Listed by Marcus & Millichap - Philadelphia
$2,400,000
Somerville Homes
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,400
Net Rentable (SqFt) 13,400
Cap Rate 8.04%
NOI $192,914
Pro-Forma Cap Rate 8.59%
Pro-Forma NOI $206,050
Price per SqFt $179
Year Built 1950
Year Renovated 1995
Acreage 0.320
Sale Condition N/A
24 Units | North Philadelphia | $100K Per Unit | 8%+ Cap Rate
Marketing description
Marcus & Millichap is pleased to present for sale the Somerville Homes, 24 units in North
Philadelphia. Most units are currently occupied by a Section 8 tenant base - offering stable
and predictable cash flow with secured rent growth for the coming years.
The property is located directly next to the Einstein Medical Center, which is a large 772-
bed teaching hospital. It is also located just off Broad Street, walking distance to the Olney
Transportation Center which is a bus and subway hub for the area.
The units each have separate entrances and separate utilities of which gas and water are
paid for by the owner. Tenants are responsible for electricity. The downstairs units also have
front porches and semi-private backyards.
Investment highlights
- 24 Units in North Philadelphia
- Located Just off Broad Street, Adjacent to Einstein Medical Center
- Priced to Sell: $100K per Unit, 8%+ In-Place Cap Rate
- Separate Entrances and Semi-Private Backyards
- Quiet, Tree-Lined Street with Ample Street Parking
Listing Contacts
Listed by Marcus & Millichap - Philadelphia
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$192,914.00
$16,076.17/mo
Valuation Metrics
0
DSCR
8.04%
Cap Rate
8.04%
ROI
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