2332-2338 Carpenter St 10 Unit Apartment Building $3,836,800 CAD ($383,680 CAD/Unit) 5.39% Cap Rate Philadelphia, PA 19146

Though the large medical institution that gave this south-of–Center City swath its name is no longer in operation, Graduate Hospital has solidified a reputation independent of its common moniker. South Street West is the neighborhood’s main thoroughfare. It’s clean, well-lit, and extremely pedestrian-friendly thanks to a vibrant entrepreneurial energy coming from the neighborhood’s restaurants, bars, cafes, shops, and more.
The stretch of South Street east of Broad has long been considered a draw for out-of-towners, but Graduate Hospital’s western half is on the serious come-up thanks to ambitious restaurateurs and shop owners. Home to several of the city’s best outdoor parks, landmarks, and attractions drawing thousands of revelers to the streets every year. Residents are big on traveling by foot — Graduate Hospital’s walking proximity to Rittenhouse Square is a major perk — or on bicycles.
Characterized by a mix of single-family homes, new and old, and thriving places of worship, Graduate Hospital is a remarkably kid-friendly place (hence the stroller-filled sidewalks). It also distinctively possesses some of the best neighborhood bars in the area, from long-established institutions to gastropubby newcomers. An under-the-radar aspect of Graduate Hospital’s personality is its handmade-arts scene, which draws wide acclaim.
• Fantastic Value-add 10-unit apartment building
• Building has 3 floors, plus additional basement
• The units are extremely under rented, presenting a great opportunity for the Buyer to increase rents
• Average apartment rents for 2 bed/ 1 bath units in the area are $2,338/month, whereas the average apartment rents for the building are $1,817/month
• The property was fully gut renovated in 2011, featuring all new kitchens, bathrooms, flooring, systems, and w/d in unit
• Property features (1) 1 bed/ 1 bath unit and (9) 2 bed/ 1 bath units
• Property is sprinklered throughout and contains a hard-wired fire system that is centrally station-monitored
• Property features a large rear common area garden/ courtyard, adding additional value add potential with tremendous upgrade possibilities