Parkside Apartments

PhiladelphiaSCOPE Commercial Real Estate Services, LLC ("SCOPE") is pleased to present the opportunity to acquire Parkside Apartments, a 47-unit multifamily asset in Philadelphia, PA. Parkside Apartments, located at 4616 Leiper Street, is a 36,392-square-foot property consisting of 47 multifamily units. The property offers 35 one-bedroom, one-bathroom units and 12 two-bedroom, one-bathroom units, both of which are spacious and well-designed. The average monthly rent is $1,054 for the one-bedroom units and $1,1215 for the two-bedroom units, resulting in an overall average rent of $1,095 per unit. Ownership can raise rents to meet the market as is for a 10 percent upside. Additionally, renovating unit interiors could allow for a further 22 percent rent growth. The apartments feature classic finishes including vinyl tile flooring, carpeting, white appliances, and gas ranges. For heating and cooling, each unit is equipped with baseboard heating and PTAC through-the-wall systems. The property is located adjacent to Overington Park, offering residents immediate access to lush greenery, walking trails, picnic areas, and playgrounds. This close proximity to nature is a unique feature that sets the property apart, making it an attractive living destination for those who value outdoor activities and community engagement. The property also has off-street parking available. Situated in the vibrant Frankford neighborhood of Philadelphia, 4616 Leiper St offers residents convenient access to a variety of local amenities and services. The property is within walking distance of the Arrott Transportation Center, a key SEPTA hub providing access to the Market-Frankford Line and multiple bus routes, facilitating seamless connectivity throughout the city. For drivers, the property is conveniently located near major highways, including Interstate 95 and U.S. Route 1, allowing for easy commutes to Center City and surrounding areas. The neighborhood boasts a diverse selection of retail shops, restaurants, and cafes. Additionally, residents have access to essential services such as grocery stores, pharmacies, and healthcare facilities, enhancing the overall convenience and appeal of the location.