1228 & 1230 SOUTH 2ND STREET and 1231 S. PHILIP STREET
Multifamily | 7 Units | 3 Properties
Marketing description
1228 South 2nd Street, 1230 South 2nd Street, and 1231 S. Philip Street is a boutique 7-unit multifamily property located in the heart of Pennsport, a desirable and rapidly gentrifying residential neighborhood in South Philadelphia. The Property offers investors an attractive entry point into a strong neighborhood known for low vacancy, strong demographics, and sustained rental demand.
The Property features a well-balanced mix of (5) two-bedroom/one-bath rental units and (2) one-bedroom/one-bath rental units, with an average monthly in-place rent of $1,620. The layouts cater to a diverse renter base, including young professionals, couples, and small families. In-place rents range from $1,400 to $1,700 for the one-bedroom units and $1,540 to $1,800 for the two-bedroom units, providing measurable room for repositioning or incremental increases through turnover.
As a turnkey multifamily asset in a quality location, 1228 South 2nd Street, 1230 South 2nd Street, and 1231 S. Philip Street present a compelling opportunity for investors seeking rental upside, high tenant demand, and future appreciation driven by a neighborhood that has benefited from Philadelphia’s development boom.
Investment highlights
- Strong Pennsport Location: Excellent Walkability, Abundant Neighborhood Amenities, and Low Turnover
- Strong Historical Occupancy and In-Place Cash Flow: Historically Well Occupied, with Minimal Turnover
- Attractive Unit Mix: 70% Two-Bedroom Units and 30% One-Bedroom Units
- Low Expense Ratio: 33% Expense Ratio; Operational Efficiencies Already In-Place
- Significant Rental Upside: Increase Rents 10% with Little to No Work Needed
- Access to Major Thoroughfares: Immediate Proximity to I-95, I-676, I-76, and S. Columbus Boulevard
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