Skip to main content

Multifamily

313 S 18th Street

313 S 18th St, Philadelphia, PA 19103

Listing Price: $2,050,000

Cap Rate
3.58%
Number of Units
7
Occupancy
95.0%
Price/Unit
$292,857
Price/Gross SF
$436.91
Gross SF
4,692

Investment Overview

313 S 18th Street is a 7-Unit Value Add Opportunity located in the prestigious Rittenhouse Square neighborhood of Philadelphia, one of the most highly desirable locations in the city known for its excellent rent growth and low vacancy rates. The subject building sits on a double-wide lot and is situated towards the end of the block between Delancey & Spruce Streets. Under current ownership, 313 S 18th St has benefited from capital improvements totaling more than $210,000 ($30,000/unit), primarily invested in asset preservation and deferred maintenance projects. The current owner replaced the roof, exterior stucco walls, the boiler, and much of the other heavy lifting at the property. As a result, 313 S 18th St represents a highly marketable asset poised to generate above-average yields while providing multiple avenues of in-unit value-add creation throughout the next ownership cycle. This property presents the opportunity to capitalize on an asset in one of Philadelphia's most stable rental markets as current ownership has been focused on capital improvements & maintaining consistent occupancy. The average in-place rent at 313 S 18th is around $2.40/SF. Top of the market rents in the neighborhood reflects an average rent of $3.40/SF. A new owner who is willing to upgrade the units will only need to increase rents to $3.00/SF to see a significant increase in the rent roll and, subsequently, their returns.

Investment Highlights

  • 7 Units in Prestigious Rittenhouse Square Neighborhood of Philadelphia
  • Value Add: Ability to Increase Rents Through Renovations
  • Features Private Outdoor Patio Space & In-Unit Washer/Dryer
  • Substantial Capital Expenditures Completed by Current Ownership

Exclusively Listed By

  • Luke Bianchino

    Associate

    Email Luke

    License(s): PA: RS355270

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, NJ: 0787408

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

Financing By

Multifamily

313 S 18th Street

Listing Price: $2,050,000

Cap Rate
3.58%
Number of Units
7
Occupancy
95.0%
Price/Unit
$292,857
Price/Gross SF
$436.91
Gross SF
4,692

Investment Highlights

  • 7 Units in Prestigious Rittenhouse Square Neighborhood of Philadelphia
  • Value Add: Ability to Increase Rents Through Renovations
  • Features Private Outdoor Patio Space & In-Unit Washer/Dryer
  • Substantial Capital Expenditures Completed by Current Ownership

Investment Overview

313 S 18th Street is a 7-Unit Value Add Opportunity located in the prestigious Rittenhouse Square neighborhood of Philadelphia, one of the most highly desirable locations in the city known for its excellent rent growth and low vacancy rates. The subject building sits on a double-wide lot and is situated towards the end of the block between Delancey & Spruce Streets. Under current ownership, 313 S 18th St has benefited from capital improvements totaling more than $210,000 ($30,000/unit), primarily invested in asset preservation and deferred maintenance projects. The current owner replaced the roof, exterior stucco walls, the boiler, and much of the other heavy lifting at the property. As a result, 313 S 18th St represents a highly marketable asset poised to generate above-average yields while providing multiple avenues of in-unit value-add creation throughout the next ownership cycle. This property presents the opportunity to capitalize on an asset in one of Philadelphia's most stable rental markets as current ownership has been focused on capital improvements & maintaining consistent occupancy. The average in-place rent at 313 S 18th is around $2.40/SF. Top of the market rents in the neighborhood reflects an average rent of $3.40/SF. A new owner who is willing to upgrade the units will only need to increase rents to $3.00/SF to see a significant increase in the rent roll and, subsequently, their returns.

Exclusively Listed By

  • Luke Bianchino

    Associate

    Email Luke

    License(s): PA: RS355270

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, NJ: 0787408

    Philadelphia

  • Daniel Bernard

    Senior Associate

    (215) 531-7022

    Email Daniel

    License(s): PA: RS331381

    Philadelphia

  • Andrew Townsend

    First Vice President Investments

    (215) 531-7020

    Email Andrew

    License(s): PA: RS304074, DE: RS-0019885, NJ: 680787

    Philadelphia

Financing By

MM Texture Background
MM Textured Background Lower