KW Commercial is pleased to present the opportunity to acquire the Tioga Luxury Apartments to qualified investors. This property was built in 2019 and has a 10-year tax abatement that ends in 2031. This property is composed of 25 studio apartments, 10 one-bedroom apartments and 11 two-bedroom apartments in addition to an approximately 4,000 square foot vacant retail space that is leased to a daycare provider. This property has two elevators, laundry facilities on both the third and fifth floors & a trash shoot for optimal tenant convenience. This property also has a 9-spot parking lot and a backup generator. This property is centrally located between Broad Street and West Huntington Park Ave. and is less than half a mile away from Temple University’s North Philadelphia campus, which includes Temple University’s Katz School of Medicine, Temple University’s Outpatient Hospital and Temple University’s Health Sciences Center, home to Temple’s School of Pharmacy and School of Dentistry. The current rents can be increased, and the vacancy rate can be lowered with superior management. Approximately 20 of the current leases in place are below market. The asking price for this multifamily property asset is $7.8 million and the in place NOI is $549,246, which is a 7% capitalization rate. The buyer for this asset earns the right to cash flow, tax benefits and equity growth through debt principal pay down from the property’s net operating income and through overall market appreciation. Offers need to be submitted with proof of funds and / or lender pre-approval letter.