Mulberry Court Apartments

Address: 4015 Devereaux Street, Philadelphia, Pennsylvania, US

New York & Tri-State + Apartments

Created date: September 5, 2023

Date last updated: September 5, 2023

Extreme Below Market Rents: $100 to $200 per Month without Upgrades/Renovations
Excellent Value-Add Opportunity: $300 to $400 per Month with Upgrades/Renovations
Outstanding Visibility: Visible from Harbison Avenue and Frankford Avenue
Public Transportation: SEPTA Bus Stops within 1 Block; Regional Rail within 1 Mile
Easy Accessibility: Minutes to Roosevelt Boulevard (US Route 1) and Interstate-95

Property Description

Mulberry Court Apartments is a 27-unit garden-style apartment community located in the Mayfair neighborhood of Northeast Philadelphia, Pennsylvania. Built in 1971, the 27-unit community consists of one building with a brick exterior, pitched roof, and vinyl windows, and ample parking. The building has a preferred unit mix consisting of 63% one-bedroom units and 37% two-bedroom units. The tenants pay for electricity and gas heat (sub-metered) while the owner provides hot/cold water and sewer. Every apartment has an individual split system HVAC unit for heat and air-conditioning. There is a coin-operated laundry machine on each floor of the building. The Mayfair Sub-Market of Northeast Philadelphia is an extreme occupancy sub-market with an average occupancy greater than 97%. The average in-place rent at Mulberry Court is $1,073 in a sub-market that averages over $1,375 per month. With little or no capital expenditures, a new owner could increase rent by $100 to $200 per month. In addition, if a new owner updated kitchens and bathrooms, the rents could be increased by $300 to $400 per month.Mulberry Court Apartments presents an outstanding value-add opportunity to acquire 27 units with below-market rents in Northeast Philadelphia.

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Mark Duszak

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Austin McDevitt

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Ken Wellar

(215) 454-2879

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Corey Lonberger

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Douglas Emrich

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Price:	$3,500,000
No. of Units:	27
Average Occupancy:	7.1
Year Built:	1971
Lot Size:	24,831.00 Acres
Opportunity Zone:	No
Price per unit:	$129,630
Property Website	Click Here