240 Girard AvePhiladelphia, PA 19125

Property Details for 240 Girard Ave

Year built

1915

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 AC

Property size (Sq ft)

10,505 SF

Zone code

CMX2

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

88-1-8064-07

APU

881806407

Description

This exceptional Class A, 11-unit apartment building at 240 East Girard Avenue in Philadelphia, Pennsylvania, presents a compelling investment opportunity. Built in 2024, this four-story building boasts 6,900 square feet and offers a compelling price per square foot of $398.55 and a price per unit of $250,000. The property is zoned CMX2, allowing for a variety of uses. Currently in lease-up, this building benefits from strong rental demand in the vibrant Fishtown neighborhood, known for its culinary scene and thriving commercial and residential landscape. The building features desirable ground floor commercial spaces with excellent street visibility, enhancing its overall value and rental income potential. The asking price is $2,750,000, projecting a 7.32% pro forma cap rate. A significant advantage is the inclusion of a 10-year tax abatement, further enhancing the investment's attractiveness. Detailed financial information is available upon request. This property is part of a larger portfolio of three boutique mixed-use buildings in Fishtown, offering a unique opportunity for investors seeking a high-return, low-risk investment in a prime Philadelphia location. The building's location within the top 10 US MSAs adds to its long-term investment potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,474,099

  6.5%

  $2,283,784

  7%

  $2,120,656

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,127,504

  Geo Method

  $2,127,504

• Alternative Use

  Use

  Valuation

  Residential

  $2,283,784

  Hospitality

  $2,091,933

  Educational

  $1,740,464

  Medical

  $1,800,321

  Retail

  $2,707,388

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9693

Longitude

-75.1323

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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