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INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal "” fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (±33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by ±25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer "” insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
| DAYS ON MARKET | 6 | LAST UPDATED | 3/6/2025 |
|---|---|---|---|
| TRACT | WASHINGTON SQ WEST | YEAR BUILT | 1968 |
| COMMUNITY | 19147 (19147) | COUNTY | PHILADELPHIA |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| School District | PHILADELPHIA CITY |
|---|
| ADDITIONAL DETAILS | |
| AIR | Central Air, Gas |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Water Heater |
| AREA | 19147 (19147) |
| HEAT | Central, Natural Gas |
| LOT | 5663 sq ft |
| LOT DIMENSIONS | 71.00 x 78.00 |
| PARKING | None |
| SEWER | Public Sewer |
| STORIES | 3 |
| SUBDIVISION | WASHINGTON SQ WEST |
| TAXES | 27996 |
| VIEW | Yes |
| VIEW DESCRIPTION | City |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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