6351 Lancaster AvePhiladelphia, PA 19151

Property Details for 6351 Lancaster Ave

Year built

1936

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.30 AC

Property size (Sq ft)

102,624 SF

Zone code

RSD3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

88-1-1261-10

APU

881126110

Description

This exceptional 25-unit apartment building, located at 6351 Lancaster Avenue in Philadelphia, Pennsylvania, presents a compelling investment opportunity. Built in 1936 and renovated in 2015, this four-story brick building boasts 25,656 square feet on a 13,040 square foot lot (APN 88-1126110). Currently operating at 100% occupancy with below-market rents, the property offers significant value-add potential. Approved plans allow for the conversion of eight three-bedroom units into two studio and fourteen one-bedroom units, increasing the unit count to 33 and maximizing rental income. The building features vinyl, double-pane windows, and the owner provides hot water, cold water, and heat

• CAP approach

  CAP return

  Valuation

  6%

  $35,832,484

  6.5%

  $33,076,140

  7%

  $30,713,558

• Comparable approach

  Method

  Valuation

  Relative Method

  $20,783,720

  Geo Method

  $20,783,720

• Alternative Use

  Use

  Valuation

  Residential

  $33,076,140

  Hospitality

  $30,297,566

  Educational

  $25,207,218

  Medical

  $26,074,134

  Retail

  $39,211,228

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9867

Longitude

-75.2497

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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