West Village Apartments 800-820 N 48th St
86 Unit Apartment Building $41,715,921 CAD ($485,069 CAD/Unit) Philadelphia, PA 19139
INVESTMENT HIGHLIGHTS
- Outstanding Unit Mix 50% Four- and Five-Bedroom Units with 2.5 Baths
- Assumable Debt in Place 35-Year Self-Amortization Loan at 2.73%
- Green Roof Deck 50% of Units have Decks with Outstanding City Views
- Largest Units in Sub-Market Average Unit Size of 1,874 SF
- Below-Market Rents Average In-Place Rent of $2,276 ($1.21 PSF)
- Eds & Meds Tenant Base Proximity to UPenn, Drexel, Penn Medicine & CHOP
EXECUTIVE SUMMARY
West Village Apartment Homes is an 86 townhome-style unit gated community with private garages in the Mill Creek neighborhood of West Philadelphia. Mill Creek is surrounded by some of the most desirable West Philadelphia neighborhoods – Walnut/Spruce Hill to the South; West Powelton/Powelton Village to the East; Fairmont Park to the North; and Park West Town Center to the West. In addition, it is within blocks of some of the most prestigious educational and medical facilities in the country – the University of Pennsylvania, Drexel University, the Hospital of the University of Pennsylvania and Penn Presbyterian Medical Center (Penn Medicine), and the Children’s Hospital of Philadelphia (CHOP).
West Village Apartment Homes consists of three buildings containing 86 townhome-style, condominium units with private garages. The entire complex is owned by the builder who constructed the buildings in stages: the first building in 2013/2014, the second in 2016, and the third in 2017. There is an excellent unit mix of 50% 3 BR/2 BA, 41% 4 BR/2.5 BA, and 9% 5 BR/2.5 BA. The units are the largest in the area, averaging 1,874 square feet, and the only community containing private garages in a gated setting. 50% of the units have roof decks on the Green Roof (four- and five-bedroom units). Each unit features kitchens with stainless steel appliances, stylish laminate flooring throughout the home, modern baths, washers/dryers, and high-efficiency furnaces.
Rental Upside: Average in-place rent is below market at $2,276 ($1.21 PSF) with tenants paying all utilities (except water).
Attractive Assumable Financing: The property has attractive 35-year (self-amortizing) financing at 2.73% which must be assumed. The current balance is $19,969,604 (as of November 2024). A buyer must put 31.1% cash down ($9,030,396).
West Village Apartment Homes is a unique opportunity to acquire an 86-unit townhome-style, condominium community with below-market rents in a high occupancy sub-market of University City Philadelphia that attracts a growing eds and meds tenant base.
West Village Apartment Homes consists of three buildings containing 86 townhome-style, condominium units with private garages. The entire complex is owned by the builder who constructed the buildings in stages: the first building in 2013/2014, the second in 2016, and the third in 2017. There is an excellent unit mix of 50% 3 BR/2 BA, 41% 4 BR/2.5 BA, and 9% 5 BR/2.5 BA. The units are the largest in the area, averaging 1,874 square feet, and the only community containing private garages in a gated setting. 50% of the units have roof decks on the Green Roof (four- and five-bedroom units). Each unit features kitchens with stainless steel appliances, stylish laminate flooring throughout the home, modern baths, washers/dryers, and high-efficiency furnaces.
Rental Upside: Average in-place rent is below market at $2,276 ($1.21 PSF) with tenants paying all utilities (except water).
Attractive Assumable Financing: The property has attractive 35-year (self-amortizing) financing at 2.73% which must be assumed. The current balance is $19,969,604 (as of November 2024). A buyer must put 31.1% cash down ($9,030,396).
West Village Apartment Homes is a unique opportunity to acquire an 86-unit townhome-style, condominium community with below-market rents in a high occupancy sub-market of University City Philadelphia that attracts a growing eds and meds tenant base.
PROPERTY FACTS
Price | $41,715,921 CAD |
Price Per Unit | $485,069 CAD |
Sale Type | Investment |
No. Units | 86 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Mid Rise |
Building Class | A |
Lot Size | 1.97 AC |
Building Size | 163,730 SF |
Average Occupancy | 80% |
No. Stories | 4 |
Year Built/Renovated | 2013/2017 |
Parking Ratio | 0.53/1,000 SF |
Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Security System
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
- Range
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Gated
- Renters Insurance Program
- Hearing Impaired Accessible
- Maintenance on site
- Online Services
- Vision Impaired Accessible
- Public Transportation
1 of 1
Transit Score®
Excellent Transit (72)
Bike Score®
Very Bikeable (78)
ZONING
Zoning Code | I2 |