849 North 5th Street (NoLibs)

849 North 5th Street; Philadelphia, PA 19123

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Property Details

  • Price$ 1,090,000
  • Property TypeMulti Unit Housing
  • NeighborhoodNorthern Liberties
  • Number of Units6
  • Lot Size0.05 acres
  • Price/Unit$ 181,667
  • Price/Bedroom-
  • Year Built1880

Investment Highlights

  • Northern Liberties: One of Philadelphia’s Most Desirable Neighborhoods
  • Under Market Rents: Opportunity to Increase Rents without Any Significant Capital Improvements
  • Value-Add: Upgrading Units Results in More Significant Rent Growth (20% to 30%)
  • One-Bedroom Desirability: Units are One Bedroom, a Desirable Unit Type in Northern Liberties
  • Excellent Location: Proximity to Bustling 2nd Street Commercial Corridor
  • Transit Oriented: Access to Bus Routes 47 and 57, Trolley Route 15, and SEPTA’s Market-Frankford Line (Girard Station)

Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 849 North 5th Street, a walk-up apartment building with tremendous value-add opportunity, located in the Northern Liberties neighborhood of Philadelphia. The building consists of (6) one-bedroom units on three floors. This highly-desirable location shares it borders with trendy Fishtown and Spring Arts as well as the always popular Old City neighborhood. Once thought to be a “hipster” neighborhood, Northern Liberties has arrived and is now known as a “rich-ster” neighborhood. Residents of Northern Liberties enjoy access to Center City via Spring Garden and Girard Avenue subway stops (Market-Frankford Line).

Built in the early 1900’s, 849 North 5th Street is a three-story, brick façade townhouse that was converted into a multi-unit property by a previous owner. While all the units are unique in layout, the finishes are consistent with a mid-nineties renovation and present a tremendous opportunity to implement updates consistent with this high-end sub-market. Currently, the units have electric baseboard radiator heat and rely on window units for air conditioning. The addition of PTAC units and in-unit washer and dryers would result in rent growth. The electric service is separately metered for each unit while the water and sewer are paid for by the owner. The building maintains consistently high occupancy. Currently, the property is 100% occupied, with average in-place rent at $1,098. This rent is approximately 12% below market.

Northern Liberties is Philadelphia’s preferred residential neighborhood for young professionals. What started as an enclave for artists and design professionals is now a thriving area featuring million dollar townhouses and one of the most popular nightlife scenes in the city. 849 North 5th Street presents an outstanding opportunity to acquire six value-add apartments in Northern Liberties, one of Philadelphia’s most exciting neighborhoods.

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

Seth Douglas
Tel: (215) 454-2852 EXT 1013
Cell: (717) 858-1821
License: PA RS336807
seth@rittenhouserealty.com



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