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    1335-37 N Marston Street

    PHILADELPHIA, PA 19121
    • $2,650,000
    • STATUS: Active
    • ON SITE: 8 days
    • ID#: PAPH2027434
    UPDATED: 48 min ago
    $2,650,000
    • 0
      BEDS
    • 0.08
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    2018
    County:

    School Ratings & Info

    Description

    Introducing Penny Arcade Apartments, a best in class boutique multifamily investment property in Philadelphia's booming Brewerytown neighborhood by Fairmount Park. Each newly constructed spacious apartment features luxury design and contemporary features such as waterfall edge quartz, subway tile backsplash, floating vanities, wide plank flooring, oversized windows, high ceilings, neutral palettes, upgraded appliances and more. Elevator, rooftop terrace with panoramic skyline views, basement storage included. Two units per floor in an optimally planned property that could easily be converted to luxury condos. The average unit size is over 1000 SF per apartment, a rarity in today's multifamily market. Six (6) 2 bedrooms and two (2) 3 bedrooms. 5.6% cap rate with a 6.2% pro forma cap rate based on market rate rents. Big rental upside for new owner. 10 year tax abatement (through 2029). This is the first in a collection of newly developed amenitized properties to be offered on the block, allowing investors the opportunity to purchase and maintain a critical mass of primely located luxury apartment buildings in one of Philly's fastest growing locations. Easy access into downtown Philly, University City, Fairmount Park and more. Walkable to bars, restaurants, breweries, cafes and shops along the Girard Avenue retail corridor.

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    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Paula Cashion | Keller Williams Central Delaware. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-16T22:52:07.57.
    www.paulacashion.com/homes/121179574
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    1335-37 N Marston Street PHILADELPHIA, PA 19121

    • Price: $2,650,000
    • Status: Active
    • Updated: 48 min ago
    • ID#: PAPH2027434
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.08
    Acres
    2018
    Built
    Neighborhood:
    Brewerytown
    County:
    Philadelphia
    Area:
    19121 (19121)
    School District:
    The School District Of Philadelphia
    Property Description
    Introducing Penny Arcade Apartments, a best in class boutique multifamily investment property in Philadelphia's booming Brewerytown neighborhood by Fairmount Park. Each newly constructed spacious apartment features luxury design and contemporary features such as waterfall edge quartz, subway tile backsplash, floating vanities, wide plank flooring, oversized windows, high ceilings, neutral palettes, upgraded appliances and more. Elevator, rooftop terrace with panoramic skyline views, basement storage included. Two units per floor in an optimally planned property that could easily be converted to luxury condos. The average unit size is over 1000 SF per apartment, a rarity in today's multifamily market. Six (6) 2 bedrooms and two (2) 3 bedrooms. 5.6% cap rate with a 6.2% pro forma cap rate based on market rate rents. Big rental upside for new owner. 10 year tax abatement (through 2029). This is the first in a collection of newly developed amenitized properties to be offered on the block, allowing investors the opportunity to purchase and maintain a critical mass of primely located luxury apartment buildings in one of Philly's fastest growing locations. Easy access into downtown Philly, University City, Fairmount Park and more. Walkable to bars, restaurants, breweries, cafes and shops along the Girard Avenue retail corridor.
    Exterior Features

    Construction Materials Masonry Garage YN No Location Type Urban Parking Types None Property Condition Excellent Riparian Rights YN No View City Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 11571.00 Cooling Central A/C Heating Central Heating YN Yes Net Square Feet 11571.00

    Property Features

    Accessibility Features Elevator Assessment Year 2021 Business Type Apartment Building Central Air YN Yes Construction Completed YN Yes Cooling Fuel Natural Gas Elevators 1 Gross Income 186480.00 Heating Fuel Natural Gas Hot Water Natural Gas Municipality Philadelphia Navigable Water YN N Net Operating Income 149142.00 New Construction YN Yes Number Of Units Total 8 Operating Expense 37338.00 Operating Expense Includes ElectricInsuranceRepair/MaintenanceWaterTrashOtherSnow Removal Original MLSNumber 801014576296 Ownership Interest Fee Simple Possession Immediate Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 1792.00 Tax Assessment Amount 128000.00 Tax Lot 195 Vacation Rental YN No Water Source Public Zoning Rm1

    Listing courtesy of Compass Pennsylvania, Llc.


    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Paula Cashion | Keller Williams Central Delaware. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-16T22:52:07.57.
     
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    Paula Cashion | Keller Williams Central Delaware
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    Dover DE, 19901