Philadelphia - to buy or not to buy.....

3 Replies | Philadelphia, Pennsylvania

NYC investor looking to buy a MF property within reach of NYC and have been leaning towards Philly lately. I know the city has a pretty bad wrap when it comes to living standards/neighborhoods/crime/etc... however it has a top school, big employers, appears to have a lot of new construction happening, decently priced property, albeit in extremely rough looking streets....

Any Philly investors on here with any feedback, i'd love to hear your honest opinions lol...

Tons of money has been flooding into the city from out of state investors like yourself. Lots of New Yorkers see Philly as one of the last East Coast markets with very attractive prices. Parts of the city are indistinguishable from how they looked five years ago. New construction is all over the place as old borders seem to push further out. Would highly recommend investing here if New York has gotten too complex and pricey or if you're simply looking for a new location in which to invest.

Colin, Philly investor here looking to buy MF in NYC area. I know the city has a pretty bad rap when it comes to living standards, neighborhoods, crime, etc.  however I think it has a college and a few big employers left who haven’t fled to Miami.  Love to hear your opinion!

Haha kidding man.  There are lots of opportunities here and it’s the last affordable city in the northeast.  City is definitely block by block in some neighborhoods so definitely connect with an agent in the city. Good luck 

Hey @Colin M. welcome to the Philly market. Philly is a very block by block city, you can have a 500-600k property on one block, and you walk 2 blocks over and you're in zombie land. Now to those not familiar with Philly, this seems absolutely insane, but that's just how the city is, and people are completely ok with that. 

Upenn is the largest employer in Philly, employing north of 45k people. Thomas Jefferson University and CHOP are the next largest employers both with over 25k people, and all three are currently expanding.

I will suggest if you're looking for multis in Philly, expand your search to outside the city as well in Delaware and Montgomery county. Both areas have significantly more inventory of multis than Philly. Hope this helps you in your search.