230 E Sharpnack St - Multi-Family FOR SALE


Philadelphia, PA 19119- East Mount Airy
$3,300,000 USD
215-608-3734
230 E Sharpnack St, Philadelphia, PA for Sale
$3,300,000 USD
Multi-Family - FOR SALE
1/34
null | 6.34% Cap Rate

230 E Sharpnack St
Philadelphia, PA 19119
East Mount Airy


HIGHLIGHTS

  • 37-Unit Multifamily Asset with Institutional-Scale Operational Efficiency
  • 6.31% Going-In Cap Rate with 8.05% Stabilized Yield
  • Significant Mark-to-Market Opportunity with 21% Rental Upside
  • Attractive Basis at $89,189 Per Unit
  • Clear Path to NOI Growth Through Lease-Up and Rent Normalization

OVERVIEW

A 37-unit value-add multifamily investment located in Northwest Philadelphia. The asset offers immediate scale, stable in-place income, and a clearly defined value-add strategy driven by rent growth. Ownership can also generate additional income by charging for the 25 on-site surface lot spots. Ownership has started the renovation program and proved the concept, allowing for the next owners to continue the process. At the asking price of $3,300,000, the property generates an in-place Net Operating Income of approximately $208,179 (6.31% cap rate), with the ability to achieve approximately $265,554 in stabilized NOI (8.05% cap rate) through rent normalization. The property comprises 37 one-bedroom units across two adjacent buildings, totaling approximately 22,705 rentable square feet. The asset features a consistent unit mix, efficient layouts, and a scalable operational profile. Ownership has recently completed meaningful capital improvements, including parking lot resurfacing, roof replacement, and building entry door upgrades. As a result, future ownership can allocate capital toward income-producing renovations rather than deferred maintenance. Average in-place rents are approximately $807 per unit, compared to projected market rents of approximately $978, representing a meaningful mark-to-market opportunity and a clear path to revenue growth through lease turnover.

FOR SALE DETAILS

PRICE

$3,300,000 USD

PRICE/SF

$145 USD /SF

# OF UNITS

37

PRICE/UNIT

$89,189

CAP RATE

6.34%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

230 & 234 Sharpnack Street

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

ADD'L SUBTYPES

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1960

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

881094700

ASK ABOUT THIS PROPERTY

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215-608-3734

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Saam TashayyodTrophy Commercial Real EstateMore Info
215-608-3734

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