1112-20 LOMBARD ST Under Contract Save Request In-Person Tour Request Virtual Tour
Philadelphia,PA 19147
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Under Contract
Purchase Type For Sale
Square Footage 18,000 sqft
Price per Sqft $166
Subdivision Washington Sq West
MLS Listing ID PAPH2454238
Style Straight Thru
Year Built 1968
Annual Tax Amount $27,996
Tax Year 2024
Lot Size 5,512 Sqft
Property Sub-Type Other
Property Description
INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal — fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (±33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by ±25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer — insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
Location
State PA
County Philadelphia
Area 19147 (19147)
Zoning RM1
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Flooring Hardwood,Carpet
Exterior
Water Access N
View City
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Special Listing Condition Standard