Description:

KW Commercial is pleased to present a unique Value Add Multifamily Portfolio in the heart of Northeast Philadelphia. The portfolio consists of three separate buildings all located within a three minute drive of one another.
The unit breakdown among the three buildings are:
11 units in Devereaux Ave which consists of all 1 bed / 1 bath.
10 units in 6311-19 Everett Ave which consists of five (5) 1 bed / 1 bath and five (5) 2 bed / 1 bath as well as a garage rental unit.
11 Units units in 5766 Frankford Ave which consists of all 1 bed / 1 bath
The portfolio is at 100% occupancy and located in an area with high walking and transportation scores.
This portfolio has massive value add. All but three units are currently under market rent which gives the investor upside potential of up to $33,588 in additional annual rental income. The investor could also assign all utilities to tenants (currently paid by Landlord) which would lower the operating expenses and provide up to $17,980 in potential additional income, Totaling up to $51,568 in additional income in the short term. Another value add component included in this deal is in relation to 6311-19 Everett Ave. There are currently 10 Units fully occupied, however there is a large portion of the parcel that is raw land. The parcel is zoned RSA5, Construction of additional units is possible. (RSA-5 districts are primarily intended to accommodate attached and semi-detached houses on individual lots and can accommodate up to 30 units, but may be applied in areas characterized by a mix of housing types, including detached houses. Single-family dwellings do not require zoning approval. Other uses require either a use registration permit from the Department of Licenses and Inspection or a special exception or a variance from the Zoning Board of Adjustment Variance uses include: Two Family and Multifamily dwellings).
32 Unit Portfolio in Philadelphia Market
100% Unit Occupancy
90% of units under market rent - $33,588 in potential additional rental income
Landlord pays utilities, ability to assign to tenants - $17,980 in potential additional income
Potential Additional Unit Development (up to 30 units) RSA5 Zoning
All three properties within 3 minute drive of one another for reduced management cost
Located in High Score walkability and transportation areas
Dedicated Parking Lots (10-16 spaces) at each property totaling 40 spaces / Ample non-metered street parking
Solar Energy Panels being utilized at Devereaux Ave and Frankford Ave properties

Presented by:

Carl  Adams,  e-Pro, GRI

Director

(215) 803-8507

(215) 803-8507

Click here to email

Listed by:

Crownstone Investment Group