MLS® ID: PAPH728404
3535-37 N 16TH STREET
PHILADELPHIA, Pennsylvania, 19140 $1,260,000
Two fully-leased modular construction multifamily buildings on the booming North Broad Corridor at Temple University Hospital. Six units in total (two triplexes) with 12 beds. All units are 2bd x 2ba and the lower level units include full basements which can be used for additional rental income. Modern interiors and appliances, high ceilings, and energy efficient building systems. Dedicated building management and leasing. Built in 2017 as new construction using efficient and dynamic modular construction techniques. 8 years left on tax abatement. Extremely low operating expenses and strong rental appreciation in this growing submarket located just a 5-minute walk from SEPTA Broad St subway connecting directly into Center City Philadelphia. Located in Qualified Opportunity Zone with millions of SF in new development planned and in active stages from some of the most notable real estate developers in the city and the USA. Extremely strong rental demand from world-class employer TU Hospital with over 5500 high skilled/paid employees in need of high quality rental housing. Tenants are waitlisted to fill these buildings. Pro forma investment approach calls for 7% rental increases annually which boosts the NOI from around 87K to 94K, or from 6.9% to 7.5%. Less than 1mile from Amtrak's North Philadelphia Station redevelopment which calls for 1.7M SF of new homes, research labs, and offices. Additional projects include the redevelopment of the historic Uptown Theater and Beury Building and hundreds of units in urban infill new development. Available immediately. Tenant-occupied properties. 24hr notice required to tour.