2243 N Broad St - Apartments FOR SALE


Philadelphia, PA 19132- Avenue Of The Arts North
$1,980,000 USD
267-243-4652
2243 N Broad St, Philadelphia, PA for Sale
$1,980,000 USD
Apartments - FOR SALE
1/19
null | 7.44% Cap Rate

2243 N Broad St
Philadelphia, PA 19132
Avenue Of The Arts North


HIGHLIGHTS

  • 2023 New Construction | 7.44% Cap Rate | 1.28 DSCR – Strong Cash Flow
  • $184K+ Gross Income | Fully Occupied with PHA-Backed Tenancy
  • Steps from Temple University & Temple Hospital – High Demand Location
  • 6+ Years Tax Abatement Remaining + 1 Year Free Property Management

OVERVIEW

Philly CRE is pleased to present a premier investment opportunity: a fully occupied, 11-unit mixed-use property built in 2023, ideally located just steps from Temple University’s main campus. Already priced to sell, this asset offers immediate financing upside with a 1.28 DSCR and an exceptional 7.44% cap rate, a rare offering for new construction in today’s market. The property generates $184,860 in annual gross income, delivering strong and stable in-place cash flow with additional upside potential in a rapidly appreciating submarket. Consistent rental demand is driven by its proximity to both Temple University and Temple University Hospital, attracting a reliable tenant base of students and healthcare professionals. All residential units are leased to PHA tenants with rents secured, providing predictable and low-risk income from day one. The unit mix includes one studio, eight one-bedroom units, and one two-bedroom unit, along with a ground-floor commercial space, creating a diversified and resilient income stream. The property benefits from a ten-year tax abatement with over six years remaining, significantly reducing operating expenses and enhancing overall returns. It has also recently passed reinspection, offering added confidence in the property’s condition and compliance. Built with high-end finishes, each unit features spacious layouts, large bedrooms, and select private balconies that enhance tenant appeal and retention. All units are separately metered and equipped with individual mechanical systems, as well as a unit washer and dryer, minimizing landlord responsibilities and maximizing operational efficiency. As an added incentive, the offering includes one year of free property management, providing immediate operational support and increased net income for investors. Conveniently located near the Broad Street Line and multiple bus routes, the property offers excellent accessibility throughout Philadelphia. Its location within a Qualified Opportunity Zone may also provide additional tax advantages. With high stabilized income, attractive financing metrics, minimal maintenance requirements, and long-term upside, this is a rare opportunity to acquire a high-performing asset in one of Philadelphia’s most active and supply-constrained rental corridors. Take advantage of this exceptional opportunity to secure a turnkey, high-yielding investment with built-in management support and long-term growth potential.

FOR SALE DETAILS

PRICE

$1,980,000 USD

PRICE/SF

$192 USD /SF

# OF UNITS

10

PRICE/UNIT

$198,000

CAP RATE

7.44%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2023

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,504 SF

ZONING

CMX2.5

APN/PARCEL ID

885438820

ASK ABOUT THIS PROPERTY

Eric DvotskyBerkshire Hathaway Fox & Roach - Devon-WayneMore Info
267-243-4652

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Eric DvotskyBerkshire Hathaway Fox & Roach - Devon-WayneMore Info
267-243-4652

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