Philadelphia | 9-Unit Apartment Building | 2024 Bu
- 2024 construction in the Brewerytown neighborhood of Philadelphia, a 19121 ZIP submarket with direct access to Center City, Temple University, and East Fairmount Park
- Full ten-year Philadelphia tax abatement in place through 2034, reducing real estate tax exposure across the early hold period
- All two-bedroom unit mix across nine apartments, six 2BR/1BA and three 2BR/1.5BA, averaging 783 square feet per unit
- High-end interior finish package with stainless appliances, subway tile, hardwood flooring, central HVAC, and in-unit washer/dryers in every apartment
- Six covered parking spaces, secured entry, elevator, bike room, and shared rooftop deck included in the building amenity package
- Half mile to Girard Avenue transit hub, approximately one mile to I-76 on-ramps, and roughly two miles to Center City Philadelphia
Property Description
Marcus & Millichap, in partnership with RIM Marketplace, is pleased to present 1616 North Bailey, a nine-unit apartment building completed in 2024 in the Brewerytown neighborhood of Philadelphia. The unit mix is entirely two-bedroom, consisting of six 2BR/1BA and three 2BR/1.5BA layouts averaging 783 square feet. Apartments feature high-end finishes including stainless steel appliances, subway tile backsplash, hardwood flooring, central HVAC, and in-unit washer/dryers. Building amenities include secured entry, an elevator, a bike room, a six-car covered parking garage, and a shared rooftop deck. The property sits in Philadelphia's 19121 ZIP code with direct access to Center City approximately two miles south and Temple University 1.5 miles east. The Girard Avenue transit hub is a half mile from the site, providing trolley and bus connections, and I-76 on-ramps are roughly one mile away via West Girard Avenue. East Fairmount Park, the Philadelphia Zoo, and the Schuylkill River Trail are within walking distance. The broader Philadelphia metro houses 6.2 million residents and is anchored by major institutional employers including the University of Pennsylvania, Jefferson Health, Drexel, Temple University Health System, Comcast, and Vanguard. 1616 North Bailey carries Philadelphia's full ten-year tax abatement, in place through 2034, materially reducing real estate tax exposure across the early hold period. Brewerytown is among Philadelphia's highest-growth submarkets, with metro rents up 3.9 percent year over year and continued redevelopment activity across the corridor. The asset offers turnkey new construction, an all two-bedroom unit mix, covered parking, and durable renter demand drawn from university, hospital, and Center City employment bases.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $600,000 |
| No. of Units: | 9 |
| Year Built: | 2024 |
| Building Size: | 10,000 Sq ft |
| No. of Stories: | 4 |
| Opportunity Zone: | No |
| Price per unit: | $66,667 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
2209 Philadelphia Avenue
Northern Cambria, Pennsylvania
223-226 Hillside Av
Pitcairn, Pennsylvania
4880 E PROSPECT Road
YORK, PennsylvaniaBrokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout