922 S 49 Th STREET
Cedar Park · Philadelphia, PA 19143
922 S 49 Th STREET, PA 19143
Introducing 922 S 49th, a fully-leased and totally renovated income-producing 4500 SF quadplex (4 units) ideally located in University City Philadelphia, the region's leading employment hub which drives Philly's prominent "eds and meds" high-skilled/paid workforce. Units are leased significantly under market, offering the new owner/operator immediate increased yield in Year 1+. Current NOI is strong with 62K but pro forma projections equate to 78K. Pro forma cap rate raises to 8% with market rents compared to 6.4% in-place. Spacious 2-3-4 bedroom units are perfect for grad students, YP's millennials. A tenancy mixture (students and professionals) is common within the University City submarket. Features include modern kitchens and bathrooms, hardwood floors, bay windows and high ceilings, spacious rear yard, charming front porch, in-unit washer/dryers, lower level common storage. The University of Pennsylvania, Drexel University, the University of the Sciences and the Restaurant School at Walnut Hill College all share turf here, in the city's bustling, culturally diverse academic heart. Cutting-edge exhibitions at the Institute of Contemporary Art attract hip crowds. Budget-friendly dining options include street food stalls and international eateries, and there are plenty of casual bars. Tax abatement has been filed for to reduce taxes, further reducing expenses and increasing the future yield. Final taxes TBD.