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204 W GEORGE ST
PHILADELPHIA, PA 19123

$10,530,000 
  • -- Beds
  • -- Baths
  • 32,767 sqft
  • Residential Income | MultiBldgs
  • Active
204 W GEORGE ST, PHILADELPHIA - 47797582
204 W GEORGE ST, PHILADELPHIA - 47797583
204 W GEORGE ST, PHILADELPHIA - 47797584
204 W GEORGE ST, PHILADELPHIA - 47797585
204 W GEORGE ST, PHILADELPHIA - 47797586
204 W GEORGE ST, PHILADELPHIA - 47797587
204 W GEORGE ST, PHILADELPHIA - 47797588
204 W GEORGE ST, PHILADELPHIA - 47797589
204 W GEORGE ST, PHILADELPHIA - 47797590
204 W GEORGE ST, PHILADELPHIA - 47797591
204 W GEORGE ST, PHILADELPHIA - 47797592
204 W GEORGE ST, PHILADELPHIA - 47797593
204 W GEORGE ST, PHILADELPHIA - 47797594
204 W GEORGE ST, PHILADELPHIA - 47797595
204 W GEORGE ST, PHILADELPHIA - 47797596
204 W GEORGE ST, PHILADELPHIA - 47797597
204 W GEORGE ST, PHILADELPHIA - 47797598
204 W GEORGE ST, PHILADELPHIA - 47797599
204 W GEORGE ST, PHILADELPHIA - 47797600
204 W GEORGE ST, PHILADELPHIA - 47797601
204 W GEORGE ST, PHILADELPHIA - 47797602
204 W GEORGE ST, PHILADELPHIA - 47797603
204 W GEORGE ST, PHILADELPHIA - 47797604
204 W GEORGE ST, PHILADELPHIA - 47797605
204 W GEORGE ST, PHILADELPHIA - 47797606

Property Description for 204 W GEORGE ST, PHILADELPHIA PA 19123

This is an opportunity to acquire a rarely offered portfolio of eighteen (18) 3-story spacious townhomes with 4bd/2.5ba, highly coveted garage parking, and impressive skyline city view roofdecks. The portfolio is located on the best blocks in the desirable Philadelphia submarket of Northern Liberties. Light cosmetic improvements will drastically improve the properties, allowing them to be repositioned as individual "for sale" townhomes to be sold to retail homebuyers in a Philadelphia market critically under-supplied with quality "for sale" housing. Homebuyer demand has far exceeded the availability of homes in Philadelphia, which has created a true owner's market and a highly competitive market, especially over the last 36 months. Northern Liberties is perennially a leader in residential sales citywide and is widely known for having some of the most innovative new developments and architectural styles in the Greater Philadelphia region. With an average in-place rent of 2,851/unit (1.35/PSF), the properties are also positioned near-term for strong rent growth. And alternatively, the portfolio can be acquired simply as an income-producing investment package, as the properties are currently fully-leased and low maintenance. Traditionally, the homes were marketed as 3bd units; moving forward, the fully-finished lower level living space can be considered a fourth bedroom for both sale/rental purposes allowing the new owner to capture additional sales proceeds/rental income if marketed for sale/lease on a "bedroom count" basis. 16 of 18 of the properties are zoned CMX3 which in Philadelphia is the most coveted zoning designation available ? making this portfolio an even further "value-add" opportunity for increased density, as the properties were not originally built to max density. And the properties are located within a 7-minute walk to the SEPTA Market-Frankford El station connecting to downtown Philadelphia, making this a "transit-oriented" portfolio. The townhomes have been traditionally fully-leased on annual terms by tenants, given the prime NoLibs location just off Liberties Walk. Northern Liberties is the 3rd wealthiest area in the entire city of Philadelphia ? a bona fide luxury residential and hip commercial submarket. Heavy NY influence is present. Full offering memorandum available upon request. Please note there are 18 units total, trend allows just 9 units! Properties can be apportioned and total SF = 38,000+ SF. See offering memorandum attached.

  • Property Class: Multi-Family
  • Listing Status: Active
  • City: PHILADELPHIA
  • State: PA
  • Zip: 19123
  • Area: Philadelphia – 19123
  • Class: Residential Income
  • Property Subtype: MultiBldgs
  • Approx Lot Size: 0.370
  • Baths (F/H): -- / --
  • Living Area (SqFt): 32,767 sqft
  • Lot Sq Ft Apx: 16265.00
  • Year Built: 2010
  • Listing#: 7225985
  • School District: Philadelphia
  • Tax Year: 2018
  • List Date: 7/30/2018
  • Last updated on: 8/19/2018

Property Features for 204 W GEORGE ST, PHILADELPHIA PA 19123

  • Basement Type: Full, Fully Finished
  • Exterior: Brick
  • Property Age: 8
  • Garage Spaces: 1-Cargarage
  • Laundry Type: Washerinunit
  • Sewer Septic: Public Sewer
  • Cooling: Central A/C
  • Handicap: None
  • Hot Water: Natural Gas
  • Water: Public
  • Design: Other
  • Heating: Gas
  • Parking: 1-Carparking

Additional Information for 204 W GEORGE ST, PHILADELPHIA PA 19123

  • School District: Philadelphia
  • Annual Gross Income: 615816.00
  • Annual Gross Expense: 89001.00
  • Annual Other Expense: 87141.00
  • Basement: True
  • Building Floors: 3.00
  • Central Air: True
  • Lot Dimensions: 324X48
  • Lot Number: 176
  • New Construction: False
  • Ownership: Fee Simple
  • Total Assessment: 132884.00
  • Water Front: False
  • Beds Unit1: 4
  • Baths Full Unit1: 2
  • Partial Bath Unit1: 1
  • Unit1 Lease End: 2020
  • Unit1 Monthly Rent: 2851.00
  • Beds Unit2: 4
  • Baths Full Unit2: 2
  • Partial Bath Unit2: 1
  • Unit2 Lease End: 2020
  • Unit2 Monthly Rent: 2851.00
  • Beds Unit3: 4
  • Baths Full Unit3: 2
  • Partial Bath Unit3: 1
  • Unit3 Lease End: 2020
  • Unit3 Monthly Rent: 2851.00
  • Total Taxes: $1,860
  • Listing Area: Philadelphia – 19123
  • Subdivision: Northern Liberties
  • Beds Unit4: 4
  • Baths Full Unit4: 2
  • Partial Bath Unit4: 1
  • Beds Unit5: 4
  • Baths Full Unit5: 2
  • Partial Bath Unit5: 1
  • Beds Unit6: 4
  • Baths Full Unit6: 2
  • Partial Bath Unit6: 1
  • Beds Unit7: 4
  • Baths Full Unit7: 2
  • Partial Bath Unit7: 1
  • Beds Unit8: 4
  • Baths Full Unit8: 2
  • Partial Bath Unit8: 1
  • Beds Unit9: 4
  • Baths Full Unit9: 2
  • Partial Bath Unit9: 1
  • Listing ID: 7225985
Courtesy of Ryan McManus, BHHS Fox & Roach-Center City Walnut
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