775 S 8th St Immeuble residentiel 5 lots À vendre Philadelphia, PA 19147

The Investment Sales Team of Avison Young extends to qualified investors the opportunity to purchase 775 S. 8th Street in Philadelphia, PA. Located in Philadelphia’s Bella Vista neighborhood, the property consists of a five-unit apartment building with a spacious second floor back deck and storage garage. The property sits on a 1,635 SF parcel and shares a lot line with Palumbo Park, granting immediate access to a beautiful green space just steps from Philadelphia’s Italian Market. All units are 100% occupied with a strong rental history due to the property’s premier location, surrounded by countless well-known bars and restaurants.
775 S 8th Street has been owned by the same family for 75 years, with only one of the five units being recently updated. The property is made up of four, one-bedroom units and one, two-bedroom unit. The average in place rental rates are roughly 25% below market, with market rents achievable through light renovations. Additionally, the property’s garage, which is currently used as a contractor space, is occupied by a friend of the owner for free and will generate immediate value by leasing it up at market rate.
Built in 1920, the property is located in the charming Bella Vista neighborhood of Philadelphia, at the corner of Catherine Street and 8th Street. Its convenient location offers immediate access to Philadelphia’s Italian Market, Cianfrani Park, and a variety of renowned restaurants and attractions, including Saloon Restaurant, Mawn, Angelo’s Pizzeria, Ralph’s Italian Restaurant, and John’s Water Ice. Additionally, the property’s location between I-95 and Broad Street, just one block from the 8th & Christian Street bus stop, allows convenient access in and out of Center City, as well as the surrounding areas.