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Listed by Ryan J McManus • Keller Williams Liberty Place
Bought with Ryan J McManus • Keller Williams Liberty Place
Bought with Ryan J McManus • Keller Williams Liberty Place
$ 2,845,000
$ 2,999,999 5.2%
Est. payment /mo
Sold on 05/21/2025
1112-20 LOMBARD ST Philadelphia, PA 19147
5,512 Sqft Lot
UPDATED:
Key Details
Sold Price $2,845,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
Subdivision Washington Sq West
MLS Listing ID PAPH2451176
Year Built 1968
Available Date 2025-03-09
Annual Tax Amount $27,996
Tax Year 2024
Lot Size 5,512 Sqft
Property Sub-Type Five Or More Units
Property Description
INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal — fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (±33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by ±25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer — insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
Location
State PA
County Philadelphia
Area 19147 (19147)
Zoning RM1
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Flooring Hardwood, Carpet
Exterior
Water Access N
View City
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Special Listing Condition Standard
