5711 & 5910 Erdrick Street
Value-Add Opportunity | Northeast Philadelphia | 22 Unit Apartment Portfolio
Marketing description
Marcus & Millichap is pleased to present for sale two multifamily properties - 5711 & 5910 Erdrick Street, located in the Wissinoming neighborhood of Philadelphia. The properties are located within two blocks of each other. Both properties contain eleven one-bedroom apartments and a laundry room in the basement. Each of the buildings is in very good condition due to the owner’s keen attention to detail.
The City of Philadelphia is home to more than one and a half million people, which makes it the most populated city in Pennsylvania. The properties’ prime location allows for easy access to the nearby stores, restaurants and Septa stations, which provide quick access to Center City Philadelphia.
5711 & 5910 Erdrick Street represent a rare opportunity to acquire an apartment community in the highly desirable Northeast section of the City of Philadelphia. The market average for competing one-bedrooms ($1,193) in the submarkets is 17.3% greater than the average rents of the Subject Properties. The below-market rents allow for investors to come in and make renovations to see a substantial growth in rents.
Investment highlights
- 22 Units in the Wissinoming Neighborhood of Philadelphia
- Value Add Through Renovations, Average Rent $175 Below Market
- Excellent Basis: $110K per Unit
- Off-Street Parking Available at Each Property
- Laundry and Storage Lockers for Tenants in Basements
- Walking Distance to Wissinoming Park & Public Transportation
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