2530 Ridge AvePhiladelphia, PA 19121

Property Details for 2530 Ridge Ave

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a stabilized, six-building multifamily portfolio in Philadelphia, PA. The portfolio comprises 18 units (31 bedrooms, 19 bathrooms) totaling approximately 13,500 square feet, currently boasting a 97% occupancy rate and a 9.41% cap rate based on a Net Operating Income (NOI) of $301,010. The properties, meticulously renovated in 2022, are classified as Class B and situated in a RM1 zoned area. All units except those at 2725 Glenwood Ave are leased through the Philadelphia Housing Authority (PHA), providing guaranteed rent payments. The portfolio's current asking price is $3,200,000, translating to a price per unit of $177,778. Significant rental increases are projected for 2024, further enhancing the investment's potential return. The portfolio's prime location offers convenient access to Philadelphia schools and essential amenities, contributing to strong rental demand. This fee-simple ownership opportunity is ideal for investors seeking a turnkey, high-performing multifamily asset in a thriving urban market. The portfolio includes properties located at 2725 Glenwood Ave, 2530 Ridge Ave, 1913 N 23rd St, 1941 N 23rd St, 1210 W Dauphin St, and 1212 W Dauphin St, all within Philadelphia, PA 19121.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9831

Longitude

-75.1761

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