Investment Overview

Marcus & Millichap is pleased to present for sale the Somerville Homes, 24 units in North Philadelphia. Most units are currently occupied by a Section 8 tenant base - offering stable and predictable cash flow with secured rent growth for the coming years. The property is located directly next to the Einstein Medical Center, which is a large 772-bed teaching hospital. It is also located just off Broad Street, walking distance to the Olney Transportation Center which is a bus and subway hub for the area. The units each have separate entrances and separate utilities of which gas and water are paid for by the owner. Tenants are responsible for electricity. The downstairs units also have front porches and semi-private backyards. Somerville Homes is located in North Philadelphia, adjacent to Einstein Medical Center - A large 772-bed teaching hospital. The property is located in the Logan neighborhood (sometimes referred to as the Logan-Ogontz-Fern Rock area) of Upper North Philadelphia. The area surrounding Somerville Homes scores well for transit, with nearby public transportation options including Olney Transportation Center, the Broad Street Line subway, as well as numerous bus routes. Olney Transportation Center is less than a 10-minute walk from the property, and is a bus and subway hub for the area. Logan was once part of land owned by James Logan - An advisor to William Penn. The land was later developed around the transit corridor. The area includes a mix of residential styles, and has local commercial strips, especially along Broad Street. There are numerous local shops and convenience amenities in the immediate area, and the retail, dining, and entertainment options in Center City are just a short trip away on public transit.