1521 N 15th St, Philadelphia, PA 19121

Property Description

Welcome to 1521 N 15th St, an 8-unit apartment building built in 2010 and only a few blocks from Temple University's campus. The four-story brick building has cast stone trim and a mansard-style top floor with dormer windows. It contains seven 2-bedroom/1-bath units and one 1-bedroom/1-bath unit. The units have open living and kitchen layouts with hardwood floors, large windows, recessed lighting and central heating and air. Kitchens have wood cabinetry, tile backsplashes, gas ranges, over-the-range microwaves, dishwashers and a peninsula with a breakfast bar. Bedrooms have ceiling fans and double-door closets. Each unit has its own gas and electric meter, and the basement has a coin-operated laundry room. The building also has a fire alarm system and security cameras. The full-occupancy market rent roll is $142,140 per year, and pro forma stabilized NOI is about $94,700 after a 5% vacancy allowance and professional management. Tenants pay their own electric, gas and Wi-Fi. The owner pays water/sewer, common-area electric, laundry gas and camera Wi-Fi. Temple University Regional Rail, the Broad Street Line and multiple SEPTA routes are nearby, along with campus buildings, shops and restaurants. The building draws steady rental demand from being close to one of Philadelphia's largest universities. Rent roll, trailing financials and pro forma are available to qualified buyers on request.