321 N 40th St
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321 N 40th St
5 Unit Apartment Building $1,575,000 ($315,000/Unit) 7% Cap Rate Philadelphia, PA 19104
Investment Highlights
- Just steps away from public transportation, local shops, and eateries, with easy access to the University City and downtown Philadelphia.
- The property is close to several bus routes and the SEPTA subway, providing direct access to key areas in Philadelphia, including downtown.
- Close to parks, schools, and community centers, enhancing the quality of life in this vibrant neighborhood.
- Quick access to major roads like the Schuylkill Expressway (I-76) allows for easy commuting by car.
Executive Summary
This fully occupied five-unit building commands an annual gross rental income of over $128,000. Constructed in 2016, it benefits from a tax abatement that will continue through 2026. Each unit is equipped with separate utilities and dedicated HVAC systems, ensuring optimal comfort and efficiency. The apartments showcase high-quality finishes, including hardwood flooring, granite and stainless-steel kitchens with Shaker cabinetry, dishwashers, built-in microwaves, and tile bathrooms. Each unit includes its own washer and dryer, and all but one apartment is partially furnished. Additionally, a spacious unfinished basement provides ample storage.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$109,669
|
$18.91
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $109,669 |
| Annual Per SF | $18.91 |
Property Facts
Unit Amenities
- Dishwasher
- Disposal
- Washer/Dryer
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
- Basement
Site Amenities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+2 | 1 | $2,215 | - |
| 2+1 | 2 | $1,438 | - |
| 5+2 | 2 | $2,575 | - |
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Walk Score ®
Very Walkable (86)
Transit Score ®
Rider's Paradise (90)
Bike Score ®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,614,510 | |
| Land Assessment | $259,090 | Total Assessment | $1,873,600 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$259,090
Improvements Assessment
$1,614,510
Total Assessment
$1,873,600
zoning
| Zoning Code | RM1 (a zoning designation for multi-family residential areas:) |
| RM1 (a zoning designation for multi-family residential areas:) |
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321 N 40th St
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