623-25 Pine Street & 735 Spruce Street 2 biens • Immeuble residentiel • À vendre 5 184 375 $ CAD • Philadelphia, PA

The offering is comprised of three brownstone buildings containing 17 predominantly renovated luxury apartments in the Washington Square West section of Center City Philadelphia.
623-25 Pine Street is comprised of two adjacent buildings, while 735 Spruce is a standalone building located within four minutes walking distance from the Pine Street building. The proximity of the Assets will allow for efficient management for new ownership. Current ownership recently modernized and beautified the common areas of each building in addition to most unit interiors to reposition the Asset. However, additional upside remains for the next buyer as outlined further below and herein.
The Assets present new ownership with a light value-add opportunity to renovate and add washers/dryers to select units, completing the total renovation of the Properties. The purchaser will enjoy stabilized cash-flow created by prior ownership, while at the same time recognizing additional upside through marking-to-market units through cosmetic renovations.
Washington Square West is a downside-protected neighborhood that has seen continued rent growth and has an insatiable demand for apartments, strengthened by the limited supply of rental product in the immediate area. Residents are within walking distance of a multitude of amenities, restaurants, nightlife, shopping destinations, and major public transportation routes. Rental stock in this location draws upon an “Ed’s and Med’s” tenant base who prefer living within walking distance of Pennsylvania Hospital (Penn Medicine) and Thomas Jefferson University and Hospital. These buildings are irreplaceable assets in prime locations that will continue to thrive.