309 16Th StPhiladelphia, PA 19102

For Sale
$2,250,000

14-Unit Apartment Building, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 14-unit apartment building situated in Philadelphia's prestigious Rittenhouse Square neighborhood. The property, encompassing 5,300 square feet across four stories, consists of two contiguous brownstones (309 and 311 South 16th Street) totaling 14 units: 12 studios and 2 one-bedroom apartments. Built in 1920, the property sits on a 0.06-acre lot. Units feature varying levels of renovation, with some boasting updated kitchens including newer cabinetry, granite countertops, and stainless-steel appliances. Approximately half of the units include in-unit washer/dryer hookups. All residents enjoy access to an outdoor patio. The current asking price is $2,250,000, representing a price per unit of $160,714 and a price per square foot of $424.53. The property currently generates a Net Operating Income (NOI) of $103,874, resulting in a 4.62% cap rate. A pro-forma NOI of $141,655 projects a 6.30% cap rate, indicating significant value-add potential through rent increases achievable due to the below-market rents of many units. The property's prime location within Rittenhouse Square offers strong potential for long-term appreciation and robust returns. The buildings can be purchased individually or as a portfolio. This presents a rare opportunity to acquire a substantial multifamily asset in a highly desirable, central city location.

Highlights

  • Two 14-unit multifamily portfolio in Philadelphia's Rittenhouse Square.
  • Significant rental upside potential: $250/unit through renovations.
  • Minimal deferred maintenance and capital expenditures.
  • Unique opportunity; comparable properties unavailable.
  • Rare large-scale investment opportunity in Center City.
  • Buildings 309 and 311 are separately deeded and can be purchased individually or as a portfolio.

Property Details for 309 16Th St

Property type
Multifamily properties, Apartment buildings
Square Feet
5,300 SF
Year Built
1920
Stories
4
Lot Size (sq. ft)
2,614 SF
Units
14

Location Insight

City
Philadelphia
County
Philadelphia
State
Pennsylvania
Latitude
39.94701
Longitude
-75.1679183
309 16Th St, Philadelphia, Pennsylvania

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309 16Th St
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