9400-9430 Roosevelt Blvd - Apartments FOR SALE


Philadelphia, PA 19115- Northeast Philadelphia
$5,200,000 USD
215-454-2852
9400-9430 Roosevelt Blvd, Philadelphia, PA for Sale
$5,200,000 USD
Apartments - FOR SALE
1/13
null | Request Cap Rate

9400-9430 Roosevelt Blvd
Philadelphia, PA 19115
Northeast Philadelphia


HIGHLIGHTS

  • Strong In-Place Cash Flow: In-Place 7.4% CAP Rate
  • Mark to Market Opportunity: 5% to 10% Rental Upside “As Is”
  • Strong Demographics: 3– and 5–Mile Average Household Income at $90,000±
  • SEPTA’s Regional Rail & Bus: Route 14 Bus Stop within Steps of Michner Pointe Apartments
  • One of the Best Sub-Markets in the “Far Northeast”: Bustleton Neighborhood
  • Proximity to Shopping & Dining: Giant, Lowe’s, Chick-Fil-A and Chipotle Located Across the Street

OVERVIEW

Michner Pointe Apartments is a 33-unit garden-style apartment community located in the Bustleton section of Northeast Philadelphia. Built in 1962, the Property consists of three brick apartment buildings with ample off-street parking and an attractive unit mix, primarily consisting of one-bedroom apartments. The Property currently maintains 100% occupancy with strong existing cash flow and stable operations, while still providing investors with additional upside through continued unit renovations, operational improvements, and future rent growth potential. Based on current in-place rents, the Property offers approximately 5% to 10% rental upside as-is prior to implementing any significant capital improvements. New ownership could implement water and sewer reimbursement income, providing additional NOI growth opportunities. Further, Michner Pointe Apartments represents the current ownership’s only multifamily asset in the Philadelphia market, creating an opportunity for a new owner with an existing local presence to potentially achieve operational efficiencies and improved management oversight. Michner Pointe Apartments is conveniently located along Roosevelt Boulevard (Route 1) with immediate access to Interstate-95, Interstate-276, Interstate-295, Grant Avenue, Welsh Road, and Bustleton Avenue. The Property benefits from strong accessibility throughout the Philadelphia region while maintaining the feel of a suburban residential community. Additionally, the Property is located near SEPTA Bus Routes 1, 14, and 19, along with SEPTA’s Torresdale Regional Rail Station, providing convenient access to Center City Philadelphia. The Bustleton section of Far Northeast Philadelphia continues to experience strong multifamily fundamentals driven by stable neighborhood demographics, strong occupancy levels, and continued rental demand. The surrounding area benefits from significant nearby retail, restaurants, grocery stores, and daily conveniences, making Michner Pointe Apartments highly attractive to tenants seeking affordable access to both suburban and urban amenities. Michner Pointe Apartments presents investors with the opportunity to acquire a well-located, stabilized multifamily asset with strong in-place cash flow, meaningful operational upside, and long-term rental growth potential within one of Northeast Philadelphia’s strongest multifamily submarkets.

FOR SALE DETAILS

PRICE

$5,200,000 USD

PRICE/SF

$230 USD /SF

# OF UNITS

33

PRICE/UNIT

$157,576

CAP RATE

Request Cap Rate

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Michner Pointe Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

32

LAND DETAILS

LAND ACRES

0.68 AC

LAND SF

29,621 SF

ZONING

RTA-1

APN/PARCEL ID

881405400,881405410,881405420

ASK ABOUT THIS PROPERTY

215-454-2852

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215-454-2852

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