$ 5,650,000
3718 HAVERFORD AVE Philadelphia, PA 19104
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$ 5,650,000
Est. payment /mo
New
3718 HAVERFORD AVE Philadelphia, PA 19104
7,500 SqFt
UPDATED:
10/29/2024 04:17 PM
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 7,500 sqft
Price per Sqft $753
MLS Listing ID PAPH2414824
Originating Board BRIGHT
Year Built 2019
Annual Tax Amount $1,867
Tax Year 2024
Lot Size 2,500 Sqft
Acres 0.06
Lot Dimensions 25.00 x 100.00
Property Description
We are pleased to present a turnkey, fully leased investment opportunity in the highly desirable University City/Drexel and Mantua section of Philadelphia. This purpose-built student housing portfolio includes three properties located at 3716-18-20 Haverford Ave. The portfolio comprises 18 units with a total of 56 bedrooms and bathrooms, offering a diverse mix of 2, 3, and 4-bedroom units. Currently generating approximately $512,000 in annual rental income, this investment boasts a 7.15% cap rate.
These properties primarily attract students from Drexel University and the University of Pennsylvania, as well as medical staff and young professionals. Constructed just 5 years ago, the buildings are modern and up-to-date, with 5 years remaining on their property tax abatement.
The generously sized units feature high-end finishes, including a 1 bed to 1 bath ratio and premium kitchen and bathroom fixtures. These attributes make the properties highly competitive compared to nearby student housing options, ensuring they remain easy to rent for years to come.
Additional amenities include in-unit laundry, video surveillance entrances, sprinklered fire systems, high ceilings, large closets, luxury vinyl flooring, quartz countertops with stainless steel appliances, rooftop decks with skyline views, outdoor backyards, and more.
This University City Student Housing Portfolio represents a tremendous opportunity to acquire strong-performing, never-vacant, and low-maintenance assets in a well-known, walkable, and bike-friendly neighborhood experiencing significant growth and expansion with major projects underway featuring over 33 million square feet of lab, residential, institutional, office, and public space in the pipeline at major developments like uCity Square and Schuylkill Yards, plus individual projects throughout the district.(ask me for more details on this).
Conveniently located within walking distance to world-class universities, medical facilities, 30th Street Station, and the Art Museum, these properties also offer easy access to local highways.
These properties primarily attract students from Drexel University and the University of Pennsylvania, as well as medical staff and young professionals. Constructed just 5 years ago, the buildings are modern and up-to-date, with 5 years remaining on their property tax abatement.
The generously sized units feature high-end finishes, including a 1 bed to 1 bath ratio and premium kitchen and bathroom fixtures. These attributes make the properties highly competitive compared to nearby student housing options, ensuring they remain easy to rent for years to come.
Additional amenities include in-unit laundry, video surveillance entrances, sprinklered fire systems, high ceilings, large closets, luxury vinyl flooring, quartz countertops with stainless steel appliances, rooftop decks with skyline views, outdoor backyards, and more.
This University City Student Housing Portfolio represents a tremendous opportunity to acquire strong-performing, never-vacant, and low-maintenance assets in a well-known, walkable, and bike-friendly neighborhood experiencing significant growth and expansion with major projects underway featuring over 33 million square feet of lab, residential, institutional, office, and public space in the pipeline at major developments like uCity Square and Schuylkill Yards, plus individual projects throughout the district.(ask me for more details on this).
Conveniently located within walking distance to world-class universities, medical facilities, 30th Street Station, and the Art Museum, these properties also offer easy access to local highways.
Location
State PA
County Philadelphia
Area 19104 (19104)
Zoning RM1
Interior
Hot Water Electric
Cooling Central A/C
Heat Source Electric
Exterior
Waterfront N
Water Access N
Accessibility None
Parking Type None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction Y
Schools
School District The School District Of Philadelphia
Others
Tax ID 881818715
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
Listed by Reda B Akbil • Compass RE