2214 South Street

4 Apartment Units | 1 Commercial Unit

Overview

  • Offering Price $965,000
  • Apartment Units 4
  • Pro Forma CAP Rate 5.8%
  • Commercial Units 1
  • Price / Unit $193,000
  • Building SF 2,736 SF

On behalf of Ownership, GREA is pleased to exclusively offer the opportunity to acquire the fee simple interest in 2214 South Street located in the Graduate Hospital section of Southwest Center City Philadelphia. The property comprises 4 apartment units with (2) studio and (2) one-bedroom floor plans. In addition, there is ±1,000 square feet of commercial space on the ground floor occupied by Falafel Time, a popular restaurant featuring quick service dishes with a Middle Eastern twist.

The South Street property presents new ownership with the opportunity to perform a value-add renovation plan to the apartment units and common hallways to increase rents. The property would then be repositioned to a luxury apartment product that attracts young professionals looking for proximity to Center City Philadelphia at an affordable price point.

In the middle of it all, the property serves a growing tenant base looking for a location surrounded by restaurants, cafes, boutique shops, and nightlife. Tenants can run, walk, or ride their bikes on the popular Schuylkill River Trail, access University City via the South Street Bridge, or stroll into Center City in minutes.

The property is located minutes from major highway routes such as Interstates 76, 676, and 95 presenting unparalleled access throughout the Philadelphia MSA. Furthermore, tenants are a short walk into Center City and University City, home to major employers such as Comcast, Aramark, Penn Medicine, CHOP, the University of Pennsylvania, and Drexel University.

2214 South Street provides new ownership with the prospect of acquiring a quality, mixed-use property that both has and will continue to perform well into the future.

Value-Add Investment Opportunity: Renovate Unit Interiors and Common Areas

Desirable Unit Mix: (2) Studio and (2) One-Bedroom Units

Proximity to Major Highways: Direct Access to I-95, I-76, and I-676
Abundant Neighborhood Amenities: Access to a Diverse Mix of Retail and Restaurants on South Street

Convenient to Major Employers: Walking Distance to Comcast, Aramark, CHOP, Penn Medicine, the University of Pennsylvania, and Drexel University

Access to Public Transit: SEPTA Bus Routes, Regional Rail (Penn Medicine) and Broad Street Subway (Lombard-South)

Team

Ken Wellar

Ken Wellar

Founding Partner
GREA
215-454-2879
610-745-4800
Alan Krawitz

Alan Krawitz

Associate Director
GREA
267-323-4083
610-420-4559
Corey Lonberger

Corey Lonberger

Founding Partner
GREA
215-454-2878
267-760-3726
Douglas Emrich

Douglas Emrich

Associate Director
GREA
215-454-2889
610-733-8482

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