Pine Street Apartments
1314 Pine Street; Philadelphia, PA 19107
- Price$ 1,125,000
- Property TypeMulti Unit Housing
- NeighborhoodCenter City
- Number of Units7
- Lot Size0.03 acres
- Price/Unit$ 160,714
- Year Built1880
- 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
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).
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
Tel: (215) 454-2852 EXT 1012
Cell: (215) 680-9302
License: PA AB065013
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