Avondale Apartments

Philadelphia, PASCOPE Commercial Real Estate Services, LLC, "SCOPE", is pleased to present the opportunity to acquire Avondale Apartments, a 112-unit multifamily community located at 4628 Leiper Street, in the Frankford section of Philadelphia. Avondale Apartments features seven junior efficiencies, 30 efficiencies, and 75 one-bedroom, one-bathroom units. The property is 96.4 percent occupied with three vacancies and one unit occupied as an administrative unit. The administrative unit can be converted back to an efficiency and is included in the unit count. Current in-place rents average $851 for the small efficiencies, $900 for the efficiencies, and $1,067 for the one-bedroom, one-bathroom units. Currently, the property produces $112,096 in monthly rent and $1,345,172 in annual scheduled income across the 112 units. The units are individually metered with electric baseboard heat and window air-conditioning units, with domestic hot water supplied by a central gas-fired system serving the building. Cooking is electric. Laundry is provided in the basement laundry facilities for resident use. A built-in mark-to-market opportunity exists. By meeting the market rent, the junior efficiencies can be advanced to about $900 per month, the efficiencies to $950 per month, and the one-bedroom units to $1,150 per month. Applying those rent levels across the unit counts increases annual rental revenue to $1,477,500, which creates ~$132K in immediate annual upside. This represents an increase of approximately 10 percent over current collections and can be achieved through normal renewals and releasing to current achievable levels. The property is located in the Frankford section of Philadelphia, a long-established, transit-oriented neighborhood. Residents have convenient access to the Arrott Transportation Center and the Market–Frankford SEPTA line for direct service to Center City, University City, and other employment hubs, along with multiple bus routes running along Arrott Street and Frankford Avenue. Daily-needs retail, neighborhood restaurants, and service businesses are concentrated along the Frankford Avenue corridor, and Jefferson Frankford Hospital and other medical and institutional employers help support consistent rental demand. The location also offers quick connections to Roosevelt Boulevard and I-95, which is important for residents who work elsewhere in the city or in suburban job centers. Taken together, the transit, neighborhood retail, and employment drivers make this an attractive location for smaller units and affordability-focused products like Avondale Apartments.