2115 N 63rd St - Apartments FOR SALE


Philadelphia, PA 19151- Overbrook
$1,857,000 USD
267-252-0223
2115 N 63rd St, Philadelphia, PA for Sale
$1,857,000 USD
Apartments - FOR SALE
1/53
null | 7.01% Cap Rate

2115 N 63rd St
Philadelphia, PA 19151
Overbrook


HIGHLIGHTS

  • 11 Multifamily & 2 Commercial Units | Overbrook Section of West Philadelphia
  • In-Place Cash Flow | 7+ Cap Rate on Current In-Place
  • Rental Upside | ~6% Upside through Closing Loss to Lease & ~25% Upside through Renovation Plan
  • Individually Metered Units | Tenants Pay Electric & Gas Direct to Provider and a $60 Monthly Water Fee to Ownership
  • Stabilized Commercial Tenancy | A Fitness Center & Hair Salon Occupy the Commercial Spaces, Adding Income Diversification and Enhanced Cash Flow
  • Prime Location and Connectivity | Highly Walkable and Transit-Friendly, Located Steps from Overbrook SEPTA Station, Near Major Highways

OVERVIEW

SCOPE Commercial Real Estate Services, LLC (“SCOPE”) is pleased to present the opportunity to acquire 2115 N 63rd Street, a mixed-use investment property located in the Overbrook section of Philadelphia. The asset consists of a three-story building containing 11 residential units and two first-floor commercial spaces. The property includes 19 garages and additional surface parking, providing diversified income streams and long-term flexibility. The residential component features a balanced unit mix of two efficiencies, six one-bed units, one two-bed, one-bath unit, and two two-bedroom, two-bath units, with an average in-place rent of $1,109 per unit and total scheduled residential income of approximately $12,195 per month. The commercial portions, occupied by a fitness center and hair salon, further stabilize cash flow and enhance income diversification within the building. Market rents support an average of approximately $1,171 per unit, indicating near-term mark-to-market upside of roughly $690 per month or 5.66 percent. This equates to over $8,000 annually, without significant renovation. Furthermore, if new owners injected capital to renovate units and common areas, they could raise the average rent to $1,382, which could earn an additional $3,005 monthly and approximately $36,000 annually, a 24.64 percent increase from in-place rent revenue. Units feature a mix of electric and gas baseboard heating, electric hot water, gas cooking, and window cooling systems. Tenants are responsible for electricity, gas cooking, cable/internet, a $60 monthly water fee, and a $10 monthly technology fee. The building provides a common area laundry facility for tenants. Parking spaces are $125 per month. The property offers excellent connectivity, with a Walk Score of 70 (“Very Walkable”) and a Transit Score of 64 (“Good Transit”). It sits just 0.3 miles from US-1 (City Avenue), one mile from I-76 (Schuylkill Expressway), and provides easy access to Lancaster Avenue (US-30) and the Main Line suburbs. Residents are steps from the Overbrook SEPTA Station on the Paoli/Thorndale Regional Rail Line (offering a ~15-minute ride to Center City Philadelphia) and benefit from multiple nearby bus routes (63, 65, and 105). The location is adjacent to the City Avenue commercial corridor (0.3 miles), featuring national retailers and dining, with additional shopping at 69th Street Terminal (2.5 miles). Recreational options include Morris Park and Cobbs Creek Park (0.8 miles), while major employment hubs such as University City (4 miles) and Center City Philadelphia (7 miles) are readily accessible by car or transit. Situated near Saint Joseph’s University and Fairmount Park, the asset delivers stable in-place cash flow with measurable upside in a well-connected West Philadelphia submarket.

FOR SALE DETAILS

PRICE

$1,857,000 USD

PRICE/SF

$202 USD /SF

# OF UNITS

13

PRICE/UNIT

$142,846

CAP RATE

7.01%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1922

PARKING SPACES

25

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,269 SF

ZONING

C2

APN/PARCEL ID

881128100

ASK ABOUT THIS PROPERTY

Joe LoonstynSCOPEMore Info
267-252-0223

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Joe LoonstynSCOPEMore Info
267-252-0223

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.