405 42Nd St, Philadelphia, PA 19104
2 Multifamily Properties Offered at $3,900,000 in Philadelphia, PA
For Sale
Active
Asking Price $3,900,000
- Property Type
-
Multifamily
- Square Feet
- 9,600 SF
Listing Contacts
Luke DeLuca
Alan Krawitz
Kenneth Wellar
Property Overview
On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 405 and 407 South 42nd Street situated in the Spruce Hill neighborhood of West Philadelphia (the “Property” or “Asset”).
The Asset boasts an attractive unit mix in a prime area that has become more affluent as the University of Pennsylvania and the Children's Hospital of Philadelphia have focused on expanding their footprint in University City Philadelphia. The Property is comprised of two buildings containing a total of 14 apartments with a mix of 29% one-bedroom/one-bath units, 7% two-bedroom/one-bath units, and 64% two-bedroom/two-bath units.
This offering presents new ownership with a significant opportunity to own a newly renovated product at an attractive basis below replacement cost. The Property is positioned to offer high-quality, premium finishes at a reduced rent compared to new construction assets. Occupancy at these assets will remain high due to pricing and proximity to the University of Pennsylvania, Drexel University, CHOP, and the UCity Science Center.
The Asset is located minutes from major highway routes such as I-95, I-76 (the Schuylkill Expressway, and I-676, presenting unparalleled access throughout the Philadelphia MSA. Further, tenants are a short walk from the SEPTA Green Line Trolley transporting commuters directly into Center City Philadelphia.
405 and 407 South 42nd Street is well positioned to service a growing tenant base looking for affordable luxury units in a market attracting Ed’s and Med’s to some of the finest learning institutions in the country.
The Asset boasts an attractive unit mix in a prime area that has become more affluent as the University of Pennsylvania and the Children's Hospital of Philadelphia have focused on expanding their footprint in University City Philadelphia. The Property is comprised of two buildings containing a total of 14 apartments with a mix of 29% one-bedroom/one-bath units, 7% two-bedroom/one-bath units, and 64% two-bedroom/two-bath units.
This offering presents new ownership with a significant opportunity to own a newly renovated product at an attractive basis below replacement cost. The Property is positioned to offer high-quality, premium finishes at a reduced rent compared to new construction assets. Occupancy at these assets will remain high due to pricing and proximity to the University of Pennsylvania, Drexel University, CHOP, and the UCity Science Center.
The Asset is located minutes from major highway routes such as I-95, I-76 (the Schuylkill Expressway, and I-676, presenting unparalleled access throughout the Philadelphia MSA. Further, tenants are a short walk from the SEPTA Green Line Trolley transporting commuters directly into Center City Philadelphia.
405 and 407 South 42nd Street is well positioned to service a growing tenant base looking for affordable luxury units in a market attracting Ed’s and Med’s to some of the finest learning institutions in the country.
Highlights
- Turnkey Investment Opportunity: Newly Renovated Asset with Little to No Deferred Maintenance
- Prime Spruce Hill Location: Highly Regarded Residential Neighborhood
- Abundant Neighborhood Amenities: Popular Bars, Restaurants and Coffee Shops within Walking Distance
- Access to Public Transit & Highways: SEPTA Bus, Trolley, Light Rail and Regional Rail; Proximity to Interstates 76, 95, and 676
- Ed’s and Med’s Tenant Base: Proximity to the University of Pennsylvania, Drexel University, St. Joseph’s University, Penn Medicine, and CHOP
All available spaces
- Space
- Size
- 4,800 SF
- Space Subtype
- Multifamily
- Space
- Size
- 4,800 SF
- Space Subtype
- Multifamily
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