549 Armstrong Street, Philadelphia, PA 19144

549 Armstrong Street is a boutique 12-unit, 44-bedroom apartment community located in the East Germantown section of Philadelphia, Pennsylvania. Built in 2018, the property offers a rare opportunity to acquire a modern, stabilized multifamily asset with a tax abatement in place, strong in-place income, and additional upside through rent growth driven by limited supply. The Property is fully leased for the 2026-2027 academic year and is poised for rent growth given the substantial discount to La Salle University residence halls, costing $9,700 to $11,800 per bed for two semesters for significantly older housing stock, while the rent per bed at the Armstrong Street property is $7,800 to $9,000 for a standard 12-month lease.

Positioned on a 0.27-acre parcel, the three-story building consists of (8) three-bedroom/two-bath units and (4) five-bedroom/three-bath units, averaging 1,437 square feet each. The Property offers a highly desirable amenity package, including in-unit washers and dryers, stainless steel appliances, quartz countertops, bi-level layouts, and 11 gated off-street parking spaces. These features, paired with the modern construction and secure access, such as video intercom and keyless entry, make 549 Armstrong Street one of the premier rental assets in the Northwest Philadelphia sub-market.

The Property is 100% leased for the 2026-2027 academic year with an average monthly rent of $2,681 per unit. There is a clear opportunity to push rents toward market rents through natural turnover. Additionally, the asset benefits from a 10-year real estate tax abatement that commenced in 2018, providing meaningful savings and enhancing returns.

Located near La Salle University, regional rail stations, and multiple bus lines, the Armstrong Street Property is strategically positioned to attract students, faculty, staff, and professionals seeking quality housing with easy access to education, employment, and the Greater Philadelphia Region. The recent reinstatement of La Salle University's Division I baseball program reinforces the University's long-term commitment to expanding its athletic offerings and enhancing campus life. Continued investment in Division I athletics helps attract students, student-athletes, alumni engagement, and university-related activity, all of which support housing demand and contribute to the continued growth and stability of the surrounding neighborhood.