274-76 S 58TH Street

Description

-- Renovated Units: 100% Two-Bedroom Units with +G+Top of the Market+G- Finishes-- Value-Add Opportunity: With Laundry Added to Basement, Rents can be Increased by $50-$100 per Unit per Month-- Strong Rental Market: Sub-Market Occupancy +-98%-- Public Transportation: SEPTA+GGs Market Frankford Line is within 4 Blocks of Property58th Street Apartments is a 6-unit apartment community located at 274-276 South 58th Street in the Cobbs Creek section of West Philadelphia. Originally constructed in 1925 and renovated in 2021, the three-story building with a brick exterior and a flat rubber membrane roof is located on a predominately residential block between Locust and Spruce Streets. The unit mix is outstanding as the property consists of 100% newly renovated two-bedroom units. The tenants are responsible for heat, hot water and electric, while the owner provides cold water. The property is conveniently located near Chestnut & Walnut Streets (Route 3), Baltimore Avenue (Route 13) and SEPTA+GGs 69th Street Transportation Center. The rental market in the Cobbs Creek section of West Philadelphia is robust with sub-market occupancy rates north of 98%. There is a tremendous value add opportunity at The 58th Street Apartments. Currently, the property has no laundry equipment on site but by adding washers and dryers to the property, rents can be increased by $50-$100 per unit per month. In addition, the owner pays for cold water at 58th Street Apartments while 83% of the renovated properties in the sub-market charge tenants for cold water. By implementing a water fee of $25 per unit per month, new ownership could capitalize on this current market trend. Furthermore, the property is zoned for two additional apartments if new ownership wished to pursue a higher unit count. 58th Street Apartments present an outstanding opportunity to purchase 6 fully renovated apartment units in an extremely high occupancy sub-market.