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85 EAST-9 Units Mt Airy-Operational Value-add 85 E Sharpnack St 9 Unit Apartment Building $3,378,403 CAD ($375,378 CAD/Unit) 6% Cap Rate Philadelphia, PA 19119
Investment Highlights
- PRIVATE PARKING
- HIGH-DEMAND/GROWTH LOCATION
- 10 YEAR TAX ABATEMENT
- TURNKEY INVESTMENT
- EAST ACCESS TO DINING, SHOPPING DISTRICTS + TRAIN STATIONS
- Walkable to Germantown Avenue’s commercial corridor
Executive Summary
INTRODUCING: 85 EAST — This 9-unit gated new construction apartment community with parking is set back peacefully off the quaint cobbles of Germantown Avenue in Philadelphia’s historic Mount Airy neighborhood in NW PHL. It is a turnkey investment opportunity with an attractive 6% cap rate. Comprising 3 contiguous triplex buildings, 85 East features private parking and panoramic rooftop terraces for residents. Each building features two (2) 2bd x 1ba units on the 1st/2nd floors and one (1) 3bd x 2ba unit on the 3rd floor, with private access to the rooftop terrace. The interiors are outfitted with high-end finish kits including quartz countertops, LVP flooring, stainless-steel appliance packages, designer lighting and more. Bright, spacious and airy interiors provide a serene sense of calm inside the buildings. Walkable to Germantown Avenue’s commercial corridor lined with boutiques, shops, breweries, restaurants, cafes and historic structures, 85 East is connected to the fabric of Mount Airy’s eclectic lifestyle. Easy access into Center City and University City by train (3 minutes to Carpenter Station on Chestnut Hill West Septa line) or car (25 minutes to Center City), as well as suburban employment and entertainment districts. Walkable nearby amenities include: Mount Airy Tap Room, Acme, Lovett Memorial Library, Wawa, McMenamin’s, Jansen, Johnson House Historic Site, Weaver’s Way Co-op, Grocery Outlet, Young American Hard Cider and Tasting Room — as well as Wissahickon Valley Park, Chestnut Hill and Historic Germantown. 10 Year Tax Abatement—pay taxes on assessed land value rather than improvements. Minimal expenditures. High-growth rental submarket.
Property Facts
| Price | $3,378,403 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $375,378 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6% | Building Size | 12,720 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2022 |
| Zoning | RSA5 - Residential Single-Family Attached-5 | ||
| Price | $3,378,403 CAD |
| Price Per Unit | $375,378 CAD |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 12,720 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2022 |
| Zoning | RSA5 - Residential Single-Family Attached-5 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Detector
1 1
Very walkable
80/100
Fairly drivable
40/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 881000838 | Improvements Assessment | $2,150,733 CAD |
| Land Assessment | $238,939 CAD | Total Assessment | $2,389,673 CAD |
Property Taxes
Parcel Number
881000838
Land Assessment
$238,939 CAD
Improvements Assessment
$2,150,733 CAD
Total Assessment
$2,389,673 CAD
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85 EAST-9 Units Mt Airy-Operational Value-add | 85 E Sharpnack St
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