For Sale
$850,000

4942 Chestnut StPhiladelphia, PA 19139

Renovated Quadplex, Excellent ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional three-story, four-unit apartment building in Philadelphia's University City neighborhood presents a compelling investment opportunity. Completely renovated in 2020, the property boasts 2,765 square feet of net rentable space, currently achieving 100% occupancy with paying tenants. Each unit offers unique features, including two with private decks, and the building includes a coin-operated laundry for added income. The property benefits from a 10-year tax abatement (commencing 2020), a fully electric system simplifying management, and a prime location near public transportation, including the Market-Frankford subway line, making it highly attractive to renters. The building's strong financials are highlighted by a current NOI of $51,511 and a pro-forma NOI of $61,500, translating to a 6.06% cap rate and a pro-forma cap rate of 7.24%. Built in 1921 and situated on a 1,792 square foot lot, this fee-simple property is zoned RM1. The asking price is $850,000, representing $212,500 per unit and $307.41 per square foot. Potential for rental increases exists due to the area's growing population and current HCV rent rates. This turnkey property offers immediate value and significant long-term upside potential within a rapidly appreciating neighborhood. The property's location near universities and hospitals further enhances its desirability and investment potential.

Highlights

  • $850,000 asking price for a stabilized, four-unit apartment building in Philadelphia, PA.
  • Completely renovated in 2020, including a new roof and building systems.
  • 100% occupancy with paying tenants since March 1, 2020.
  • Features four spacious units, two with private decks, and a coin-operated laundry.
  • Located in University City, near public transportation, with a 10-year tax abatement (starting 2020).

Property Details for 4942 Chestnut St

Property type
Apartment buildings
Square Feet
2,765 SF
Class
B
Year Built/Renovated
1921/2020
Buildings
1
Stories
3
Units
4

Location Insight

City
Philadelphia
County
Philadelphia
State
Pennsylvania
Latitude
39.9576773
Longitude
-75.2206969
4942 Chestnut St, Philadelphia, Pennsylvania

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4942 Chestnut St
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