3 1 -Property West Philadelphia Portfolio Offering Memorandum
Fantastic Investment Opportunity 3 1 Single-family Properties | Fully Occupied | Current NOI is $348,636.75 | Professionally Managed Package | $5, 250 ,000
A fantastic opportunity to acquire a premium, fully occupied, and well managed portfolio of 3 1 single-family properties centered in and around the burgeoning Cobbs Creek neighborhood in West Philadelphia. All 3 1 parcels are situated in a tight geographic area ideal for management and enhanced economies of scale. In a red hot neighborhood with some under-valued rents. If desired, enjoy the flexibility to improve and spin-off certain assets and hold the rest. The current NOI is $348,636.75 . Superb capital appreciation potential. Professionally managed package (property manager can remain, at buyer’s option). These 3 1 townhomes present an advantageous investment opportunity in a rapidly improving West Philadelphia neighborhood, close to amenities, public transportation, Cobbs Creek Trail, and other developments. Inclusive of those developments is a $65 million commitment by the city of Philadelphia, The Cobbs Creek Foundation, and The TGR Foundation (founded by Tiger Woods) to revamp the existing golf course (Philadelphia's oldest course), enhance the public space, and create an educational campus for local youth. The Cobbs Creek Environmental Center has also planned significant improvements.
31-Property West Philadelphia Portfolio Financials
PROPERTY ADDRESS Monthly Rent Received
Annual Rental Income
2024 Tax Amount
2024 Insurance Premium
Maintenance
Annual Management Fees (8%)
Annual Delinquencies/Vacancies (5%)*
131 N 55th Street 1410 N Hirst Street 1517 N 56th Street
$1,275 $1,495 $1,275 $1,512 $1,241 $1,250 $1,595 $1,795 $1,005 $1,425 $1,173 $1,300 $1,150 $1,100 $1,180 $1,177 $1,308 $1,150 $1,350 $1,350 $1,368 $1,325 $1,400 $1,345 $1,800 $1,452 $1,091 $1,225 $1,450 $1,550 $1,208
$15,300 $17,940 $15,300 $18,144 $14,892 $15,000 $19,140 $21,540 $12,060 $17,100 $14,076 $15,600 $13,800 $13,200 $14,160 $14,124 $15,696 $13,800 $16,200 $16,200 $16,416 $15,900 $16,800 $16,140 $21,600 $17,424 $13,092 $14,700 $17,400 $18,600 $14,496
$1,040.05 $1,372.00 $1,552.00 $1,067.00 $1,757.00 $1,036.00 $1,239.00 $1,923.00 $1,739.00 $3,105.00 $1,428.00 $1,068.00 $1,020.00 $1,729.00 $1,631.00 $1,597.00 $1,704.00 $1,614.00 $1,599.00 $1,002.00 $1,590.00
$618 $735 $808 $611 $655 $617 $786 $808 $824 $561 $627 $593 $786 $770 $627 $605 $640 $640 $593 $605 $630 $630 $786 $785 $605 $786 $605 $767 $618 $627 $618
$500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
$1,224)
$765.00) $897.00) $765.00) $907.20) $744.60) $750.00) $957.00)
$1,435.20)
$1,224)
1531 N Robinson Street
$1,451.52) $1,191.36)
1633 N 60th Street 1847 S 54th Street 516 S 59th Street 5355 Irving Street 5513 Irving Street
$1,200)
$1,531.20) $1,723.20)
$1,077.00)
$964.80) $1,368)
$603.00) $855.00) $703.80)
5542 Larchwood Avenue 5624 Rodman Street 5639 Montrose Street 5642 Broomall Street 5717 Addison Street 5731 Rodman Street 5734 Rodman Street 5745 Addison Street 5752 Pemberton Street
$1,126.08)
$1,248) $1,104) $1,056)
$780)
$690.00)
$660) $708)
$1,132.80) $1,129.92) $1,255.68)
$706.20) $784.80) $690.00) $810.00) $810.00) $820.80) $795.00)
$1,104) $1,296) $1,296)
5757 Walton Street 5787 Stewart Street
5816 Washington Avenue 5825 Angora Terrace 5837 Hoffman Avenue
$1,313.28)
$901.00
$1,272) $1,344)
$1,856.00 $1,580.00 $1,639.00 $2,420.00 $1,446.00
$840)
5908 Christian Street 5910 Webster Street 6021 Christian Street 6037 Irving Street 6111 Irving Street 6137 Locust Street 629 N Frazier Street 651 N Peach Street
$1,291.20)
$807.00) $1,080) $871.20) $654.60) $735.00) $870.00) $930.00) $724.80)
$1,728)
$1,393.92) $1,047.36)
$875.00
$1,176) $1,392) $1,488)
$1,676.00 $1,141.00
$932.00
$1,159.68)
Totals:
$41,320)
$495,840)
$46,278.05
$20,966.00)
$15,500
$39,667.20)
$24,792.00)
*Delinquencies are estimated. Were actually higher during the pandemic due to regulations in place, which have since expired.
West Philadelphia 31 Property Package
FAIRMOUNT PARK
HESTONVILLE
CENTENNIAL DISTRICT
KARAKUNG GOLF COURSE
CARROLL PARK
MILL CREEK
HADDINGTON
HADDINGTON WOODS
WEST PHILADELPHIA
BYWOOD
SPRUCE HILL
COBBS CREEK
EAST LANSDOWNE
ANGORA
FORGOTTEN BOTTOM
YEADON
KINGSESSING
MOUNT MORIAH CEMETERY
BARTRAM’S GARDEN
Jeff “City” Block, Esq. Associate Broker jeff@cityblockteam.com M: 215.833.7088
Martin Goldfarb Licensed Realtor ® martin.goldfarb@compass.com M: 215.680.5258
O: 267.435.8015 cityblockteam.com
Compass RE is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. This is not intended to solicit property already listed. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. 1430 Walnut Street, Fl 3, Philadelphia, PA 19102
COBBS CREEK TRAIL East Coast Greenway Philadelphia and Delaware County, Pennsylvania
ACCESS Public Transit: SEPTA Market-Frankford Line 63rd Street Station SEPTA Trolley Route 13 to 65th Street Route 34 to 61st Street SEPTA Bus Routes 31, 21, 42, 60, and 108 Bicycle There are currently no off-road bicycle trails linking with the Cobbs Creek Trail and 58th Street Greenway, except for a short completed section of the Schuylkill River Trail in Bartram’s Garden. Numerous streets with bicycle lanes link to the Cobbs Creek Trail and the 58th Street Greenway. Vehicle Parking Parking is available on many local streets along the entire trail corridor.
OVERVIEW General Characteristics: • Trail length: 3.7 miles
History and Future The Cobbs Creek Trail was developed following the completion of the Fairmount Park Commission’s Trail Master Plan for Cobbs Creek Park in 2001. This plan was prepared with considerable resident and user input. In 2013, the 58th Street Greenway opened to link the Cobbs Creek Trail to Historic Bartram’s Garden on the Schuylkill River. Plans are underway to extend the north end of the trail to the city limit at City Avenue where it will continue as the Forge to Refuge Trail. The south end of the trail will extend to link with the John Heinz National Wildlife Refuge trail system. These plans will connect Cobb’s Creek to many of the Circuit Trails, including the Schuylkill River Trail, the Chester Valley Trail, and the East Coast Greenway.
• Smooth asphalt path with one steep hill • Very few street crossings: Ideal for families with children • The trail is part of Cobbs Creek Park, which was built in 1911 to protect Cobbs Creek. • Cobbs Creek Park was designed as a tree-lined parkway running through several attractive neighborhoods. • The Cobbs Creek Trail connects several historic and educational sites that trail users can visit.
The Circuit Trails | Cobbs Creek Trail Itinerary | circuittrails.org
COBBS CREEK TRAIL East Coast Greenway Philadelphia and Delaware County, Pennsylvania
SPECIAL AMENITIES From the Trail you can access the 58th Street Greenway, an off-road bike and pedestrian path. The 58th Street Greenway leads to historic Bartram’s Gardens and the Schuylkill River Trail. The former Cobbs Creek Stable, built in the 1930’s, has been repurposed as the Cobbs Creek Environmental Education Center. The Trail crosses two historic parkway bridges, one into Delaware County, and one back to Philadelphia. The bridges connect two parts of the historic Mt. Moriah Cemetery, which extends on both side of the creek valley. The Cobbs Creek Golf Course, at 7400 Landsdowne Ave, is the site of the first public golf course in the Greater Philadelphia area and today houses two 18-hole courses and an historic clubhouse. Restaurants and cafes are accessible at two intersections along the trail: Market St. in Millbourne (North) and Woodland Ave. and 65th St. (South). Both locations offer a variety of international foods. TRIP IDEAS Nature Explorer Excursion Go south on the trail from the 63rd St. Station of the Market-Frankford Line. Follow signs to the Cobbs Creek Community Environmental Education Center (CCCEEC) at 700 Cobbs Creek Parkway (www.cobbscreekenvironmentalcenter.org) After exploring CCCEEC, continue south and take the 58th Street Greenway to Bartram’s Gardens. Here you will find the only wetlands on the Lower Schuylkill River. Plan a visit around one of the Gardens’ Family Discovery Days (www.bartramsgarden.org).
History Adventure Go north on the trail from 70th Street and Cobbs Creek Parkway. Attend a restoration event at the historic Mount Moriah Cemetery. Events are posted at www.friendsofmountmoriahcemetery.org. Continue north and take the 58th Street Greenway to Bartram’s Gardens. Tour the National Historic Landmark house and garden, built by John Bartram in 1728. Local Flavor Walking Loop (3 hours) Take the Market Frankford Line to Millbourne and enjoy lunch on Market Street. Take the trail south to the 58th Street Greenway. Follow the Greenway to Woodland Avenue, and grab a dessert at one of the many international restaurants. Take the 36 trolley back to the Market-Frankford Line
The Circuit Trails | Cobbs Creek Trail Itinerary | circuittrails.org
COBBS CREEK TRAIL East Coast Greenway Philadelphia and Delaware County, Pennsylvania
TRAIL MAP
The Circuit Trails | Cobbs Creek Trail Itinerary | circuittrails.org
3 1 Single-family Properties Fully Occupied Current NOI is $348,636.75 Professionally Managed Package $5,700,000
3 1 Property Portfolio
At-a-Glance :
• Premium, fully occupied, and well managed portfolio of 3 1 single-family properties • In a red hot neighborhood with some under-valued rents . Superb capital appreciation potential • Situated in a tight geographic area ideal for management and enhanced economies of scale • Current NOI is $348,636.75 • 202 4 Property Taxes: $ 51,721.21 (Source: Property.phila.gov)
Jeff "City" Block Associate Broker 215.833.7088 (mobile-preferred)
267.435.8015 ( office ) jeff@jeffcityblock.com www.cityblockteam.com
Martin Goldfarb Realtor®
215.680.5258 (mobile) 267.435.8015 (office) martin.goldfarb@compass.com www.cityblockteam.com
EXPERT REAL ESTATE REPRESENTATION
Compass Pennsylvania, LLCis a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled fromsources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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