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|Number of units||27|
Jones Lang LaSalle Americas, Inc (JLL) is pleased to present the opportunity to acquire 2537-2553 N Front Street, a newly constructed, 27-unit, multi-housing asset in the thriving Kensington neighborhood of Philadelphia, PA. Completed in 2019 -2020, this 27-unit property is 100% occupied, offering investors the opportunity to acquire a stabilized, cash-flowing asset with the opportunity to further increase rents upon lease expiration.
Furthermore, 2537-2553 N Front Street is located just off E Lehigh Ave, adjacent to Temple University Hospital – Episcopal Campus. The property is 0.3 miles from the York-Dauphin and Huntingdon SEPTA train stations, offering direct access to Center City in 15 minutes.
Dynamic Residential Submarket
Given the tremendous amount of growth over the past 10 years in surrounding Fishtown and Northern Liberties, the continuous development has extended to surrounding Neighborhoods such as Kensington. 2537-2553 N Front Street is located in the heart of Kensington’s proliferation, making the Property a viable target for investors looking for long-term rent growth. Furthermore, as currently positioned, in-place rents trail the market by approximately $100 - $200, providing new ownership the opportunity to further increase rents upon turnover while maintaining a competitive edge.
Tax Abatement Benefit
2537-2553 N Front Street qualifies for a 10-year tax abatement of real estate taxes, which is available in the City of Philadelphia for new development. The abatement is limited in whole or in part to that value which has been added to the Property due to the qualifying improvements. The land value remains fully taxable during the abatement period.