2440 Kensington Avenue
Multifamily | 10 Units | $222,500/unit
Marketing description
2440 Kensington Avenue, a 10-unit multifamily property with a commercial space, located in the rapidly developing Kensington neighborhood of Philadelphia. The asset provides investors with the opportunity to acquire a stabilized apartment building featuring strong current rents and a proven operating history.
The property includes 10 two-bedroom apartments totaling approximately 7,928 square feet of rentable space, a 2,500-square-foot commercial unit, and 3 parking spaces, ensuring consistent rental income and smooth operations. The building’s uniform two-bedroom layout and contemporary design appeal to both roommate households and small families, supporting stable occupancy and rental demand.
At the projected purchase price of $2,225,000, the asset offers investors a 7.31% cap rate and approximately 7.14% cash-on-cash return, providing strong cash flow and the potential for ongoing rental growth as the surrounding neighborhood continues to develop.
Investment highlights
- STABILIZED 10-UNIT MULTIFAMILY ASSET – Well-performing apartment building with strong in-place occupancy.
- STRONG CAP RATE – Projected 7.31% cap rate at the $2,225,000 offering price.
- ATTRACTIVE CASH FLOW – Projected $47,665 annual cash flow after debt service.
- UNIFORM UNIT MIX – Ten 2-bedroom units providing consistent rental demand.
- STRONG AVERAGE RENT – Average monthly rent of approximately $1,533 per unit.
- PAVED PARKING SPACES – 3 income-producing paved parking spaces.
- PHILADELPHIA WORKFORCE HOUSING DEMAND – Continued demand for affordable multifamily housing supports stable occupancy.
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