47-Unit Apartment Property in NE Philadelphia Sells for $1.96M
The 47-unit Parkside Apartments in Northeast Philadelphia for $1,964,000.
In an advisory role, Llenrock Group assisted Philadelphia-based firm LLA Realty, which represented the seller. The property was sold at a cap rate of approximately 9 percent.
The 4-story, 36,000 square foot multifamily property is located at 4616 Leiper Street in Philadelphia’s Northwood neighborhood. Built in 1963, it features studio, one-bedroom, and two-bedroom apartments overlooking a city park. It is fully occupied with a waiting list.
"The property had been significantly renovated and was fully occupied," said Llenrock Group’s founding partner, Andrew Benioff. But "there was still plenty of opportunity to add value to this asset.”