1439 North 15th Street (Near Temple Univ)

1439 North 15 Street; Philadelphia, PA 19121

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Property Details

  • Price$ 2,650,000
  • Property TypeStudent Housing
  • NeighborhoodTemple Univ. Area
  • Number of Units12
  • Lot Size0.16 acres
  • Price/Unit$ 220,833
  • Price/Bedroom$ 85,484
  • Year Built1915

Investment Highlights

  • Newer Construction / Fully Rehabbed: Stabilized, Turn-Key Operation
  • Excellent Location in Temple University Market: Located One Block from Main Campus and North Broad Street
  • Strong Historical Occupancy: 100% Leased through the 2016-2017 School Year; Leased One Bed per Bedroom
  • Desirable Student Housing: High-End Finishes; Large Living Areas; Widescreen TVs Included
  • Close Proximity and Easy Access to Center City Philadelphia: 1.5 Miles Distance to Center City; One Block to SEPTA Bus, Subway and Regional Rail Service

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 1439 North 15th Street, a student housing property featuring 12 apartment units and 31 bedrooms. This property is very well located within Temple University’s bustling student housing market, situated 1.5 blocks from the center of campus and one block from North Broad Street — Philadelphia’s busiest, most well-known thoroughfare. This particular section being one of the city’s most anticipated development corridors over the next few years.

This 12-unit/31 bedroom property is fully-rehabbed with two entrances on North 15th Street – the strongest rental street in the Temple University market. The two original buildings were connected and fully rehabbed in 2010. There is an excellent unit mix of (5) two-bedroom units and (7) three-bedroom units. The building includes a variety of spacious floorplans featuring high ceilings, large living rooms, kitchens and bedrooms. All units have access to laundry facilities in the shared basement.

The property has enjoyed consistently high occupancy and is currently 100% leased for the 2016-2017 school year. The average in-place rent exceeds $1,503 per unit with tenants paying all utilities except water.

The property at 1439 North 15th Street presents an excellent opportunity for new and experienced investors, offering a turnkey investment in a strategic location.

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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

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

Chris Egan
Tel: (215) 454-2852 EXT 1010
Cell: (609) 602-1782
License: PA RS317018
chris@rittenhouserealty.com

Douglas Emrich
Tel: (215) 454-2852 EXT 1005
Cell: (610) 733-8482
License: PA RS320748
doug@rittenhouserealty.com



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