405-407 S 42ND ST #3A new to site Save Request In-Person Tour Request Virtual Tour
Philadelphia,PA 19104
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 14,400 sqft
Price per Sqft $239
Subdivision University City
MLS Listing ID PAPH2509534
Year Built 1900
Annual Tax Amount $17,554
Tax Year 2024
Lot Size 4,929 Sqft
Acres 0.11
Lot Dimensions 31.00 x 159.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 405 and 407 South 42nd Street situated in the Spruce Hill neighborhood of West Philadelphia (the “Property” or “Asset”). The Asset boasts an attractive unit mix in a prime area that has become more affluent as the University of Pennsylvania and Children's Hospital of Philadelphia have focused on expanding their footprint in University City Philadelphia. The Property is comprised of two buildings containing a total of 14 apartments with a mix of 29% one-bedroom/one-bath units, 7% two-bedroom/one-bath units, and 64% two-bedroom/two-bath units. This offering presents new ownership with a significant opportunity to own a newly renovated product at an attractive basis below replacement cost. The Property is positioned to offer high-quality, premium finishes at a reduced rent compared to new construction assets. Occupancy at these assets will remain high due to renter demand, the quality of the units, and an ed's and med's tenant base due to the property's proximity to the University of Pennsylvania, Drexel University, Penn Medicine, CHOP, and the UCity Science Center. The Asset is located minutes from major highway routes such as I-95, I-76 (the Schuylkill Expressway, and I-676, presenting unparalleled access throughout the Philadelphia MSA. Further, tenants are a short walk from the SEPTA Green Line Trolley transporting commuters directly into Center City Philadelphia. 405 and 407 South 42nd Street is well positioned to service a growing tenant base looking for affordable luxury units in a market attracting Ed's and Med's to some of the finest learning institutions in the country.
Location
State PA
County Philadelphia
Area 19104 (19104)
Zoning RTA1
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 881610500
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard