Cottage Garden Apartments
26 Unit Apartment Building | $3,650,000 ($140,385/Unit) | 6.96% Cap Rate | Philadelphia, PA 19135
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,650,000
- Property Type
-
Multifamily
- Square Feet
- 14,000 SF
Listing Contacts
Zeke Rotter
Verified Profile
Dalton Veight
Verified Profile
- Property Info
Property Overview
SCOPE Commercial Real Estate Services, LLC "SCOPE" is pleased to present 5728 Cottage Street, a 26-unit multifamily building located in the Wissinoming section of Philadelphia.
The property is comprised of two studio apartments and 24 one-bedroom, one-bathroom apartments. Current ownership has started a renovation program within the building and has turned over 20 of the 26 units. The renovated studios and one-beds are currently renting for an average of $995 and $1,259 per month with the one-beds achieving a high-watermark of $1,324. The unrenovated one-beds are achieving an average of $975 per month. If new ownership were to complete the full renovation plan and take rents to market, they can capture an 11 percent upside in rental income.
The property is located within the Wissinoming section of Northeast Philadelphia. Outside you'll find a clean well-lit parking area, with ample parking. Inside you'll find welcoming common areas with fresh carpet and flooring. Units have recently been renovated and are brand new throughout.
Entering a unit, you'll notice a bright and spacious unit with solid surface flooring throughout. New, large windows allow plenty of natural light to blanket your living space. Kitchens are well-upgraded with new and plentiful white shaker cabinetry and granite countertops. New unit upgrades include black appliances, a smooth top range, a microwave, a dishwasher, in-unit combo laundry, a new in-the-wall PTAC unit, and new supplemental electric baseboards. Each unit is equipped with its own electric hot water heater. The bedrooms are large, with ample closet space. Full baths have been renovated to include new bathtubs and shower walls, new vanities, and luxury vinyl tile. Plenty of storage throughout the unit. Located a short walk from Wissinoming Park, featuring 41 acres of green space.
The property is comprised of two studio apartments and 24 one-bedroom, one-bathroom apartments. Current ownership has started a renovation program within the building and has turned over 20 of the 26 units. The renovated studios and one-beds are currently renting for an average of $995 and $1,259 per month with the one-beds achieving a high-watermark of $1,324. The unrenovated one-beds are achieving an average of $975 per month. If new ownership were to complete the full renovation plan and take rents to market, they can capture an 11 percent upside in rental income.
The property is located within the Wissinoming section of Northeast Philadelphia. Outside you'll find a clean well-lit parking area, with ample parking. Inside you'll find welcoming common areas with fresh carpet and flooring. Units have recently been renovated and are brand new throughout.
Entering a unit, you'll notice a bright and spacious unit with solid surface flooring throughout. New, large windows allow plenty of natural light to blanket your living space. Kitchens are well-upgraded with new and plentiful white shaker cabinetry and granite countertops. New unit upgrades include black appliances, a smooth top range, a microwave, a dishwasher, in-unit combo laundry, a new in-the-wall PTAC unit, and new supplemental electric baseboards. Each unit is equipped with its own electric hot water heater. The bedrooms are large, with ample closet space. Full baths have been renovated to include new bathtubs and shower walls, new vanities, and luxury vinyl tile. Plenty of storage throughout the unit. Located a short walk from Wissinoming Park, featuring 41 acres of green space.
Property Details
- Class
- C
- Year Built
- 1987
- Stories
- 3
- Lot Size (sq. ft)
- 19,166 SF
- Units
- 26
Highlights
- 26-Multifamily Units | Wissinoming, PA
- Attractive In-Place Returns on Day One
- Newly Renovated Units | Includes but Not Limited to In-Unit Washers & Dryers, Black Appliances, and LVT Flooring
- Value-Add Component | Six Units Remaining to be Renovated
- Proven Additional Upside | Eleven Percent Upside Closing Loss to Lease Gap
- Ample Parking | 24 Spaces
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