Other

Temple University student housing property featuring 8 apartment units and 28 bedrooms. This property is very well located within Temple University's bustling student housing market, situated 1.5 blocks from the center of campus and one block from North Broad Street ? Philadelphia's busiest, most well-known thoroughfare. This particular section being one of the city's most anticipated development corridors over the next few years. This 8-unit/28 bedroom property is fully-rehabbed with two entrances on Diamond Street - the strongest rental street in the Temple University market. The two original buildings were fully rehabbed in 2012. There is an excellent unit mix of (4) three-bedroom units and (4) four-bedroom units. The building includes a variety of spacious floorplans featuring high ceilings, large living rooms, kitchens and bedrooms. All units have access to laundry facilities in unit. The property has enjoyed consistently high occupancy and is currently 82% leased for the 2017-2018 school year. Value add opportunity. The average in-place rent exceeds $1528 per unit with tenants paying all utilities except water. Local management companies have also advised us that they will be able to fully lease the units at average $1725 per unit for the 2018-2019 school year. The property at 1516-1518 W Diamond Street presents an excellent opportunity for new and experienced investors, offering a turnkey investment in a strategic location.