2114 N 17TH ST Philadelphia, PA 19121

This new construction property is a fully occupied 10 bedroom duplex leased for $6,700 per month through 8/1/2020, and is being offered at an 8.3% cap rate. The property is located just a few blocks from the Temple University main campus, has the remainder of a 10 year tax abatement, and is surrounded by new student development. The property features a full rear yard and roof deck, which allows it to command a premium over market rents. The building consists of two 5 bedroom bi-level units, each with access to a private outdoor space. The building includes a roof deck which is very unique for student rental properties at Temple University. Each unit has 4 bathrooms, creating an above-average bed-bath ratio that attracts renters to the property. The Temple University rental market has been consistently strong over the last several years, with average rent prices increasing on new construction inventory. The property is located on a main street, with several multi-family projects just completed within the last 12 months, and additional projects on the way. With increased demand for new construction inventory in the immediate area, this offering presents the opportunity to acquire a unique student development in a rapidly appreciating market with the ability to increase rent over time.