5900 Market St - Apartments FOR SALE


Philadelphia, PA 19139- Cobbs Creek
$640,000 USD
267-252-0223
5900 Market St, Philadelphia, PA for Sale
$640,000 USD
Apartments - FOR SALE
1/8
null | 8.26% Cap Rate

5900 Market St
Philadelphia, PA 19139
Cobbs Creek


HIGHLIGHTS

  • Attractive Acquisition Basis | 8.26% CAP Rate
  • Renovated In 2019
  • Fully Occupied
  • Long-Term Commercial Lease In-Place (4.8 Years Remaining)
  • Mark-To-Market Upside | -7% Rental Upside Through Lease Turnover
  • Diversified Mixed-Use Income Stream

OVERVIEW

Horvath & Tremblay is pleased to present the opportunity to acquire 5900 Market Street, a mixed-use asset located in the Haddington section of West Philadelphia. Built in 1915 and renovated in 2019, the Property consists of five residential units and one ground-floor commercial unit across 3,706 square feet of gross building area. The Property is currently 100% occupied. The residential component consists of two studios, two one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit, generating $63,462 in current scheduled annual residential rent, $1,057 per unit average. The ground floor commercial suite is leased to Manifest Network LLC through May 2031, which is approximately 4.8 years of remaining term, contributing an additional $11,748 in current annual rent or $979 per month. A built-in mark-to-market opportunity exists across the residential unit mix. By meeting estimated market rents of $1,000 for the studios, $1,150 for the one-bedroom units, and $1,350 for the two-bedroom unit, an investor could increase residential rent to $67,800 annually or $1,130 per unit average — an increase of approximately 7% or $4,338 annually, achievable through normal lease turnover and renewals. Layering in a modest utility reimbursement program, estimated at $2,475 annually, and select operating efficiencies offers a further path to NOI growth beyond the underwritten stabilized projection. 5900 Market Street sits directly along SEPTA's Market-Frankford Line, within a short walk of the 60th Street Station, providing residents and the commercial tenant with direct rail access to Center City, University City, and Philadelphia's broader employment base. Multiple SEPTA bus routes along Market Street provide further connectivity throughout West Philadelphia and the greater metropolitan area.

FOR SALE DETAILS

PRICE

$640,000 USD

PRICE/SF

$173 USD /SF

# OF UNITS

5

PRICE/UNIT

$128,000

CAP RATE

8.26%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1915

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.03 AC

LAND SF

1,307 SF

ZONING

CMX3

APN/PARCEL ID

871048300

ASK ABOUT THIS PROPERTY

Joe LoonstynHorvath & TremblayMore Info
267-252-0223

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Joe LoonstynHorvath & TremblayMore Info
267-252-0223

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