893 Belmont Ave Philadelphia, PA 19104-1301

Property Details for 893 Belmont Ave

Lot size

0.03 lot acres

Zone code

CMX2

Property type

Commercial land

APN

88-5-0871-60

APU

885087160

Description

This exceptional Class A, 11-unit apartment building, completed in 2024, presents a compelling investment opportunity in Philadelphia, PA. Located at 893-897 Belmont Ave, this property boasts 14,252 square feet on a 0.3-acre lot and features eleven spacious 2-bedroom, 2-bathroom units, each with private balconies, in-unit laundry, and oversized walk-in closets. High-end finishes, including granite countertops and luxury fixtures, are found throughout. The building benefits from a 10-year tax abatement, contributing to a strong pro-forma NOI of $236,473 and a 6.85% cap rate. Currently operating at 100% occupancy (as of October 1, 2024), this stabilized investment offers significant potential for appreciation. The strategic location near University City provides convenient access to prestigious universities, hospitals, and major highways, making it highly attractive to graduate students, faculty, and medical professionals. Advanced security features, such as camera intercom systems, enhance resident safety and peace of mind. The permitted CMX2 zoning allows for flexibility and potential future expansion. The asking price is $3,450,000, translating to $313,636.36 per unit and $242.07 per square foot. This is a rare opportunity to acquire a brand-new, high-quality multifamily property in a thriving Philadelphia neighborhood.