Patterson-Schwartz Real Estate1112-20 Lombard Street, Philadelphia, PA 19147-1231 $2,999,999
Interior Sq. Ft: 18,000
Acreage: 0.13
Age:57 years
Taxes: $27,996
Subdivision: Washington Sq West
Design/Type:
Other
Description
INTRODUCING: 1112-20 Lombard Street in Philadelphia, Pennsylvania. This 13-unit value-add apartment building is exceptionally located in the coveted Washington Square West district of downtown Philadelphia. Opportunities to acquire value-add multifamily properties such as this rarely come about. This asset has been held by Ownership for over 50 years as a perennially-leased asset. Historically known as Washington Mews Apartments, this building provides the ultimate in convenience and charm with its spacious interiors and unique redbrick curb appeal — fashioned out of an old church building and converted into modern multifamily. An impressive unit matrix is as follows: one (1) studio, one (1) 1-bedroom, nine (9) 2-bedrooms, and two (2) 3-bedroom apartments. A "super" unit can also be achieved via zoning to create a 14-unit building. An 8.68% pro forma cap rate provides highly attractive upside for new Ownership. Rents can readily be raised (±33%) with a cosmetic upgrade of the building's kitchens, baths, and common spaces. Expenses can be reduced by ±25% to minimize the OPEX statement and boost the NOI. Each unit contains washer-dryer as an added amenity. The asset is extremely well-located by neighborhood parks, fashionable restaurants, accessible public transit and all the amenities that Center City Philly has to offer — insulated from market fluctuations and always in-demand within the tenant marketplace. Purchase value-add real estate in a Top-10 USA MSA for just $230K per unit! Full details coming soon.
Home Assoc: No
Condo Assoc: No
Basement:
Pool: No Pool
Features
Utilities
Central Heating, Natural Gas, Central A/C, Natural Gas, Hot Water - Natural Gas, Public Water, Public Sewer
Garage/Parking
None
Interior
Carpet Flooring, Hardwood Flooring
Exterior
Masonry
Lot
Downtown, City View
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Proximity does not guarantee enrollment eligibility. Please contact the school directly for more information on enrollment requirements.
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Public Elementary (118 schools)
Public Middle (21 schools)
Public High (58 schools)
Private (81 schools)
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This report is a detailed community overview for Philadelphia (19147), Pennsylvania.
Community Quick Facts
- Average travel time to work for people in this community: 30
- Average salary of people in this community: $73,640
Community Summary
- Population Density (ppl / mile): 23,999
- Household Size (ppl): 2.20
- Households w/ Children: 35%
Housing Inventory
- Owned: 9,584 (48.7%)
- Rented: 7,806 (39.6%)
- Vacant: 2,305 (11.7%)
- Total: 19,695
Population Demographics
The population of the community broken down by age group. The numbers at the top of each bar indicate the number of people in the age bracket below.
Climate and Weather
The Temperature chart displays average high and low values for January and July, and is designed to provide an indication of both seasonal and daily temperature variability. The Weather Risk Index indicates the calculated risk of each type of weather event occurring in the future. This risk is based on historical localized storm events and weather patterns. The national average for each type of weather event equals a score of 100, so a score of 200 would represent twice the risk as the national average, and a score of 50 would represent half the risk of the national average.
Temperature
Education
Highest Level of Education Attained
- Less than 9th Grade: 4.4%
- Some High School: 5.2%
- High School Graduate: 15.3%
- Some College: 9.8%
- Associate Degree: 3.7%
- Bachelor's Degree: 31.7%
- Graduate Degree: 30.0%
Income by dollar range
Median Income: $81,519
Fair Market Rents
The Fair Market Rents show average gross rent estimates based on figures provided by the U.S. Department of Housing and Urban Development (HUD).
- Studio: $943
- One Bedroom: $1,172
- Two Bedroom: $1,625
- Three Bedroom: $1,893
- Four Bedroom: $1,219
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Contact Information
Schedule an Appointment to See this Home
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or call me now at 302-542-3947
Listing Courtesy of: Keller Williams Liberty Place , (609) 399-5454, klrw903@kw.com
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Patterson-Schwartz Real Estate participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information Deemed Reliable But Not Guaranteed.
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Listing data as of 3/15/2025.
