3535-3537 North 16th Street

Philadelphia, PA 19140

$1,150,000
Last Sold Price
Beds
5,880 Sq. Ft.
$196 / Sq. Ft.
5,880
Sq. Ft.
$196
per Sq. Ft.

Property Details for 3535-3537 North 16th Street

StatusClosed
MLS #PAPH727972
Year Built2017
DOM114
Compass TypeMulti Family
MLS TypeMulti-Family / Fee Simple
Lot Size0.04 AC / 1,742 SF
Taxes$1,470 / year
Condo/Co-op Fees-
HOA Fees-
CountyPhiladelphia County

Listing Agent

Contact Agent(s)

Property Details for 3535-3537 North 16th Street

Ownership
Fee Simple
Style
Straight Thru
Structure Type
Detached
County Name
PHILADELPHIA PA

Description

Two fully-leased modular construction multifamily buildings on the booming North Broad Corridor at Temple University Hospital. Six units in total (two triplexes) with 12 beds. All units are 2bd x 2ba and the lower level units include full basements which can be used for additional rental income. Modern interiors and appliances, high ceilings, and energy efficient building systems. Dedicated building management and leasing. Built in 2017 as new construction using efficient and dynamic modular construction... techniques. 8 years left on tax abatement. Extremely low operating expenses and strong rental appreciation in this growing submarket located just a 5-minute walk from SEPTA Broad St subway connecting directly into Center City Philadelphia. Located in Qualified Opportunity Zone with millions of SF in new development planned and in active stages from some of the most notable real estate developers in the city and the USA. Extremely strong rental demand from world-class employer TU Hospital with over 5500 high skilled/paid employees in need of high quality rental housing. Tenants are waitlisted to fill these buildings. Pro forma investment approach calls for 7% rental increases annually which boosts the NOI from around 87K to 94K, or from 6.9% to 7.5%. Less than 1mile from Amtrak's North Philadelphia Station redevelopment which calls for 1.7M SF of new homes, research labs, and offices. Additional projects include the redevelopment of the historic Uptown Theater and Beury Building and hundreds of units in urban infill new development. Available immediately. Tenant-occupied properties. 24hr notice required to tour. *Please note MLS only allows up to 4 units entered for listing; there are 6 (Six) units being offered here.

Location

Listing Agent

  1. Ryan McManus

    Listing Agent

    Compass

Building Information for 3535-3537 North 16th Street

Stories-Residences4Year Built2017Building Size-Lot Size0.04 AC / 1,742 SF

Payment Calculator

$4,259 per month

30 year fixed, 3.51% Interest

Principal and Interest

$4,136

Property Taxes

$123

HOA Dues

$0

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Property Information for 3535-3537 North 16th Street

Listing / Compensation / Market Information
    Listing Information
  • Buyer Agent Full Name: Il Hwan Kim
  • List Agent Full Name: Ryan J McManus
Rental Info
    Rental Info
  • Existing Lease Type: Yearly
  • Rent Control: No
Interior / Building / Parking / Property Information
    Interior Details
  • Tax Total Finished SQFT: 2940
  • Above Grade Fin SQFT: 5880
  • Above Grade Finished Area Units: Square Feet
  • Total Finished SQFT: 5880
    Interior Features
  • Central Air: Yes
  • Cooling Type: Central A/C
  • Heating: Yes
  • Heating Type: Central
    Parking Information
  • Garage: No
  • Type Of Parking: None
    Pool / Spa Information
  • Pool: No Pool
    Location Information
  • MLS Area: 19140 (19140)
  • Sub System Locale: BRIGHT_MAIN
  • System Locale: BRIGHT
  • Tidal Water: No
  • Water View: No
  • Water Access: No
  • Water Oriented: No
  • Waterfront: No
    School Information
  • School District Name: THE SCHOOL DISTRICT OF PHILADELPHIA
    Building Information
  • Accessibility Features: None
  • Building Units Total: 4
  • Building Total SQFT: 2940
  • Construction Materials: Masonry
  • New Construction: No
  • Other Structures: Above Grade, Below Grade
    Green Information
  • Clean Green Assessed: No
    Association Information
  • HOA: No
    Unit Information
  • Two Bedroom Units Count: 6
  • Units Leased Count: 6
    Income / Expense Information
  • Net Operating Income: $87,444
  • Operating Expense: $8,556
  • Annual Rental Income: $96,000
    Property Information
  • Property Type: Multi-Family
  • Land Use Code: W50
  • Lot Size Dimensions: 32 x 117.52
  • Lot Size Source: Estimated
  • Lot Size Units: Square Feet
  • Lot SQFT: 1880
  • Lot Size Acres: .04
  • Navigable Water: No
  • Zoning: RSA5
  • Age: 2017.0
    Utilities Information
  • Cooling Fuel: Natural Gas
  • Heating Fuel: Electric
  • Hot Water: Natural Gas
  • Sewer Septic: Public Sewer
  • Water Source: Public
Room Information
    Basement
  • Basement Type: Other
  • Below Grade Fin SQFT Source: Assessor
  • Below Grade Finished Area Units: Square Feet
  • Below Grade Unfin Area Units: Square Feet
  • Below Grade Unfin SQFT Source: Assessor
Tax / Assessment / Sale Information
    Tax / Assessment Information
  • City Town Tax: $664
  • School Tax: $806
  • Tax Annual Amount: $1,470
  • Tax Lot: 410
  • Tax Year: 2019
  • Tax ID Number: 112199910
  • Year Assessed: 2019
  • Land Assessed Value: $105,000
  • Tax Assessed Value: $105,000
    Sale Information
  • Cap Rate: 6.90
  • Close Sale Type: Standard Sale
  • Possession: Immediate
  • Prospects Excluded: No
  • Sale Type: Standard
  • Vacation Rental: No

Property History for 3535-3537 North 16th Street

DateEvent & SourcePriceAppreciation
Jul 11, 2019Closed

BRIGHT #PAPH727972

$1,150,000
May 11, 2019Pending

BRIGHT #PAPH727972

Mar 20, 2019Listed (Active)

BRIGHT #PAPH727972

$1,260,000
DateEvent & SourcePrice
07/11/2019
Closed

BRIGHT #PAPH727972

$1,150,000
05/11/2019
Pending

BRIGHT #PAPH727972

03/20/2019
Listed (Active)

BRIGHT #PAPH727972

$1,260,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 3535-3537 North 16th Street

AllElementaryMiddleHigh
SchoolTypeGradesDistanceRating
Kenderton SchoolPublicK-80.2 mi
NR
New Hope Christian AcademyPrivatePK-110.5 mi
NR
Little Flower Catholic High SchoolPrivate9-120.7 mi
NR
St. Veronica Elementary SchoolPrivateK-80.8 mi
NR

Kenderton School

K-8, 0.2 mi, Public

NR

New Hope Christian Academy

PK-11, 0.5 mi, Private

NR

Little Flower Catholic High School

9-12, 0.7 mi, Private

NR

St. Veronica Elementary School

K-8, 0.8 mi, Private

NR

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. No financial or legal advice provided. Equal Housing Opportunity.
The data relating to real estate for sale on this Virtual Office Website is provided in part, by BRIGHT through a licensing agreement. This website may reference real estate listing(s) held by a brokerage firm other than Compass. The information provided by this website is for the personal, non-commercial use of consumers with whom Compass has first established a broker-consumer relationship (as defined by applicable state law) and may not be used for any purpose other than to identify prospective properties such persons may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be verified through personal inspection by and/or with appropriate professionals. The data contained herein is copyrighted by BRIGHT and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited. © 2019 BRIGHT MLS, All Rights Reserved. All rights reserved.