Frankford Ave – New Construction
2418 Frankford Avenue; Philadelphia, PA 19125
- Price$ 4,000,000
- Property TypeMulti Unit Housing
- NeighborhoodEast Kensington/Fishtown
- Number of Units14
- Lot Size0.06 acres
- Price/Unit$ 285,714
- Year Built2016
- East Kensington/Fishtown Neighborhood: Philadelphia’s Most Desirable and Exciting Neighborhoods
- Luxury Apartments: 71% Bi-Level Units; High-Quality, Premium Finishes; and Washer/Dryers
- Excellent Unit Mix: 71% Two- and Three-Bedroom/Two-Baths Units and 29% One-Bedroom Units
- High Visibility Location: On Frankford Avenue Next to Philadelphia Brewing Company
- Two “Local-Grown Grocery” Stores: Riverward Produce and Kensington Community Food CoOp
- Extreme Barriers to Entry: 19125 ZIP Code is Third-Most Difficult Market for Building in the USA
- Real Estate Tax Abatement: 10 Year Real Estate Tax Abatement
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 2418-2424 Frankford Avenue, a fourteen-unit, newly constructed, luxury apartment building along Frankford Avenue in the East Kensington/Fishtown section of Philadelphia. The East Kensington/Fishtown neighborhoods (ZIP code is 19125) are known as the “Brooklyn of Philadelphia” because it is the most vibrant and trendy area of the city.
2418-2424 Frankford Avenue is East Kensington/Fishtown’s newest, luxury, three-story apartment community. It has an outstanding unit mix with 71% two- and three-bedroom/two-bath (all bi-level units) and 29% one-bedroom units. Every unit contains over-sized windows, high-ceilings, high-end kitchens with stone countertops and a microwave, stainless steel appliances, modern baths, a washer/dryer, exposed spiral ductwork and ample closet space. Tenants pay heat, hot and cold water ($35 monthly fee) and electric.
The apartment is 100% leased with average in-place rents of $1,666 which is approximately 6% to 8% below market. Nearly every block surrounding this apartment is filled with new construction townhomes and condominiums. There are approximately 25 new construction townhomes currently on the market (as of August 2017) between $410,000 to $535,000 within just a few blocks from the subject property. East Kensington/Fishtown are by far the hottest and most exciting residential markets in the City of Philadelphia.
Despite the area’s high growth and strong demand, “the 19125 ZIP code ranked as the third-most difficult market for building in the entire country” per a new study for The Wall Street Journal. The East/Kensington Fishtown (ZIP code is 19125) area has grown from a blue-collar neighborhood to the hipster hub of Philadelphia. 2418-2424 Frankford Avenue has easy access to everything the burgeoning Frankford Avenue corridor has to offer. It is walking distance to the elevated-subway for quick access to Center City, easy walking distance to a new, state-of-the-art gym, three City parks, and The Fillmore entertainment complex and the hottest culinary in Philadelphia.
Residents of 2418-2424 Frankford Avenue enjoy unparalleled access to the best of Philadelphia’s nightlife including Martha, Soup Kitchen, Frankford Hall, Pizza Brain, Philadelphia Brewing Company, LaColombe’s flagship location, Johnny Brenda’s, and Garage. The award-winning Wm. Mulherin’s Sons (named a top 50 restaurant in the US by Bon Appétit) and Pizzeria Beddia (named the best pizza in the US by Bon Appétit) are just blocks away.
2418-2424 Frankford Avenue presents an extremely rare opportunity to purchase a newly constructed, highly visible, apartment building in the extremely desirable neighborhoods of East Kensington/Fishtown.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
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