516 South 42nd Street; Philadelphia, PA 19104
- Price$ 5,900,000
- Property TypeMulti Unit Housing
- NeighborhoodUniversity City
- Number of Units25
- Lot Size0.23 acres
- Price/Unit$ 236,000
- Year Built1915
- Outstanding Value-Add Opportunity: Sub-Market Occupancy Over 98%
- University City/Clark Park Area: Most Livable, Walkable and Bikeable Area in Philadelphia
- Excellent Location: Situated Directly Across from the University of the Sciences
- Outstanding Rental Pool: 54% of Residents Over 25 have a Bachelor’s or Advanced Degree
- World Class Medical Facilities & Universities: University of Pennsylvania, Drexel University and the University of the Sciences as well as Penn Medicine and Children’s Hospital of Philadelphia
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in Alexandria Apartments, a value-add opportunity located in the University City area of Philadelphia. This highly-sought-after area is home to some of the best educational facilities and hospitals in the world – The University of the Sciences Philadelphia (USciences), Drexel University (Drexel), University of Pennsylvania (Penn), Hospital of the University of Pennsylvania (Penn Medicine), and the Children’s Hospital of Philadelphia (CHOP). Alexandria Apartments is directly across the street from the University of the Sciences.
Built in 1915, Alexandria Apartments contains 25 apartments, 96% three-bedroom units and 4% two-bedroom units. Owner provides heat, hot water and electric. The property is separately metered for electricity; however, the owner currently provides the electric. This is the only property in the sub-market where electricity is provided. The property presents itself as an excellent value-add opportunity for a new owner to upgrade units and have tenants pay electric directly to the provider. The property will be able to capture not only students from USciences, Drexel and Penn, but young professionals. The property has the potential to be the premier apartment building in the desirable Clark Park section of University City, and command the highest rents in this highly-sought after sub-market.
The University City area has outstanding occupancy of 98% to 100%. The Clark Park section is unique in the sub-market because most of its rental housing stock consists of converted single-family homes and only a few vintage apartment complexes. Occupancy is nearly 100% in this area and the property offers the most desirable unit mix in the sub-market.
Situated along 42nd Street between Chester Avenue and Baltimore Avenue, Alexandria Apartments occupies a unique and desirable location near the popular Clark Park. Residents enjoy the benefit of being within walking distance to universities, employers and 30th Street Station (Philadelphia transportation hub for SEPTA and Amtrak). Having an outstanding unit mix of 96% three-bedroom units, Alexandria Apartments is an excellent value-add opportunity in University City.
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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