204 W GEORGE ST, PHILADELPHIA, PA 19123 (MLS # 7225985)
This is an opportunity to acquire a rarely offered portfolio of eighteen (18) 3-story spacious townhomes with 4bd/2.5ba, highly coveted garage parking, and impressive skyline city view roofdecks. The portfolio is located on the best blocks in the desirable Philadelphia submarket of Northern Liberties. Light cosmetic improvements will drastically improve the properties, allowing them to be repositioned as individual "for sale" townhomes to be sold to retail homebuyers in a Philadelphia market critically under-supplied with quality "for sale" housing. Homebuyer demand has far exceeded the availability of homes in Philadelphia, which has created a true owner's market and a highly competitive market, especially over the last 36 months. Northern Liberties is perennially a leader in residential sales citywide and is widely known for having some of the most innovative new developments and architectural styles in the Greater Philadelphia region. With an average in-place rent of 2,851/unit (1.35/PSF), the properties are also positioned near-term for strong rent growth. And alternatively, the portfolio can be acquired simply as an income-producing investment package, as the properties are currently fully-leased and low maintenance. Traditionally, the homes were marketed as 3bd units; moving forward, the fully-finished lower level living space can be considered a fourth bedroom for both sale/rental purposes allowing the new owner to capture additional sales proceeds/rental income if marketed for sale/lease on a "bedroom count" basis. 16 of 18 of the properties are zoned CMX3 which in Philadelphia is the most coveted zoning designation available ? making this portfolio an even further "value-add" opportunity for increased density, as the properties were not originally built to max density. And the properties are located within a 7-minute walk to the SEPTA Market-Frankford El station connecting to downtown Philadelphia, making this a "transit-oriented" portfolio. The townhomes have been traditionally fully-leased on annual terms by tenants, given the prime NoLibs location just off Liberties Walk. Northern Liberties is the 3rd wealthiest area in the entire city of Philadelphia ? a bona fide luxury residential and hip commercial submarket. Heavy NY influence is present. Full offering memorandum available upon request. Please note there are 18 units total, trend allows just 9 units! Properties can be apportioned and total SF = 38,000+ SF. See offering memorandum attached.
|Last Updated||7/30/2018||Tract||NORTHERN LIBERTIES|
|Year Built||2010||Community||19123 (19123)|
|BASEMENT||Full, Fully Finished, Yes|
|UTILITIES||Public; Public Sewer;|
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