1438 Broad StPhiladelphia, PA 19121

Property Details for 1438 Broad St

Year built

1912

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.27 AC

Property size (Sq ft)

14,000 SF

Zone code

CMX4

Property type

Residential income properties

Property subtype

Residential income homes

APN

88-1-4270-27

APU

881427027

Description

This exceptional 16-unit student housing property, located at 1438 N Broad Street in Philadelphia, Pennsylvania, presents a compelling investment opportunity. The 14,000 square foot building, situated on a 0.27-acre lot, boasts 53 beds across its 16 units and currently enjoys an 87% occupancy rate. Originally constructed in 1870 and extensively renovated in 2019, the four-story building features modern amenities including updated kitchens and baths with stainless steel appliances and kitchen cabinets. The property benefits from a CMX-4 (Commercial Mixed-Use) zoning designation and is ideally positioned on Temple University's campus, just two blocks from the main campus, providing consistent demand and strong rental income. The building includes on-site laundry facilities, security doors, an access control intercom system, and security cameras, enhancing both tenant safety and property management. All units are currently leased under 12-month agreements, running from August 1st to July 31st, with the current tenants being members of the Kappa Delta Rho fraternity. The property also benefits from the remaining balance of a 10-year tax abatement, further enhancing its financial attractiveness. With a net rentable area of 11,355 square feet, the asking price is $3,300,000, representing a price per unit of $206,250 and a price per square foot of $235.71. This property offers a rare combination of historical charm, modern updates, and a prime location within a thriving university setting, making it an ideal investment for discerning buyers. The property's APN is 881427027. The ownership is Fee Simple.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9757

Longitude

-75.1591

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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