204 W George Street

    Philadelphia, PA 19123
    • $10,530,000
    • STATUS: Active
    • ON SITE: 15 days
    • ID#: 7225985
    UPDATED: 68 min ago
    $10,530,000
    • 0
      BEDS
    • 0.37
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 32,767
      SQFT
    • $321
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    2010
    County:

    School Ratings & Info

    School District:
    Listing courtesy of Bhhs Fox & Roach-Center City Walnut.

    Description

    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.

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    The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Remax Preferred | Scott Kompa Group participates, and is provided by TREND through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Copyright 2018 TREND, All Rights Reserved. Information Deemed Reliable But Not Guaranteed. Data last updated 2018-08-15T11:57:11.553.
    www.scottkompa.com/homes/86104274

    204 W George Street Philadelphia, PA 19123

    • Price: $10,530,000
    • Status: Active
    • Updated: 68 min ago
    • ID#: 7225985
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.37
    Acres
    32,767
    SQFT
    $321
    $/SQFT
    2010
    Built
    Neighborhood:
    Northern Liberties
    County:
    Philadelphia
    Area:
    19123 (19123)
    School District:
    Philadelphia
    Property Description
    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.
    Exterior Features

    Design Other Exterior Brick Garage Yes Garage Spaces One Car Garage Garage Type Inside AccessGarage Door Opener Lot Dimensions 324X48 Parking One Car Parking Water Front No

    Interior Features

    Basement Yes Basement Type FullFully Finished Central Air Yes Cooling Central A/C Floor Wood Handicap None Heating Gas Hot Water Natural Gas Interior Square Feet Source Listor Laundry Type Washer In Unit Three Bedroom Units 9 Unit Eight Baths 2 Unit Eight Bedrooms 4 Unit Eight Partial Baths 1 Unit Five Baths 2 Unit Five Bedrooms 4 Unit Five Partial Baths 1 Unit Four Baths 2 Unit Four Bedrooms 4 Unit Four Partial Baths 1 Unit Nine Baths 2 Unit Nine Bedrooms 4 Unit Nine Partial Baths 1 Unit One Baths 2 Unit One Bedrooms 4 Unit One Partial Baths 1 Unit Seven Baths 2 Unit Seven Bedrooms 4 Unit Seven Partial Baths 1 Unit Six Baths 2 Unit Six Bedrooms 4 Unit Six Partial Baths 1 Unit Three Baths 2 Unit Three Bedrooms 4 Unit Three Partial Baths 1 Unit Two Baths 2 Unit Two Bedrooms 4 Unit Two Partial Baths 1

    Property Features

    Annual Gross Expense 89001.0 Annual Gross Income 615816.0 Annual Other Expense 87141.0 Cross Street N 2Nd St Lot Number 176 New Construction No Sewer Septic Public Sewer Tax Year 2018 Total Assessment 132884.0 Total Taxes 1860.0 Type Multibldgs Unit Eight Lease End 2020 Unit Eight Monthly Rent 2851.0 Unit Eight Occupied Yes Unit Five Lease End 2020 Unit Five Monthly Rent 2851.0 Unit Five Occupied Yes Unit Four Lease End 2020 Unit Four Monthly Rent 2851.0 Unit Four Occupied Yes Unit Nine Lease End 2020 Unit Nine Monthly Rent 2851.0 Unit Nine Occupied Yes Unit One Lease End 2020 Unit One Monthly Rent 2851.0 Unit One Occupied Yes Unit Seven Lease End 2020 Unit Seven Monthly Rent 2851.0 Unit Seven Occupied Yes Unit Six Lease End 2020 Unit Six Monthly Rent 2851.0 Unit Six Occupied Yes Unit Three Lease End 2020 Unit Three Monthly Rent 2851.0 Unit Three Occupied Yes Unit Two Lease End 2020 Unit Two Monthly Rent 2851.0 Unit Two Occupied Yes Water Public Zoning Code Cmx3



    The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Remax Preferred | Scott Kompa Group participates, and is provided by TREND through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Copyright 2018 TREND, All Rights Reserved. Information Deemed Reliable But Not Guaranteed. Data last updated 2018-08-15T11:57:11.553.
     
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    Listing courtesy of Bhhs Fox & Roach-Center City Walnut.