PA > Philadelphia > University City
Philadelphia, PA 19104,405-407 S 42ND ST #3A
Philadelphia, PA 19104,405-407 S 42ND ST #3A
Philadelphia, PA 19104,405-407 S 42ND ST #3A
Philadelphia, PA 19104,405-407 S 42ND ST #3A
Philadelphia, PA 19104,405-407 S 42ND ST #3A
Philadelphia, PA 19104,405-407 S 42ND ST #3A
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Davood Mossadad

Davood Mossadad

+1(571) 527-6392
Listed by Moshe Adika • TCS Management, LLC
$ 3,450,000
Est. payment | /mo

14,400 SqFt

Save
$ 3,450,000
Est. payment | /mo
Save

14,400 SqFt

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 14,400 sqft

Price per Sqft $239

Subdivision University City

MLS Listing ID PAPH2509534

Year Built 1900

Annual Tax Amount $17,554

Tax Year 2024

Lot Size 4,929 Sqft

Acres 0.11

Lot Dimensions 31.00 x 159.00

Property Sub-Type Five Or More Units

Source BRIGHT

Property Description

On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 405 and 407 South 42nd Street situated in the Spruce Hill neighborhood of West Philadelphia (the “Property” or “Asset”). The Asset boasts an attractive unit mix in a prime area that has become more affluent as the University of Pennsylvania and Children's Hospital of Philadelphia have focused on expanding their footprint in University City Philadelphia. The Property is comprised of two buildings containing a total of 14 apartments with a mix of 29% one-bedroom/one-bath units, 7% two-bedroom/one-bath units, and 64% two-bedroom/two-bath units. This offering presents new ownership with a significant opportunity to own a newly renovated product at an attractive basis below replacement cost. The Property is positioned to offer high-quality, premium finishes at a reduced rent compared to new construction assets. Occupancy at these assets will remain high due to renter demand, the quality of the units, and an ed's and med's tenant base due to the property's proximity to the University of Pennsylvania, Drexel University, Penn Medicine, CHOP, and the UCity Science Center. The Asset is located minutes from major highway routes such as I-95, I-76 (the Schuylkill Expressway, and I-676, presenting unparalleled access throughout the Philadelphia MSA. Further, tenants are a short walk from the SEPTA Green Line Trolley transporting commuters directly into Center City Philadelphia. 405 and 407 South 42nd Street is well positioned to service a growing tenant base looking for affordable luxury units in a market attracting Ed's and Med's to some of the finest learning institutions in the country.

Location

State PA

County Philadelphia

Area 19104 (19104)

Zoning RTA1

Interior

Hot Water Electric

Heating Central

Cooling Central A/C

Heat Source Electric

Exterior

Water Access N

Accessibility None

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Philadelphia City

Others

Tax ID 881610500

Ownership Fee Simple

SqFt Source Assessor

Special Listing Condition Standard

Bright MLS (BMLS)
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405-407 S 42ND ST #3A