Philadelphia, PA
Property Type: MultifamilySize: 8 Units
Price: $2,200,000
CAP: 5.64%
Highlights:
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Fully Renovated 8-Unit Apartment Building in the Heart of the Prestigious Logan Square Neighborhood of Philadelphia
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Value-Add Opportunity: Ability to Increase Rents Upon Turnover
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Diverse Unit Mix: Studio, 1- and 2-Bedroom Units
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Modern Finishes: High-End Appliances, Gourmet Kitchens
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Limited CapEx: New Roofs, HVAC, Façade & Fire Alarm System
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Select Units are Bi-Level or Feature a Private Entrance or Outdoor Space
Description:
Marcus & Millichap is pleased to present for sale 1832-1834 Callowhill Street - A fully renovated 8-unit apartment building in the prestigious Logan Square Neighborhood of Philadelphia. 1832-1834 Callowhill offers a rare opportunity to invest in a fully renovated, turnkey asset located in one of Philadelphia’s most stable rental markets. The property offers immediate upside through rent increases upon turnover, as many units are currently rented below-market and identical floor plans within the building. Given the property’s prime location, quality and appeal, 1832-1834 Callowhill is well-suited to provide strong returns and long-term appreciation.
Situated toward the middle of the block between 18th &19th Streets, 1832-1834 Callowhill includes (3) one-bedroom units, (3) studio units and (2) two-bed/1.5 bath units. The units feature high-end modern finishes with gourmet kitchens, stainless appliances, and in-unit washer/dryers. Select units are bi-level or feature a private entrance or outdoor space.
In 2024, ownership went through an extensive Capex program that included a new roof, new in-unit HVAC systems, and a new hot water heater. The façade was pointed on all four elevations and coated with a waterproof exterior paint system. A new fire alarm system was installed & a majority of the windows were replaced.
Common areas have also been fully renovated with new flooring, lighting, paint, and trim. The front entry was upgraded with new electric locks, entry system, and door closers.
The landlord is responsible for gas for hot water and common electric and water/sewer. The tenant is responsible for electric and a flat fee for water.
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