2328-2344 N 2nd St - Apartments FOR SALE


Philadelphia, PA 19133- North Philadelphia East
$11,999,999 USD
267-780-3419
2328-2344 N 2nd St, Philadelphia, PA for Sale
$11,999,999 USD
Apartments - FOR SALE
1/16
null | Request Cap Rate

2328-2344 N 2nd St
Philadelphia, PA 19133
North Philadelphia East


OVERVIEW

A rare opportunity to acquire a newly constructed, institutionally finished mixed-use asset in one of Philadelphia's fastest-moving corridors positioned directly in the path of Fishtown's northward expansion. Delivered in 2023, 2328 North 2nd Street is a 33-unit, elevator-served apartment building with 3,750 square feet of ground-floor commercial space, a rooftop deck and resident lounge, in-unit laundry in every apartment, and a 10-year, 100% improvement tax abatement. The residential component is 88% occupied and performing. Seventeen units operate under a corporate master lease with Live Work Stay LLC through July 2027 at modestly below-market rents providing consistent, institutionally structured income today with a built-in mark-to-market event in the near term. Market rents for 2-bedroom units in the building are $2,150–$2,400 per month; the path to stabilized NOI of $603,000 annually is straightforward. The commercial component is 3,750 square feet across two ground-floor retail suites. At stabilization, the income capitalization approach supports a value of $11,075,000. The offering includes four adjacent residentially zoned parcels (RSA-5) along North Philip Street, each measuring approximately 1,441 square feet and conditionally approved for townhome development — four homes at approximately 2,700 square feet each. Taxes and square footage is the responsibility of the buyer to verify independently.

FOR SALE DETAILS

PRICE

$11,999,999 USD

PRICE/SF

$388 USD /SF

# OF UNITS

33

PRICE/UNIT

$363,636

CAP RATE

Request Cap Rate

% LEASED

85%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2024

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,295 SF

ZONING

CMX-2.5

APN/PARCEL ID

882966135

ASK ABOUT THIS PROPERTY

Jon O'SheaMcCann CommercialMore Info
267-780-3419

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Jon O'SheaMcCann CommercialMore Info
267-780-3419

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