3607 Spring Garden St, Philadelphia, PA 19104
- $1,500,000
- 4,000
- SqFt
- List Price
- $1,500,000
- Days on Market
- 4
- Status
- ACTIVE
- MLS#
- PAPH2673880
- Living Area
- 4,000
- Lot Size (Acres)
- 0.06
- Style
- Other, Traditional
- Year Built
- 2018
- County
- Philadelphia
- School District
- Philadelphia City
Property Description
We are pleased to present 3607 Spring Garden Street, a six-unit multifamily investment opportunity located in Philadelphia. Offered at $1,500,000, the property was built in 2018 and totals approximately 4,950 rentable square feet, with an average unit size of approximately 825 square feet. The property features a highly differentiated unit mix consisting of five three-bedroom / three-bathroom residences and one two-bedroom / two-bathroom residence. Current rents range from $1,500 to $2,010 per month, generating $11,250 in monthly scheduled rent and $135,000 in annual Gross Scheduled Rent. The asset generates $107,197 in current Net Operating Income, representing a 7.15% going-in capitalization rate at the asking price. Year 1 underwriting projects Gross Scheduled Rent of $141,750 and NOI of $113,288, resulting in a 7.55% Year 1 capitalization rate. At approximately $250,000 per unit and $303.03 per rentable square foot, 3607 Spring Garden Street provides investors with immediate cash flow, a modern residential product, and continued income growth potential in a well-located Philadelphia multifamily asset.
Additional Information
- Area
- 19104 (19104)
- Taxes
- $2136
- Interior Features
- Other
- School District
- Philadelphia City
- High School
- Samuel S. Fels
- Heating
- Other
- Heating Fuel
- Electric
- Cooling
- Central A/C, Multi Units, Other
- Utilities
- Other
- Water
- Other, Private
- Sewer
- Other
- Basement
- Yes
Mortgage Calculator
Listing courtesy of Trophy Commercial Real Estate LLC. Contact: 2156085745