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3401 Wallace St 12 Unit Apartment Building $6,185,945 CAD ($515,495 CAD/Unit) 6.28% Cap Rate Philadelphia, PA 19104
Investment Highlights
- Assumable loan of $3.1M at 3.8% Until 2031
- 100% leased, Turnkey, Newer construction with low maintenance
- Full management in place already with 1st year for free
- 8 years left in full tax abatement with taxes at $2,600 annually only.
- University city and Drexel university housing
Executive Summary
Fully leased and stable 12 units new construction with assumable loan of $3.1M at 3.85% until 2031. 8 years left in full tax abatement. Offered with full management in place. Featuring 12 modern with 1bed/1bath ratio and large units with balconies, bi-level units, roofdeck and modern finishes in the highly desirable university city/Mantua area, walking distance to Drexel university and all the medical institutions. Great cash flow with low maintenance. Contact me for the P&L and more infos.
Property Facts
| Price | $6,185,945 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $515,495 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 6.28% | Building Size | 15,950 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RSA5 - residential zoning designation in Philadelphia that is primarily for single-family attached homes, like townhouses | ||
| Price | $6,185,945 CAD |
| Price Per Unit | $515,495 CAD |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.04 AC |
| Building Size | 15,950 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 2021 |
| Opportunity Zone |
Yes |
| Zoning | RSA5 - residential zoning designation in Philadelphia that is primarily for single-family attached homes, like townhouses |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
1 1
Very walkable
80/100
Very drivable
80/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 881808637 | Improvements Assessment | $2,338,807 CAD |
| Land Assessment | $259,867 CAD | Total Assessment | $2,598,674 CAD |
Property Taxes
Parcel Number
881808637
Land Assessment
$259,867 CAD
Improvements Assessment
$2,338,807 CAD
Total Assessment
$2,598,674 CAD
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3401 Wallace St
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