PA > Philadelphia > Washington Sq West
Philadelphia, PA 19147,1112-20 LOMBARD ST
Philadelphia, PA 19147,1112-20 LOMBARD ST
Philadelphia, PA 19147,1112-20 LOMBARD ST
Listed by Ryan J McManus • Keller Williams Liberty Place
Bought with Ryan J McManus • Keller Williams Liberty Place
$2,845,000
$2,999,999 5.2%
Est. payment /mo
5,512 Sqft Lot

UPDATED:

Key Details

Sold Price $2,845,000

Property Type Commercial

Sub Type Five Or More Units

Listing Status Sold

Purchase Type For Sale

Subdivision Washington Sq West

MLS Listing ID PAPH2451176

Sold Date 05/21/25

Year Built 1968

Available Date 2025-03-09

Annual Tax Amount $27,996

Tax Year 2024

Lot Size 5,512 Sqft

Acres 0.13

Lot Dimensions 71.00 x 78.00

Property Sub-Type Five Or More Units

Source BRIGHT

Property 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.

Location

State PA

County Philadelphia

Area 19147 (19147)

Zoning RM1

Interior

Hot Water Natural Gas

Heating Central

Cooling Central A/C

Flooring Hardwood, Carpet

Heat Source Natural Gas

Exterior

Water Access N

View City

Accessibility None

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Philadelphia City

Others

Tax ID 881008200

Ownership Fee Simple

Special Listing Condition Standard

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Matthew Bearinger

Matthew Bearinger

+1(410) 608-9920

Realtor® | Team Leader | License ID: 681466

Realtor® | Team Leader License ID: 681466

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