Comly Street Apartments

On behalf of Ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in 4900-12 Comly Street (also known as 5929 Keystone Street), a 14-unit apartment community in the Tacony neighborhood of Northeast Philadelphia, Pennsylvania.  

Built in 1983, the 14-unit community consists of one building with a brick exterior, pitched roof, and ample parking. The building has a desirable unit mix consisting of 100% two-bedroom units. The tenants pay for electricity while the owner provides cold water and sewer. Every apartment has washer and dryer hookups. Current ownership does not provide laundry equipment; tenants provide their own. First-floor apartment units feature a newly installed trex deck.

The Tacony Sub-Market of Northeast Philadelphia is an extreme occupancy sub-market with average occupancy greater than 94%. The average in-place rent at the Comly Street property is $1,254, with three of the units leased at $1400, in a sub-market that averages over $1,350 per month for two-bedroom apartment units. With little to no capital expenditures, a new owner can increase rents by $100 to $200 per month. In addition, if a new owner renovated the remaining three unrenovated units, those rents could be increased by $300 per month or more.

The property at 4900-12 Comly Street presents an outstanding value-add opportunity to acquire 14 apartment units with below-market rents in the Tacony neighborhood of Northeast Philadelphia.