711 Corinthian Ave
Location:
Nestled directly across from the historic Eastern State Penitentiary, this prime location offers the best of urban living. Residents will appreciate the walkable access to a vibrant mix of restaurants, bars, cafes, gyms, and so much more. The neighborhood’s strong community support has helped local businesses thrive even through challenging times. Cultural landmarks such as the Philadelphia Museum of Art, the Barnes Foundation, and the Rodin Museum are all within a 15-minute walk.
Right in front of the building, residents can enjoy the serene Corinthian Gardens, a hidden gem where one can escape the city's hustle and immerse in nature, just steps from 711 Corinthian. This location truly offers an unparalleled blend of convenience, culture, and tranquility.
Explore nearby restaurants and hot spots featured on the Visit Philly website: Where to Eat in Fairmount, Philadelphia.
Building Details:
Built-in 1928, this charming building comprises four one-bedroom apartments and two studio units, ensuring a steady demand for rentals. Coin-operated washer and dryer in the basement (Income from it not included). 4 out of 6 units were recently renovated. Please note - it has 6 units but is zoned for 5 units.
Unit Breakdown:
1 bed/1 bath apartment rented for $1,220/month on a month-to-month lease.
Financial summary:
Income - $95,940
Principal & interest @ 25% down & 7.5% interest - $69,851
Insurance - $2,592.00
Taxes - $7,512.00
Utility - $3,576.00
Maitenance ~ $2,878.20
Trash - $500.00
License - $300.00
Operating expenses - $17,358.20
NOI - $78,581.80
Priced 1,110.000
GRM - 11.57
CAP - 7.08%
Highlights
This property is a fantastic investment opportunity with its prime location and consistent rental income potential. A unique feature of this property is its smaller square footage compared to the average in the area, contributing to a lower assessed value and, in turn, lower property taxes compared to many neighboring properties. Despite this, it is one of the most high-performing apartment buildings in the area, requiring minimal maintenance.
With the low inventory of multifamily properties in the area, this is a rare opportunity to acquire such a building. The gross rent multiplier (GRM) of 11.57 is well below the area average of approximately 13.4, and the estimated 7.04% CAP rate—calculated with expenses limited to taxes, utilities, and insurance—is higher than the area average of ~5.67-6.25%.
This is an incredible opportunity all around to own this property in the historic part of Philadelphia.