$2,534,000
$2,600,000
2.5%For more information regarding the value of a property, please contact us for a free consultation.
11,500 SqFt
SOLD DATE : 04/04/2024
Key Details
Sold Price $2,534,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 11,500 sqft
Price per Sqft $220
Subdivision Francisville
MLS Listing ID PAPH2296306
Sold Date 04/04/24
Originating Board BRIGHT
Year Built 2019
Annual Tax Amount $2,384
Tax Year 2023
Lot Size 3,023 Sqft
Acres 0.07
Property Description
Welcome to 1710 Cambridge: a newly built, blue-chip real estate investment opportunity with assumable 3.7% agency debt (enquire within for details) through 2032. 1710 Cambridge is being offered substantially below replacement cost (land and construction costs) as an expertly designed new multifamily development in the Francisville section of Philadelphia, Pennsylvania developed by expert, industry-leading craftsmen and tradesmen. This cash-flowing, 8-unit apartment building with parking, skyline rooftop terrace and FULL 10 year tax abatement through 2029 is ideal for a 1031 exchange given the strong-growth rental submarket + asset appreciation forecast. Rental rates can likely increase by 10-15% once units turn over, with minimal capital expenditures needed. Furthermore, expenses can be trimmed by 10-15% with hands-on management —further boosting the return on investment for the property. This is a low maintenance, high growth asset. The Francisville location is coveted by renters and investors alike—walkable to Whole Foods, Septa train (Broad Street line) + Downtown Philly. 1710 Cambridge is surrounded by amenities, shops, bars, breweries, restaurants and cafes in adjacent neighborhoods (Fairmount, North Broad District, Brewerytown and Spring Garden). Enquire within for financials.
Location
State PA
County Philadelphia
Area 19130 (19130)
Zoning RSA5
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Flooring Engineered Wood
Heat Source Electric
Exterior
Garage Spaces 2.0
Waterfront N
Water Access N
Roof Type Fiberglass
Accessibility None
Parking Type Driveway
Total Parking Spaces 2
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 881799919
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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Bought with Neil P Dessecker • RE/MAX One Realty - TCDT
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "