1234 N 5TH Street

Description

1234 North 5th Street is a newer triplex apartment building housing (2) two-bedroom/two-bath units and (1) three-bedroom/two-bath unit with high-end finishes and private outdoor space. Unit 1 is a two-level flat with one bedroom on the main level and an expansive great room anchored by a gourmet kitchen island. On the full lower level are a large family room, two large bedrooms, and a full bath. The two-bedroom units on the second and third levels offer a split bedroom arrangement on either side of the great room anchored by a gourmet kitchen island. The generous-sized apartment units feature natural finish hardwood floors and a kitchen with granite counters, oversize subway backsplash, stainless steel appliances, a gooseneck faucet with under mounted sink, white Shaker style cabinetry with upgraded trim work, and tons of natural light. Each unit features a full-size washer and dryer, generous closet space, security alarm, video intercom, and central HVAC.The Property presents a significant upside potential by increasing rents upon turnover. Average in-place rents are in the $2 PSF range while the surrounding Class A buildings are reaching well into the $4 PSF range. New ownership has the opportunity to boost rents while staying far below the new Class A product that has either been delivered or is under construction in this sub-market. Formally Philadelphia+GGs manufacturing district, Northern Liberties is a historic neighborhood that has transformed into one of Philadelphia+GGs trendiest neighborhoods known for its cool, artsy vibe. Nestled along the Delaware River bordering Center City, Northern Liberties offers residents an abundance of amenities. The neighborhood is walkable and pedestrian-friendly providing easy access to the many popular brunch spots, thrilling bars, authentic international restaurants, art galleries, and more. Northern Liberties has convenient access to Interstates 95, 76, and 676, is convenient to public transportation (Market-Frankford Line), and is just minutes from Center City +GG the region+GGs largest employment hub with over 305,500 persons employed. A wide variety of rental options, a vibrant culture, top-notch amenities, and proximity to Center City shape Northern Liberties as an excellent option for renters looking for the ultimate urban living experience.