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1937 Spring Garden St 5 Unit Apartment Building $1,849,500 CAD ($369,900 CAD/Unit) 6.10% Cap Rate Philadelphia, PA 19130
Investment Highlights
- Abundant Neighborhood Amenities: Access to Award-Winning Restaurants, Boutique Shops, and Museums
- Proximate to Center City Employers: Walking Distance to Aramark and Comcast Universal
- Desirable Unit Mix: (3) One-Bedroom and (2) Three-Bedroom Units
- Convenient to Major Highways: Direct Access to I-95, I-76, and I-676
- Value-Add Investment Opportunity: Renovate Select Unit Interiors to Push Rents
Executive Summary
On behalf of Ownership, GREA offers qualified investors the opportunity to acquire the fee simple interest in 1937 Spring Garden Street located in the Fairmount-Art Museum section of Center City Philadelphia (the “Property” or “Asset”). The Asset comprises five apartment units with a mix of (3) one-bedroom and (2) three-bedroom floor plans.
The Property presents new ownership the opportunity to employ a light value-add business plan to increase rent. Upgrades to select unit interiors will yield a rental premium bringing rents in line with the top end of the competitive set.
1937 Spring Garden is ideally located, servicing a tenant base looking for a location walkable to restaurants, coffee shops, museums, and nightlife. Fairmount-Art Museum residents are also within walking distance of the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia.
The Asset is transit-oriented, located minutes from major highway routes such as Interstate 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Further, the 1937 Spring Garden is 0.5 miles from the Spring Garden Station on the SEPTA Broad Street Subway Line, carrying commuters from Fern Rock in North Philadelphia south to the Philadelphia Sports Complex with several stops in Center City.
1937 Spring Garden is a rare opportunity to acquire a value-add brownstone property in a highly regarded neighborhood free from oversupply.
The Property presents new ownership the opportunity to employ a light value-add business plan to increase rent. Upgrades to select unit interiors will yield a rental premium bringing rents in line with the top end of the competitive set.
1937 Spring Garden is ideally located, servicing a tenant base looking for a location walkable to restaurants, coffee shops, museums, and nightlife. Fairmount-Art Museum residents are also within walking distance of the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia.
The Asset is transit-oriented, located minutes from major highway routes such as Interstate 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Further, the 1937 Spring Garden is 0.5 miles from the Spring Garden Station on the SEPTA Broad Street Subway Line, carrying commuters from Fern Rock in North Philadelphia south to the Philadelphia Sports Complex with several stops in Center City.
1937 Spring Garden is a rare opportunity to acquire a value-add brownstone property in a highly regarded neighborhood free from oversupply.
Property Facts
| Price | $1,849,500 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $369,900 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 6.10% | Building Size | 3,760 SF |
| No. Units | 5 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 0.53/1,000 SF |
| Zoning | RM-1 | ||
| Price | $1,849,500 CAD |
| Price Per Unit | $369,900 CAD |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 3,760 SF |
| No. Stories | 4 |
| Year Built | 1900 |
| Parking Ratio | 0.53/1,000 SF |
| Zoning | RM-1 |
Amenities
Unit Amenities
- Kitchen
- Oven
- Range
- Tub/Shower
- Window Coverings
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
1 1
Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 881583105 | Improvements Assessment | $917,898 CAD |
| Land Assessment | $393,385 CAD | Total Assessment | $1,311,283 CAD |
Property Taxes
Parcel Number
881583105
Land Assessment
$393,385 CAD
Improvements Assessment
$917,898 CAD
Total Assessment
$1,311,283 CAD
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1937 Spring Garden St
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