Investment Overview

Marcus & Millichap is pleased to present for sale The Aster at 4550 Mitchell Street. Built in 2024, The Aster is a luxury mixed-use community located in the Roxborough neighborhood of Philadelphia, and features 38 apartments and 1 commercial space. Roxborough is one of the most sought-after rental markets in Philadelphia and offers the perfect balance between urban convenience and suburban charm. Known for its tree-lined streets, tight-knit community, and proximity to green spaces, Roxborough provides residents with a tranquil atmosphere just 15 minutes from the energy of Center City. ATTRACTIVE ASSUMABLE HUD DEBT The Aster is being offered with an attractive assumable HUD Loan at 5.48% on a 35 Year Amortization schedule maturing in April of 2060. DIVERSE FLOOR PLANS WITH HIGH END FINISHES The Aster features 38 modern and luxurious residential units. Offering tenants studio, one, two and three-bedroom floorplans, the apartments feature high ceilings, modern kitchens with stainless steel appliances, and in-unit washer/dryers. Bathrooms feature quartz walls in the showers/tubs and backsplash. Select units feature balconies or outdoor patio spaces. The building features a water booster pump for domestic water, ensuring high water pressure in all apartments. TOP-OF-THE LINE AMENITIES The residents of The Aster have access to a number of top-of-the-line amenities, including: • Controlled access via ButterflyMX • Security system throughout the building • Private fitness center • Resident lounge • Package room with refrigerators for grocery deliveries • Bike room • Large furnished roof deck with greenery 10 YEAR TAX ABATEMENT The Aster benefits from Philadelphia’s revised 10-Year Tax Abatement program until April 2034. Under the phased abatement structure, the property will receive a 100% tax abatement on improvements in Year 1, with the exemption decreasing by 10% annually over the subsequent nine years (i.e., 90% in Year 2, 80% in Year 3, and so on) VALUE – ADD OPPORTUNITY: COMMERCIAL SPACE CONVERSION Ownership recently received approved plans to convert the commercial space into (2) two artist studios. This provides an investor with the option to either implement the conversion plans or lease the space as-is, while maintaining consistent cash flow under the existing lease.