646 N 32nd St
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646 N 32nd St
15 Unit Apartment Building $4,000,000 ($266,667/Unit) 7.66% Cap Rate Philadelphia, PA 19104
Investment Highlights
- New construction, the building was just constructed in 2023.
- The building is located in an opportunity zone.
- This is a stabilized asset!
- There is a 10 year tax abatement in place.
- You can find this property in the heart of University City!
- Quick Access to I-76 and I-676.
Executive Summary
PRICE REDUCTION! Philly Home Advisors proudly presents the Nautilus, an avant-garde 15-unit apartment complex that sets a new standard for urban living in University City. This cutting-edge construction features expansive units, upscale finishes, and unparalleled views. In response to evolving market trends, the Nautilus stays ahead of the curve by offering 11 highly sought-after, spacious 2-bedroom, 2-bath apartments—the current pinnacle of desirability—alongside 4 expansive 3-bedroom, 3-bathroom residences. Step into each unit and experience the welcoming embrace of open floor plans. These generously proportioned interiors boast top-tier finishes, from designer fixtures to state-of-the-art appliances. The open-concept layout maximizes natural light, cultivating a warm and inviting ambiance. Modern kitchens, equipped with premium appliances, complement chic bathrooms, and ample storage space, establishing a new benchmark for residents in the area. The roof deck, with its panoramic city skyline backdrop, serves as an idyllic setting for socializing, entertaining, or simply unwinding. Conveniently positioned within walking distance of prestigious institutions such as the University of Pennsylvania and Drexel University, as well as iconic landmarks like the Art Museum and 30th Street Station, the Nautilus offers easy access to local highways. Boasting a 10-year tax abatement and situated in an opportunity zone, this 15-unit gem facilitates a seamless tenant acquisition process. To sweeten the deal, the seller includes 1 year of free property management with the sale, making the Nautilus an irresistible investment opportunity.
Property Facts Under Contract
| Price | $4,000,000 | Building Class | A |
| Price Per Unit | $266,667 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 17,000 SF |
| Cap Rate | 7.66% | Average Occupancy | 93% |
| No. Units | 15 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $4,000,000 |
| Price Per Unit | $266,667 |
| Sale Type | Investment |
| Cap Rate | 7.66% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | A |
| Lot Size | 0.20 AC |
| Building Size | 17,000 SF |
| Average Occupancy | 93% |
| No. Stories | 4 |
| Year Built | 2023 |
| Opportunity Zone |
Yes |
Unit Amenities
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Views
- Walk-In Closets
- Deck
- Freezer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 11 | - | 1,200 |
| 3+3 | 4 | - | 1,500 |
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Walk Score ®
Very Walkable (78)
Bike Score ®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 875100480 | Improvements Assessment | $0 |
| Land Assessment | $21,300 | Total Assessment | $21,300 |
PROPERTY TAXES
Parcel Number
875100480
Land Assessment
$21,300
Improvements Assessment
$0
Total Assessment
$21,300
zoning
| Zoning Code | RM1 (primarily intended to accommodate moderate-to-high density, multi-unit residential buildings in areas where such development already exists or where) |
| RM1 (primarily intended to accommodate moderate-to-high density, multi-unit residential buildings in areas where such development already exists or where) |
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646 N 32nd St
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