Located at 24th & Spruce in highly desirable Fitler Square, this property is a 6-unit multifamily asset consisting of three studio apartments and three one-bedroom/one-bath apartments. The building contains approximately 3,294 SF, five units have already been renovated and one unit is actively being renovated, which will be completed within the next couple of weeks. This asset provides an investor with a well-located, stabilized Center City asset with limited near-term capital requirements.
The location is one of the property's strongest investment attributes. Residents are within blocks of Fitler Square, Schuylkill River Park and the Schuylkill River Trail, while also enjoying convenient access to Rittenhouse Square, University City, the University of Pennsylvania, Penn Medicine, Children's Hospital of Philadelphia, 30th Street Station, restaurants, retail, cafés and Center City's major employment centers. The combination of walkability, access to employment and institutional anchors, neighborhood amenities and limited multifamily inventory makes this section of the 19103 ZIP code particularly attractive to renters and long-term investors.
2402 Spruce is offered at $1,350,000, with current gross rents of approximately $100,572 and NOI of approximately $71,499, equating to an approximately 5.3% cap rate. With the other two properties in the original portfolio already under contract, 2402 Spruce represents the final opportunity to acquire a renovated small multifamily asset in one of Center City's most sought-after residential neighborhoods.
