5900 Market St, Philadelphia, PA 19139

Property Description

Offered for sale is 5900 Market Street, a mixed-use asset located in the Haddington section of West Philadelphia. Built in 1915 and renovated in 2019, the Property consists of five residential units and one ground-floor commercial unit across 3,706 square feet of gross building area. The Property is currently 100% occupied. The residential component consists of two studios, two one-bedroom/one-bathroom units, and one two-bedroom/one-bathroom unit, generating $63,462 in current scheduled annual residential rent, $1,057 per unit average. The ground-floor commercial suite is leased to Manifest Network LLC through May 2031, which is approximately 4.8 years of remaining term, contributing an additional $11,748 in current annual rent or $979 per month. A built-in mark-to-market opportunity exists across the residential unit mix. By meeting estimated market rents of $1,000 for the studios, $1,150 for the one-bedroom units, and $1,350 for the two-bedroom unit, an investor could increase residential rent to $67,800 annually or $1,130 per unit average — an increase of approximately 7% or $4,338 annually, achievable through normal lease turnover and renewals. Layering in a modest utility reimbursement program, estimated at $2,475 annually, and select operating efficiencies offers a further path to NOI growth beyond the underwritten stabilized projection. 5900 Market Street sits directly along SEPTA's Market-Frankford Line, within a short walk of the 60th Street Station, providing residents and the commercial tenant with direct rail access to Center City, University City, and Philadelphia's broader employment base. Multiple SEPTA bus routes along Market Street provide further connectivity throughout West Philadelphia and the greater metropolitan area