3022 & 3024 Richmond Street 2 Multifamily Properties Offered at $1,892,174 CAD in Philadelphia, PA

Marcus & Millichap is pleased to present an 11-unit multifamily investment
opportunity located at 3022–3024 Richmond Street in the Port Richmond
neighborhood of Philadelphia, Pennsylvania. Comprised of two side-by-side
buildings, the properties are positioned along the dynamic Richmond Street
corridor, lined with charming, boutique commercial establishments that lend the
neighborhood its distinct local character. The asset offers investors the opportunity
to acquire a well-located, value-add investment in one of the city's most actively
evolving urban submarkets.
The property consists entirely of one-bedroom, one-bathroom units, offering an
efficient and highly rentable unit mix that minimizes turnover friction and appeals
to Port Richmond's broad, demand-driven tenant base. The asset demonstrates
approximately 10 percent organic rent growth, reflecting the strength of in-place
fundamentals and the neighborhood's upward rent trajectory, with additional upside
available through light unit renovations and interior improvements. Its position
directly along the Richmond Street corridor adds further appeal—surrounded by the
boutique commercial establishments that give the immediate area its character and
reinforce steady residential demand at the building's doorstep.
Port Richmond has emerged as one of Philadelphia's most compelling growth
stories, drawing investors as demand continues to migrate north and east from
Fishtown and Kensington in search of relative value. The neighborhood is anchored
by major commercial thoroughfares including Lehigh Avenue, Aramingo Avenue,
and Frankford Avenue—the latter home to a thriving hospitality corridor led by
several James Beard Award-winning chefs—providing residents with abundant retail,
dining, and daily-needs amenities. The location is further strengthened by direct
access to Interstate 95 and the regional highway network, as well as proximity to
outdoor recreation and the Delaware River waterfront at General Pulaski Park. This
combination of established infrastructure, neighborhood amenities, and a clear
upward trajectory continues to attract investor interest across the regional market.
From an investment perspective, the combination of strong in-place fundamentals,
organic and renovation-driven rental upside, and a neighborhood firmly on an
upward path positions this asset as a compelling opportunity for investors seeking
durable, long-term returns in a high-demand Philadelphia submarket.