4601-4611 Blakiston St
- 30-Unit Offering in Northeast, Philadelphia | Three-building multifamily asset in Northeast Philadelphia
- Basis | Offered at $3,450,000, equating to $115,000 per unit
- Cap Rate | Over a 7% Cap Rate on Current Collections
- Individually Metered Units | Tenants are responsible for paying gas & electric. Ownership only pays for common area electric and gas hot water
- Off-Street Parking | 26 off-street parking spaces
- Connected Holmesburg Location | Situated in an established Northeast Philadelphia submarket, the Property benefits from strong accessibility, including an 80 Drive Score, a 2-minute drive to I-95, several nearby bus stops, and convenient connectivity throughout the surrounding corridor
Property Description
SCOPE Commercial Real Estate Services, LLC (“SCOPE”) is pleased to present the opportunity to acquire 4601–4611 Blakiston Street, a 30-unit, three-building multifamily asset located in the Holmesburg neighborhood of Northeast Philadelphia. The Property consists exclusively of one-bedroom, one-bathroom units and offers a stable in-place cash flow derived from a largely programmatic rent roll, with tenancy supported by 1260 Housing, PHA, and Pathways to Housing. 1260 Housing is a subsidiary of Mission First Housing, a local non-profit with over 4,000 units that has been around since 1988. Residents benefit from 26 off-street parking spaces, shared basement laundry facilities, and through-the-wall air-conditioning, while heating is provided by a gas baseboard heating system. In each building, a central gas-fired boiler supplies domestic hot water, and cooking is via gas ranges. All units are individually metered for gas and electricity. Ownership pays for the common area electric and the gas hot water. Tenants pay for in-unit electric, gas heating, and cooking gas. The existing rent roll includes 16 units master-leased through 1260 Housing, a non-profit in Philadelphia, 10 units associated with PHA, two units leased through Pathways to Housing, another Philadelphia non-profit, and two conventional market-rate units. Of the units associated with PHA, seven are project-based vouchers, and three are housing choice vouchers. The current average rent is approximately $1,170 per unit. The revenue growth profile is driven by a 3 percent increase across the 1260 Housing units, while all PHA, Pathways to Housing, and conventional units are projected at $1,250 per month upon turnover or renewal. This approach provides investors with stable day-one income alongside a clearly defined path to future rent growth through rollover and repositioning of the rent roll. Located within an established Northeast Philadelphia submarket, the Property benefits from strong vehicular accessibility and neighborhood connectivity, reflected by a Drive Score of 80, Walk Score of 60, and Transit Score of 40. I-95 is a short 2-minute drive away, and there are bus stops within 500 feet of the property. Holmesburg continues to attract residents seeking attainable rental housing with convenient access to the surrounding Northeast Philadelphia corridor and the broader city. The combination of durable in-place cash flow, program-supported occupancy, and embedded revenue upside positions the Property as an attractive workforce housing investment with a measurable mark-to-market component.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,450,000 |
| No. of Units: | 30 |
| Year Built: | 1960 |
| Lot Size: | 0.55 Acres |
| Opportunity Zone: | No |
| Price per unit: | $115,000 |
| 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
1060 39th Street
Brooklyn, New York
507 Delaware Avenue
Portland, PennsylvaniaBrokers
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