O F F E R I N G M E M O R A N D U M $ 2 , 5 0 0 , 0 0 0
GIRARD AVE PORTFOLIO:
4 MIXED-UNIT BUILDINGS
12 RESIDENTIAL APARTMENTS
4 COMMERCIAL STORE FRONTS
BONUS 1680 SQFT LOT
5 1 1 - 5 1 7 W G I R A R D A V E | P H I L A D E L P H I A , P A 1 9 1 2 3 & 1 2 0 9 N R A N D O L P H S T | P H I L A D E L P H I A , P A 1 9 1 2 2
Eric Dvotsky Jason Rabinovich, Esq. Realtor Associate Broker Cell: (267) 243-4652 Cell: (412) 965-8859 [email protected] [email protected]
PHILLYHOMEADVISORS.COM E X E C U T I V E S U M M A R Y
Don't miss this amazing turn-key, multi-family + bonus lot investment with huge value- add opportunities! This rarely offered property is situated between three of Philadelphia’s most desirable neighborhoods -- FISHTOWN, NORTHERN LIBERTIES, and OLDE KENSINGTON. The four buildings have three residential units and one commercial space on the ground floor. The sale also includes a bonus lot that is 1,600 square feet, that's currently being used as gated parking space. These units are currently bringing in $239,580 in gross annual rent, but with minimal investment, they can bring in over $271K. 513 Girard Ave’s commercial unit has been recently rehabbed and will be delivered a brand-new vanilla-box, and the restaurant in 517 Girard just signed a 3-year lease. With a good percentage of the apartments already being updated, the recently renovated units feature gorgeous cabinetry, granite countertops, large kitchen sinks, and all necessary appliances. In the bathrooms, you will find modern finishes, including beautiful masonry. All bedrooms have plenty of room, large closets, and lots of natural lighting. Lastly, these units are lined with stunning hardwood floors throughout. The units that have yet to be updated offer the buyer opportunities to add value and raise the rents, increasing overall profit.
KEY PROPERTY FEATURES
Most units updated within the last 2 years Stainless steel appliances Separated meters per unit All tenants pay their own utilities Value-add opportunities E X T E R I O R P H O T O G R A P H S I N T E R I O R P H O T O G R A P H S 1 2 0 9 N R A N D O L P H S T
Similar Lot at 1213 N Randolph St has a 6-Unit Building Many other multi-family lots along the block Used as gated parking currently 18 X 88 (1,600 sq ft) S A L E S C O M P A R A B L E S U N I T M I X A N D T A X E S F I N A N C I A L O V E R V I E W
CURRENT PRO FORMA N E I G H B O R H O O D / A R E A P R O F I L E N O R T H E R N L I B E R T I E S H I G H L I G H T S
In order to entice settlers to take up residence in his new colony of Pennsylvania, William Penn promised early purchasers of land two acres of lots in his city of Philadelphia for every 100 they bought in the country. The only problem was, he hadn’t given Philadelphia enough land to fulfill that promise. Thus were born the “liberty lands” to the north and west of the city. The land in this territory enabled Penn to make good on his offer. The lands to the west became today’s West Philadelphia. Those to the north ended up as a score of neighborhoods that comprise much of North Philadelphia as far as Frankford Creek.
Northern Liberties is the only one of those neighborhoods whose name hearkens back to its origins.The neighborhood became a hotbed of industry quickly as mills, breweries, tanneries and other manufacturing operations that would have been considered noxious in the city set up shop there in the late 18th and early 19th centuries. Immigrants from central and eastern Europe followed in droves.
This former industrial area, revitalized by artists in the 1990s, is now a hipster hotspot pulsing with art galleries and trendy boutiques. Built on the site of an old brewery, The Piazza is a shopping and dining complex located under luxury apartments. Locals head to North 2nd Street for global restaurants, craft beer halls and dance clubs, or to the Liberties Walk pedestrian mall for bike paths and unique shops.
SEPTA Market-Frankford Line: Spring Garden and Girard stations SEPTA Trolley Routes: 15, on Girard Avenue SEPTA Bus Routes: 5, on Girard Avenue, 2nd and 3rd streets; 43, on Spring Garden Street; 57, on 3rd and 4th streets F I S H T O W N H I G H L I G H T S
Fishtown is where Philly's culinary, art and music trends take off. A magnet for hipsters and creative types, the former working-class neighborhood marks the first Friday of the month by opening the galleries and studios along Frankford Avenue to the public. The vibrant nightlife includes hip bistros, beer gardens and a retro arcade. Indie bands perform at the landmark Johnny Brenda's, a lauded gastropub.
.This classic working-class neighborhood, so named due to its history as an epicenter for the commercial shad-fishing industry, offers a colorful exception to the city’s gridded urban rule with its collection of narrow streets beset with modest row homes and independently owned businesses.
North of Girard, south of Lehigh, east of Front and west of the Delaware River, Philly’s young creative class roots itself here with hopes to take ideas from gestation to reality.This momentous influx of new residents gave way to great new bars, restaurants, music venues, studios and galleries. Newcomers integrating and collaborating with the neighborhood’s longtime residents sets Fishtown apart as one of Philadelphia’s most exciting neighborhoods.
SEPTA’s Market-Frankford Line stops on Girard Avenue, right in the middle of the action. Fishtown is also accessible by bus, the Route 15 trolley and by car.
O L D E K E N S I N G T O N H I G H L I G H T S
Olde Kensington is an evolving neighborhood where abandoned factories are gaining new life as airy living spaces and studios for hipsters and young creatives. Crane Arts, in a former plumbing warehouse, now exhibits contemporary art, while Bahdeebahdu gallery showcases innovative design work. Hip crowds gravitate to the area for its gritty rock clubs, lively dive bars and abundance of chic restaurants.
After World War II, many neighborhoods in Philadelphia experienced a long period of decline, deindustrialization, and residential abandonment. In recent years, however, Olde Kensington has been increasingly gentrified, following a similar pattern observed in adjacent Northern Liberties and Fishtown. Although some industrial activity has continued along the American Street Corridor, a historic location for heavy industry, a growing number of formerly vacant factories are being turned into lofts, condos, and artistic workspaces
SEPTA provides various options of public transportation for the neighborhood, and Center City is about 2 miles or 10 minutes away. The neighborhood is served by:Buses 57, 5 Elevated Train (the EL) at Girard Station Trolley 15 through Girard AveAlso, buses 3 and 47 pass nearby the neighborhood, and the EL Berks Station and SEPTA rail at Temple University Station are within reasonable walking distance.Additionally, many residents ride their bicycles as their preferred mode of transportation[citation needed]. Indego Philly has a bike share station at 3rd & Girard and multiple peripheral stations: 2nd & Germantown Ave, 1176 Leopard Ave. (Girard Station, MFL), 1424 Frankford Ave. (City Fitness), 1902 N. Front St. (Berks Station, MFL), and 527 W. Berks St.[2]PhillyCarShare (now known as Enterprise CarShare) vehicles are available at 6th & Girard Ave, 100 W. Oxford St. and Frankford & Thompson St.[3] Zipcars are located at Front & Master, Frankford & Master, Frankford & Palmer, and 6th & Girard.[4]