Pre-war apartment buildings rarely come to the market. The 49 unit La Blanche is walking distance to U Penn, Drexel and University of the Sciences. Ninety-five percent currently leased gives the ability to continue with cash flow and then add value as tenants end leases (most are month to month) and then raise rents to the current market rates. This corner property measures approximately 150 feet by 118 feet and extends from Walnut to Chancellor, in a rapidly developing area bringing rent growth and building appreciation. The property consists of six (6) studios, thirty-six (36) one bedroom, six (6) two bedrooms and one (1) three-bedroom apartment. This Georgian Revival Style broke ground in 1910 and was part of the second wave of a housing boom in West Philadelphia that started with the 1907 completion of the Market Street Elevated line. The building is one of the first large apartments built in Philadelphia, with a striking façade. Location awareness: In general, the University City section has become one of the fastest growing submarkets in all of Philadelphia. Over $3.5 billion of new or recently completed real estate projects have transformed this area into a hub of “Eds and Meds”. University City attracts undergraduate and graduate students as well as young professionals and families. The area is highly desirable given its walkability to the numerous major educational and healthcare institutions such as The University of Pennsylvania, University of the Sciences, CHOP, Drexel University and The Wharton School of Business. Situated near an abundance of public transportation with various bus routes, trolley lines, and the Market-Frankford line within a short walking distance. The project is uniquely positioned in the path of growth and ready to see significant rent increases in the coming years therefore offering a good rental upside. Perfect for a 1031 exchange. Inquire within for OM.
Listing courtesy of Keller Williams Philadelphia. Contact: (215) 627-3500
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