Friday, December 11, 2009

Philadelphia Multifamily Sells for $1M

Private investors acquired the multifamily building at 2114 Pine St. in Philadelphia for $1.02 million, or approximately $204,000 per unit.

The five-story building was built in 1900 and features two one-bedroom apartments, two two-bedroom apartments and a studio unit. The property is located in the Rittenhouse Square area and was fully occupied at the time of purchase. The reported net operating income of the property is $63,000 annually.

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