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Listed by Alex Prince • TCS Management, LLC
$ 1,350,000
Est. payment | /mo
1,800 Sqft Lot
$ 1,350,000
Est. payment | /mo
1,800 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Subdivision Spring Garden
MLS Listing ID PAPH2610906
Year Built 1900
Annual Tax Amount $13,334
Tax Year 2024
Lot Size 1,800 Sqft
Acres 0.04
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Offering qualified investors the opportunity to acquire the fee simple interest in 1937 Spring Garden Street located in the Fairmount-Art Museum section of Center City Philadelphia (the “Property” or “Asset”). The Asset comprises five apartment units with a mix of (3) one-bedroom and (2) three-bedroom floor plans.
The Property presents new ownership the opportunity to employ a light value-add business plan to increase rent. Upgrades to select unit interiors will yield a rental premium bringing rents in line with the top end of the competitive set. 1937 Spring Garden is ideally located, servicing a tenant base looking for a location walkable to restaurants, coffee shops, museums, and nightlife. Fairmount-Art Museum residents are also within walking distance of the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia.
The Asset is transit-oriented, located minutes from major highway routes such as Interstate 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Further, the 1937 Spring Garden is 0.5 miles from the Spring Garden Station on the SEPTA Broad Street Subway Line, carrying commuters from Fern Rock in North Philadelphia south to the Philadelphia Sports Complex with several stops in Center City. 1937 Spring Garden is a rare opportunity to acquire a value-add brownstone property in a highly regarded neighborhood free from oversupply.
The Property presents new ownership the opportunity to employ a light value-add business plan to increase rent. Upgrades to select unit interiors will yield a rental premium bringing rents in line with the top end of the competitive set. 1937 Spring Garden is ideally located, servicing a tenant base looking for a location walkable to restaurants, coffee shops, museums, and nightlife. Fairmount-Art Museum residents are also within walking distance of the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia.
The Asset is transit-oriented, located minutes from major highway routes such as Interstate 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Further, the 1937 Spring Garden is 0.5 miles from the Spring Garden Station on the SEPTA Broad Street Subway Line, carrying commuters from Fern Rock in North Philadelphia south to the Philadelphia Sports Complex with several stops in Center City. 1937 Spring Garden is a rare opportunity to acquire a value-add brownstone property in a highly regarded neighborhood free from oversupply.
Location
State PA
County Philadelphia
Area 19130 (19130)
Zoning RM1
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Central A/C
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Septic, Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 881583105
Ownership Fee Simple
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS