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1228 & 1230 S. 2nd St & 1231 S. Philip 3 Multifamily Properties Offered at $1,798,615 CAD in Philadelphia, PA
Investment Highlights
- Strong Pennsport Location: Excellent Walkability, Abundant Neighborhood Amenities, and Low Turnover
- Attractive Unit Mix: 70% Two-Bedroom Units and 30% One-Bedroom Units
- Significant Rental Upside: Increase Rents 10% with Little to No Work Needed
- Strong Historical Occupancy and In-Place Cash Flow: Historically Well Occupied, with Minimal Turnover
- Low Expense Ratio: 33% Expense Ratio; Operational Efficiencies Already In-Place
- Access to Major Thoroughfares: Immediate Proximity to I-95, I-676, I-76, and S. Columbus Boulevard
Executive Summary
1228 South 2nd Street, 1230 South 2nd Street, and 1231 S. Philip Street is a boutique 7-unit multifamily property located in the heart of Pennsport, a desirable and rapidly gentrifying residential neighborhood in South Philadelphia. The Property offers investors an attractive entry point into a strong neighborhood known for low vacancy, strong demographics, and sustained rental demand. The Property features a well-balanced mix of (5) two-bedroom/one-bath rental units and (2) one-bedroom/one-bath rental units, with an average monthly in-place rent of $1,551. The layouts cater to a diverse renter base, including young professionals, couples, and small families. In-place rents range from $1,400 to $1,700 for the one-bedroom units and $1,540 to $1,800 for the two-bedroom units, providing measurable room for repositioning or incremental increases through turnover. As a turnkey multifamily asset in a quality location, 1228 South 2nd Street, 1230 South 2nd Street, and 1231 S. Philip Street present a compelling opportunity for investors seeking rental upside, high tenant demand, and future appreciation driven by a neighborhood that has benefited from Philadelphia’s development boom.
Property Facts
| Price | $1,798,615 CAD | Number of Properties | 3 |
| Price / SF | $319.75 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 6.70% | Total Building Size | 5,625 SF |
| Sale Type | Investment | Total Land Area | 0.07 AC |
| Status | Active |
| Price | $1,798,615 CAD |
| Price / SF | $319.75 CAD / SF |
| Cap Rate | 6.70% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 5,625 SF |
| Total Land Area | 0.07 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1228 S 2nd St, Philadelphia, PA 19147 | Multifamily | 2,457 SF | 1915 | - |
| 1230 S 2nd St, Philadelphia, PA 19147 | Multifamily | 1,728 SF | 1915 | - |
| 1231 S Philip St, Philadelphia, PA 19147 | Multifamily | 1,440 SF | 1920 | - |
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1228 & 1230 S. 2nd St & 1231 S. Philip
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