740 & 742 South 3rd Street

740 South 3rd Street; Philadelphia, PA 19147

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Property Details

  • Price$ 1,350,000
  • Property TypeMulti Unit Housing
  • NeighborhoodQueen Village
  • Number of Units5
  • Lot Size0.07 acres
  • Price/Unit$ 270,000
  • Price/Bedroom-
  • Year Built1915

Investment Highlights

  • Queen Village: One of Philadelphia’s Most Historic, Family-Oriented and Walkable Neighborhoods
  • Great School District: William M. Meredith is Philadelphia’s Most Sought-After Elementary School
  • Value-Add Opportunity: Unit Renovations to Increase Rents or Condo Out-Sale (740 South 3rd Street)
  • Newer Construction: 742 South 3rd Street was Constructed in 2014
  • Excellent Unit Mix: 80% of Units are Two- or Three-Bedroom Units
  • Outdoor Space: 80% of Units have Access to Outdoor Space (Patios, Balconies, Roof Decks)

Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 740 & 742 South 3rd Street, a triplex and a duplex located adjacent to each other in the heart of Queen Village. 740 South 3rd Street is a triplex built around the turn of the century and renovated in the 1980’s, that provides an excellent value-add opportunity to investors looking to increase rents or as a condominium conversion. While 742 South 3rd Street is a newer construction (2014) duplex that offers stable cash flow for any investor looking to achieve steady returns on real estate in an established neighborhood in Philadelphia.

740 South 3rd Street is a triplex with large unit layouts, ripe for repositioning. Two of the three units are three bedrooms while the first-floor unit is a two-bedroom unit with a den, a finished basement, and access to a private rear yard. Cosmetic kitchen and bath renovations would represent a significant return on investment. Based on the limited condominium supply in the neighborhood and high barriers to entry in Queen Village, a condo conversion could be a viable strategy. These larger units are ideal for young families looking to capitalize on the highly sought-after William M. Meredith Elementary School Catchment as well as the neighborhood’s abundance of parks and great restaurants.

742 South 3rd Street is a newer construction duplex building with a large bi-level 1 bedroom/1.5-bathroom unit and a bi-level 2-bedroom/1.5-bathroom unit. Both units have tasteful finishes as well as outdoor space. Queen Village is a neighborhood that is experiencing a growing trend of home/condominium ownership, and 742 South 3rd Street offers the opportunity to convert both units to condominiums or continue renting the units in a neighborhood experiencing a decrease in rental availability.

Queen Village is a unique community with a history spanning four centuries with a diverse blend of residences, businesses, parks, playgrounds, and people. Extending South from Lombard Street to Washington Avenue and East from the Delaware River to 6th Street, Queen Village is sandwiched between patrician Society Hill and the tightly-woven Italian and ethnic communities of South Philadelphia – drawing its character from each.

740–742 South 3rd Street offers a rare opportunity to acquire a value-add and stabilized investment in one of Philadelphia’s most popular neighborhoods, Queen Village.

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

Chris Egan
Tel: (215) 454-2852 EXT 1010
Cell: (609) 602-1782
License: PA RS317018
chris@rittenhouserealty.com
Seth Douglas
Tel: (215) 454-2852 EXT 1013
Cell: (717) 858-1821
License: PA RS336807
seth@rittenhouserealty.com


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