3607 Spring Garden St, Philadelphia, PA 19104

Description

We are 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.