965 6th St Philadelphia, PA 19123-1466
- Apartment buildings
- 3,734 SF
- 0.06 lot acres
Current Use by Public Records
- Briar Management Co / Business Management Consultant
Property Details for 965 6th St
- Year built
- 1890
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.06 lot acres
- Property size
- 3,734 SF
- Zone code
- RSA5
- Property type
- Apartment buildings
- APN
- 88-1-5211-00
- APU
- 881521100
Description
This exceptional investment opportunity presents a portfolio of four Class A apartment buildings totaling 18 units, strategically located across desirable South Philadelphia and Northern Liberties neighborhoods. The portfolio boasts a 100% occupancy rate as of February 7, 2023, generating a strong net operating income (NOI) of $211,395 and a compelling 5.16% cap rate. The asking price is $4,099,000, translating to $227,722 per unit. Each building, constructed with three stories, underwent renovations in 2014. The properties are zoned CMX2 and RSA5, offering flexibility for future development. While one parking space is currently available, the buildings feature desirable unit amenities such as exposed brick, high ceilings, private balconies and decks, walk-in closets, and in some cases, city views and stained-glass windows. The portfolio presents a stabilized investment with value-add potential, particularly at 1503 S Broad Street, where opportunities exist to increase the number of bedrooms. The current owners have meticulously designed the units to maximize space and appeal. This turnkey package offers significant potential for rent increases and light upgrades, ensuring strong appreciation in the years to come, given the continued rental growth in these thriving Philadelphia neighborhoods. The fee simple ownership structure provides complete control and ownership of these properties. Detailed financial information and property specifics are available upon request.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $980,000
- 6.5%
- $905,000
- 7%
- $840,000
-
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,040,000 Current use
- OFFICE BUILDING
- $950,000 Change: -9% Conversion: Moderate
- MEDICAL BUILDING
- $915,000 Change: -12% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1466
- Latitude
- 39.9688
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
