417 S 16th St, Philadelphia, PA 19146

Property Description

Rare opportunity to acquire a legal triplex in the heart of Center City, just steps from Rittenhouse Square and some of Philadelphia’s best restaurants, shops, parks and everyday conveniences. Whether as a pure investment or an owner-occupant opportunity to live in one residence while generating rental income from the other two, 417 S. 16th Street offers an attractive combination of immediate income and long-term upside. The property is configured as three distinct residences: a vacant 2-bedroom, 1-bath apartment on the first floor; a 2-bedroom, 1-bath bi-level apartment on the second floor; and a 1-bedroom, 1-bath apartment on the third floor. Each residence offers the highly desirable convenience of in-unit laundry. The upper-floor apartments are exceptionally well cared for, with abundant natural light, hardwood floors and inviting living spaces, while the recently painted first-floor unit is ready for immediate occupancy, leasing or future improvements. The property has enjoyed a history of long-term tenancy, while current rents provide a new owner with an opportunity to capture additional income as leases roll over. The second-floor residence is currently leased at $1,850/month through December 2026, and the third-floor residence is leased at $1,450/month through February 2027. The vacant first-floor residence was most recently leased to a long-term tenant for $1,900/month. With the first-floor residence currently vacant, a new owner has immediate flexibility: lease the unit at market, improve it to maximize future rent, or make it their own while collecting income from the two occupied apartments above. Legal triplex. Strong rental history. Three apartments with in-unit laundry. Exceptional location. Immediate income with room to grow.