516 Preston StPhiladelphia, PA 19104

Property Details for 516 Preston St

Year built

2009

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional three-unit student housing property in Philadelphia's West Powelton neighborhood presents a compelling investment opportunity. Built in 2009, the property boasts a 6.70% cap rate and a strong net operating income (NOI) of $48,628, with 100% occupancy. The triplex comprises three units totaling eight bedrooms: a spacious four-bedroom, two-bathroom bi-level unit with a kitchen, two living areas, and a private patio; and two updated two-bedroom, one-bathroom units on the second and third floors. Each unit features hardwood and ceramic tile flooring, modern kitchens with gas stoves, in-unit washers and dryers, and individual heating and central air conditioning. Recent upgrades include newer HVAC units in all three units, new vinyl siding, a new water service line, a new dishwasher in one unit, and a new range and microwave in another. Its prime location near Drexel University, the University of Pennsylvania, and the University City Science Center, combined with easy access to SEPTA transportation and Center City, ensures consistent high demand and strong rental income. The asking price is $725,000. This property offers a rare combination of excellent cash flow, low expenses, and a desirable location, making it an ideal investment for discerning buyers.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.962

Longitude

-75.2041

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