3607 Spring Garden St - Apartments FOR SALE


Philadelphia, PA 19104- Mantua | 
$1,500,000 USD
215-608-3734
3607 Spring Garden St, Philadelphia, PA for Sale
$1,500,000 USD
Apartments - FOR SALE
1/25
null | 7.15% Cap Rate

3607 Spring Garden St
Philadelphia, PA 19104
Mantua


HIGHLIGHTS

  • STRONG IN-PLACE YIELD Current NOI of $107,197 represents a 7.15% going-in cap rate, providing investors with attractive cash flow from acquisition.
  • HIGHLY DESIRABLE UNIT MIX The property consists of five three-bedroom / three-bathroom residences and one two-bedroom / two-bathroom residence, provid
  • NEWER CONSTRUCTION Built in 2018, the property provides investors with a modern multifamily product and a newer physical plant relative to much of Phi
  • EFFICIENT OPERATING PROFILE Current operating expenses total approximately $21,054, representing only 16.4% of Effective Gross Income, supporting stro
  • YEAR 1 INCOME GROWTH Year 1 underwriting projects NOI increasing to $113,288, resulting in an 7.55% capitalization rate and 6.27% cash-on-cash return
  • STRONG RESIDENTIAL INCOME The six units currently generate $11,250 per month and $135,000 annually in scheduled rental income, with an average monthly

OVERVIEW

Trophy Commercial Real Estate, LLC (“Trophy”) is pleased to present 3607 Spring Garden Street, a six-unit multifamily investment opportunity located in Philadelphia. Offered at $1,500,000, the property was built in 2018 and totals approximately 4,950 rentable square feet, with an average unit size of approximately 825 square feet. The property features a highly differentiated unit mix consisting of five three-bedroom / three-bathroom residences and one two-bedroom / two-bathroom residence. Current rents range from $1,500 to $2,010 per month, generating $11,250 in monthly scheduled rent and $135,000 in annual Gross Scheduled Rent. The asset generates $107,197 in current Net Operating Income, representing a 7.15% going-in capitalization rate at the asking price. Year 1 underwriting projects Gross Scheduled Rent of $141,750 and NOI of $113,288, resulting in a 7.55% Year 1 capitalization rate. At approximately $250,000 per unit and $303.03 per rentable square foot, 3607 Spring Garden Street provides investors with immediate cash flow, a modern residential product, and continued income growth potential in a well-located Philadelphia multifamily asset.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$375 USD /SF

# OF UNITS

6

PRICE/UNIT

$250,000

CAP RATE

7.15%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

3607 Spring Garden St

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2018

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,648 SF

ZONING

RM1-Residential Multi-Fa

APN/PARCEL ID

881561626

ASK ABOUT THIS PROPERTY

Saam TashayyodTrophy Commercial Real EstateMore Info
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.