246-48 S 12th Street
- 9-Unit Historic Multifamily Asset | Multifamily Property Located in Philadelphia’s Washington Square West Neighborhood
- Desirable Unit Mix with Large Layouts | Six One-Bedroom Units and Three Two-Bedroom Units, Including Multiple Bi-Level Layouts & Private Outdoor Space
- 100 Percent Vacant Delivery | New Ownership Can Immediately Begin Renovations and Execute a Full Repositioning Strategy without Navigating Existing Leases or Tenant Turnover
- Price Per Squarefoot | $181 per Square Foot in Center City Philadelphia
- Favorable Utility Setup | Property Features Central Air Conditioning, In-Unit Gas Water Heaters, Gas Ranges, Basement Laundry Facilities, and 100 AMP Service. Both Gas & Electric are Individually Metered
- Long-Term Ownership | 20+ Years Under Current Ownership
- Exceptional Walkability and Transit Access | Walk Score and Transit Score of 100, with Immediate Access to PATCO, SEPTA Bus Routes, and Nearby Broad Street Line Stations
Property Description
SCOPE Commercial Real Estate Services, LLC ("SCOPE") is pleased to present the opportunity to acquire 246-248 S 12th Street, a nine-unit multifamily asset in Philadelphia’s Washington Square West neighborhood. The property consists of six one-bedroom, one-bathroom units and three two-bedroom, two-bathroom bi-level units, offering a new owner a highly desirable unit mix in one of Philadelphia’s most walkable residential submarkets. The one-bedroom units include three units with standard layouts, one unit with a private deck, one unit with a private backyard and a designated parking spot, and one bi-level layout. The units feature central air conditioning, in-unit gas water heaters, gas ranges for cooking, and 100 AMP service. Both gas and electric are individually metered. The property also includes a first-floor office that may provide a path to creating a 10th multifamily unit, subject to buyer verification and required approvals. Additional features include laundry hookups in the basement. The property will be delivered 100 percent vacant, allowing a buyer to immediately begin renovations and execute a full repositioning strategy without navigating existing leases or tenant turnover. Vacant delivery provides a clean slate to renovate, stabilize, and re-lease the asset at market rents. 246-248 S 12th Street is a designated historic property tied to the legacy of William Still, a prominent Philadelphia abolitionist, writer, businessman, and leader in the Underground Railroad. Importantly, Philadelphia Historical Commission review is focused on exterior alterations, particularly changes impacting the front façade, historic features, and overall historic fabric. Routine exterior maintenance and historically consistent repairs may be eligible for staff-level review, while more substantial exterior changes may require public review. Standard interior renovations should be able to proceed separately, subject to normal permitting requirements, giving a buyer the ability to renovate and reposition the vacant units while coordinating any exterior improvements through the appropriate historic review process. Located in Washington Square West, the property benefits from immediate access to Center City employment, Jefferson Health, Pennsylvania Hospital, Washington Square, Midtown Village, restaurants, retail, and public transit. The property has a Walk Score of 100 and a Transit Score of 100, reflecting an exceptionally walkable, transit-oriented location. The property is approximately a one-minute walk from the 12th-13th & Locust PATCO Station, providing direct access to South Jersey, and is also within close proximity to multiple SEPTA bus routes. The Lombard-South Broad Street Line Station is approximately 0.4 miles away, while Walnut-Locust Station is approximately 0.5 miles away, providing additional subway access throughout Philadelphia.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,500,000 |
| No. of Units: | 9 |
| Year Built: | 1920 |
| Lot Size: | 0.08 Acres |
| Opportunity Zone: | No |
| Price per unit: | $166,667 |
| 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
6638 LANSDOWNE Avenue
PHILADELPHIA, Pennsylvania
190 E PLUMSTEAD Avenue
LANSDOWNE, Pennsylvania
59 MARKET Street
SALEM, New JerseyBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout