Introducing 2614 Girard AVE, a turnkey investment property fully renovated and leased at slightly under market rate rents, allowing the new investor to capture immediate rental upside. The property contains a tasteful mixture of two (2) 1bd apartments, one (1) 2bd apartment, and one (1) ground floor retail tenant. The existing cap rate is just under 7 per cent which is attractive on its own but the pro forma cap rate is a stellar 7.3 per cent. Similar assets have traded off market recently here and this property has been priced competitively. The NOI is just over 60K. All of the apartments were completely redesigned as like new construction with premium features throughout like quartz counters and stainless appliances. A brand new facade lends strong curb appeal to the asset and enlivens an already vibrant block. Tons of natural light in each unit. This mixed use asset is conveniently located on Brewerytowns booming commercial corridor, surrounded by new development in every direction. Residents of the building benefit from an on site restaurant and tons of bars, breweries, restaurants, shops and studios located within steps along the Avenue. This is one of the most desirable areas for YPs and millennials in all of Philadelphia. Long term rent growth and appreciation projected for years to come in Brewerytown. Easy access into downtown Philly, University City, Fairmount Park + more. There is a 100+ unit new development planned behind the property which will bring even more retail and restaurants to the area. Inquire within for financials, floorplans + more.Owner occupant investors can qualify for extremely attractive financing and low down payment with new FHA loan limits for 2020 on 2 to 4 unit multifamily buildings; inquire within for more info...
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