890 N 42nd St, Philadelphia, PA 19104

Property Description

Welcome to 890-892 N 42nd Street, a newer-construction 9-unit multifamily investment opportunity positioned just minutes from University City in Philadelphia’s 19104 zip code. This 2023 newer construction building has been designed around highly functional and desirable 3-bedroom, 2-bathroom residences, the property offers investors a stabilized, turnkey, low maintenance and low taxes through the Philadelphia 10 year tax abatement program and a compelling combination of substantial existing rental income, modern construction, strong tenant appeal, and a predominantly guaranteed voucher-supported rent roll. The property is 100% leased and currently generates approximately $18,701 per month and $224,412 annually in gross rental income. The current rent roll includes a combination of Section 8/voucher-supported and market-rate tenancies, providing a diversified rental structure within the building. Current rents range from approximately $1,936 to $2,200 per month, demonstrating strong existing rental performance across a consistent unit mix. The voucher component of the rent roll further differentiates the investment by providing a significant portion of rental income through established housing-assistance programs while maintaining additional market-rate exposure within the property. Each of the nine residences features a spacious 3-bedroom, 2-bathroom layout designed for comfortable modern living. Interiors include quartz countertops, stainless steel appliances, premium soft-close cabinetry, luxury vinyl flooring, recessed lighting, fully tiled bathrooms, central heating and air conditioning, in-unit washer and dryer, and generous closet space. These finishes create an attractive and durable residential product while reducing many of the immediate capital-improvement concerns associated with older Philadelphia multifamily inventory. Additional amenities include rooftop outdoor space, private and fenced outdoor areas, bicycle storage, and additional storage options, further enhancing the resident experience and supporting the property's long-term leasing appeal. The location provides convenient access to University City, Fairmount Park, Belmont Plateau, the Philadelphia Museum of Art, Center City, and major employment and educational institutions throughout the city. The property's proximity to some of Philadelphia's largest universities and employment centers creates a deep surrounding renter base while offering residents convenient access to recreation, transportation, dining, and neighborhood amenities. Whether acquiring a stabilized multifamily asset, completing a 1031 exchange, or expanding an existing Philadelphia investment portfolio, 890-892 N 42nd Street offers a rare opportunity to acquire nine modern 3-bedroom residences producing approximately $224,412 in current annual gross rental income with a significant voucher-supported tenant base, turnkey asset in a good location.