Pine Street Apartments

1314 Pine Street; Philadelphia, PA 19107

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Property Details

  • Price$ 1,125,000
  • Property TypeMulti Unit Housing
  • NeighborhoodCenter City
  • Number of Units7
  • Lot Size0.03 acres
  • Price/Unit$ 160,714
  • Price/Bedroom-
  • Year Built1880

Investment Highlights

  • Superior Location: Half Block from South Broad Street, Kimmel Center and Avenue of the Arts Theater District
  • Strong Sub-Market: Affordable Price Niche Attractive to Millennials Looking for Convenient Center City Location
  • Renovation: Part of a Partial Tax Abatement Program that Originated in 2007
  • Close Proximity to Area’s Top Employers: Jefferson University Hospital, Penn Medicine and Comcast as well as the City’s Top Financial and Legal Firms
  • Strong Potential to Grow Income: Raise Rents 5% to 10% by Aligning with Market Rent

Investment Overview
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the property located at 1314 Pine Street in the Washington Square West neighborhood of Philadelphia, Pennsylvania. This multifamily property is centrally located in the heart of Center City just steps from Jefferson University and Hospital as well as Penn Medicine (Pennsylvania Hospital) attracting medical students and market rate tenants.

The unit mix consists of (4) one-bedroom units, (1) one-bedroom junior unit, and (2) studio units. The building has spacious, traditional hallways that feature and preserve the building’s historic details. In 2007, the property underwent major renovations which included upgrades to plumbing and electric. More recently, three of the four one-bedroom units have undergone renovations which included updates to kitchens, hardwood floors, restored marble fireplaces in the living rooms, and new French doors that lead to the bedrooms.

This is an excellent price point at $160,000± per unit for a property in this location and condition. A new buyer could increase rents by renovating the remaining unit and increase rents on the other units to market (10% to 15% more).

Offering Memorandum


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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
ken@rittenhouserealty.com

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Vince Tagliente
Tel: (215) 454-2852 EXT 1012
Cell: (215) 680-9302
License: PA AB065013
vincent@rittenhouserealty.com

Mark Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
mark@rittenhouserealty.com



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