lot acres

Property size

14,504 SF

Zone code

RM1

Property type

Apartment buildings

APN

88-1-1427-00

APU

881142700

Description

This exceptional 14-unit apartment building in Philadelphia's Tacony neighborhood presents a compelling value-add opportunity. The property, built in 1983, boasts 14,504 square feet on a 16,000 square foot lot and features a desirable unit mix: 10 units are two-bedroom/one-bathroom, and 4 are two-bedroom/two-bathroom. All units include washer/dryer hookups. Tenants are responsible for electricity; the owner provides cold water and sewer. First-floor units showcase newly installed Trex decks. Significant capital improvements were completed in 2023, including a new roof, parking lot, and Trex decks. Currently, rents average $1,254 per month, significantly below market rates of over $1,350 for comparable two-bedroom units, offering immediate potential for rent increases of $100-$200 per month. Three units are already leased at $1400. The property's location offers convenient access to I-95, key bridges, public transportation (bus routes and regional rail within a short walk), and nearby amenities such as ShopRite and Wissinoming Park. The property is zoned RM-1 and has an asking price of $2,100,000, representing a price per unit of $150,000 and a price per square foot of $144.79. This presents a strong investment opportunity with significant upside potential through rent increases and potential unit renovations. The property is located at 5929 Keystone Street, Philadelphia, PA 19135 (APN: 88-1142700). This is a two-story building with ample parking. The high occupancy rate in the Tacony submarket further strengthens this investment's appeal.