5929 Keystone St, Philadelphia, PA 19135
14 Unit Apartment Building | $2,100,000 ($150,000/Unit) | 7.47% Cap Rate | Philadelphia, PA 19135
Asking Price $2,100,000
- Property Type
-
Multifamily
- Square Feet
- 14,504 SF
Listing Contacts
- Property Info
Property Overview
On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 4900-12 Comly Street (also known as 5929 Keystone Street), a 14-unit apartment community in the Tacony neighborhood of Northeast Philadelphia, Pennsylvania.
Built in 1983, the 14-unit community consists of one building with a brick exterior, pitched roof, and ample parking. The building has a desirable unit mix consisting of 100% two-bedroom units. The tenants pay for electricity while the owner provides cold water and sewer. Every apartment has washer and dryer hookups. Current ownership does not provide laundry equipment; tenants provide their own. First-floor apartment units feature a newly installed trex deck.
The Tacony Sub-Market of Northeast Philadelphia is an extreme occupancy sub-market with average occupancy greater than 94%. The average in-place rent at the Comly Street property is $1,254, with three of the units leased at $1400, in a sub-market that averages over $1,350 per month for two-bedroom apartment units. With little to no capital expenditures, a new owner can increase rents by $100 to $200 per month. In addition, if a new owner renovated the remaining three unrenovated units, those rents could be increased by $300 per month or more.
The property at 4900-12 Comly Street presents an outstanding value-add opportunity to acquire 14 apartment units with below-market rents in the Tacony neighborhood of Northeast Philadelphia.
Built in 1983, the 14-unit community consists of one building with a brick exterior, pitched roof, and ample parking. The building has a desirable unit mix consisting of 100% two-bedroom units. The tenants pay for electricity while the owner provides cold water and sewer. Every apartment has washer and dryer hookups. Current ownership does not provide laundry equipment; tenants provide their own. First-floor apartment units feature a newly installed trex deck.
The Tacony Sub-Market of Northeast Philadelphia is an extreme occupancy sub-market with average occupancy greater than 94%. The average in-place rent at the Comly Street property is $1,254, with three of the units leased at $1400, in a sub-market that averages over $1,350 per month for two-bedroom apartment units. With little to no capital expenditures, a new owner can increase rents by $100 to $200 per month. In addition, if a new owner renovated the remaining three unrenovated units, those rents could be increased by $300 per month or more.
The property at 4900-12 Comly Street presents an outstanding value-add opportunity to acquire 14 apartment units with below-market rents in the Tacony neighborhood of Northeast Philadelphia.
Property Details
- Class
- C
- Year Built
- 1983
- Stories
- 2
- Lot Size (sq. ft)
- 11,326 SF
- Units
- 14
Highlights
- Major Capital Expenditures: New Roof, New Parking Lot, and New Trex Decks Completed in 2023
- Below-Market Rents: $100 to $200 per Month Below Market
- Desirable Unit Mix: 71% Two-Bedroom/One-Bath and 29% Two-Bedroom/Two-Bath Units
- Access to Public Transit: 4-Minute Walk for Bus Routes on Torresdale Avenue; 15-Minute Walk for Regional Rail to Philadelphia and Trenton Stations
- Proximity to Major Arteries: Convenient to Interstate 95 and the Tacony-Palmyra and Betsy Ross Bridges
- Proximity to Shopping & Amenities: Shoppes at Wissinoming (ShopRite) and Wissinoming Park within Minutes
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