49 Unit West Philly Section 8 SFR Portfolio

West Philadelphia Philadelphia, PA 19139

West Philadelphia, Philadelphia, PA, 19139
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FOR SALE
Property Type:
Other Special Purpose
Amount:
$7,250,000
Last Verified:
Aug 06, 2021

Highlights

  • High growth neighborhood location
  • High appreciation submarket - 77% average home value growth in last 4 years
  • Concentrated portfolio providing immediate
  • 46 out of 48 units have rents subsidized by the Housing Choice Voucher Program
  • 48 Properties
  • 49 Units
  • Self-managed and self-operated portfolio
  • All assets acquired and gut renovated between 2014 & 2017

Description

The Portfolio consists of 48 single-family row homes and 1 duplex, located predominantly in the West Philadelphia submarket, immediate to the explosive and expanding University City neighborhood.

The unit mix within the Portfolio consists of (4) 4-Bedroom, (42) 3-Bedroom, (1) 2-Bedroom properties, and (2) 1-Bedroom units. All but two properties are occupied by HUD-Section 8 subsidized tenants, providing for approximately 75% of monthly collected rent. This high percentage of HUD/PHA pay ensures consistency in monthly net rental income as well as significant risk mitigation against delinquency.

The Portfolio has been self-managed and all assets have been acquired between 2014 and 2017 by local ownership. Each of the properties has been fully gut-renovated including; new kitchens, baths, heaters, roof, sewer systems, electrical service, etc. The historical annual repairs & maintenance expense has proven to be very minimal as a result of significant capital investment during the initial rehabilitation stage and over the course of ownership.

Located in West Philadelphia

Building Size: 55856sq ft
Lot Size: 0 acres

Map of West Philadelphia, Philadelphia, PA, 19139

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