Does anyone have insight into the philadelphia multi-family market. Especially 2,3,4 unit buildings. I would think that good quality apartment buildings of that kind of size located say west of Temple University (and east of N 25th st) would be a great investment?
A lot of the discussion on BP regarding philly seems to focus on the single family stock in the suburbs being good cashflow opportunities; and it seems there are a lot of wholesalers & flippers that thrive on that.
I think that good quality multifamily buildings located centrally would attract the young professional kind of crowd that wants to be able to walk places?
I would appreciate any local insight here
Thanks in advance,
In that area you will mostly find students / grad students. You don't really run into a lot of young professional until you hit Girard.
Many of the multi-families in my neighborhood (Fairmount / Spring Garden) would have difficulty with cash flow at the level most people would want because of the purchase price.
There are single family homes in the same area that would meet the 1% criteria.
Like Tim said, the North Philly area is saturated with students. The market in that area is very competetive so sometimes you are going to pay preiums to buy a multifamily home.
If you want younger professionals you would have to go more west or south.
I agree. Most of the multifamily units for such demographic are more West. I am an agent and recently bought a turn key property right on the outskirts of 22nd and Girard ave. Zip Code 19121.
-Property Taxes are still lower than the Fairmount Ave Area 19130 and so are the prices.
-Currently renting upstairs for $1,100
-3 Story Masonry + a Lot.
@Nathan J. I know that Eleena de L. has been looking in the market for properties - she lives there too.
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