Investment Overview

Register to Bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3228 Marcus & Millichap is pleased to present 1616 North Bailey, a nine-unit apartment building completed in 2024 in the Brewerytown neighborhood of Philadelphia. The unit mix is entirely two-bedroom, consisting of six 2BR/1BA and three 2BR/1.5BA layouts averaging 783 square feet. Apartments feature high-end finishes including stainless steel appliances, subway tile backsplash, hardwood flooring, central HVAC, and in-unit washer/dryers. Building amenities include secured entry, an elevator, a bike room, a six-car covered parking garage, and a shared rooftop deck. The property sits in Philadelphia's 19121 ZIP code with direct access to Center City approximately two miles south and Temple University 1.5 miles east. The Girard Avenue transit hub is a half mile from the site, providing trolley and bus connections, and I-76 on-ramps are roughly one mile away via West Girard Avenue. East Fairmount Park, the Philadelphia Zoo, and the Schuylkill River Trail are within walking distance. The broader Philadelphia metro houses 6.2 million residents and is anchored by major institutional employers including the University of Pennsylvania, Jefferson Health, Drexel, Temple University Health System, Comcast, and Vanguard. 1616 North Bailey carries Philadelphia's full ten-year tax abatement, in place through 2034, materially reducing real estate tax exposure across the early hold period. Brewerytown is among Philadelphia's highest-growth submarkets, with metro rents up 3.9 percent year over year and continued redevelopment activity across the corridor. The asset offers turnkey new construction, an all two-bedroom unit mix, covered parking, and durable renter demand drawn from university, hospital, and Center City employment bases.