1848 N 16th St, Philadelphia, PA 19121

Property Description

INVESTOR ALERT — 24 HOURS NOTICE REQUIRED. Three-unit building, 2020 construction, 14 bedrooms and 8 bathrooms across 4,297 sq ft. Tax abatement in place through 2030: real estate taxes currently run approximately $1,219 per year against roughly $12,699 at full assessment — a difference of about $11,480 annually, or $45,920 over the remaining term. Purchasers should underwrite the step-up on expiry. Unit 1 — 6 bed / 3 bath, currently vacant, four bedrooms on the below-grade ground floor Unit 2 — 2 bed / 2 bath, $1,450/month Unit 3 — 6 bed / 3 bath, $4,650/month Units 2 and 3 are leased at market for the 26/27 season, together producing $73,200 annually. Unit 3 was repositioned from four tenants at $2,750 to six at $4,650 — a 69% increase, already executed. Common roof deck and rear patio. The asking price is set against income in place today rather than on a stabilised basis, so a purchaser acquires the lease-up on Unit 1 rather than paying for it. Walking distance to Temple University Main Campus and the Broad Street Line. Offering memorandum with full rent roll and operating statement available on request. All figures subject to independent verification.