About 5600-06 Germantown Ave
SCOPE Commercial Real Estate Services, LLC ("SCOPE") is pleased to present the opportunity to acquire Frederick Douglas Apartments, a 16-unit mixed use asset over 7,021 square feet of commercial space in the Germantown neighborhood of Philadelphia, PA.
Frederick Douglas Apartments, located at 5600-5606 Germantown Ave, is a 24,585 square-foot property consisting of 16 residential units over two commercial units. The property offers five studios, five one-bedroom, one-bathroom units, and six two-bedroom, one-bathroom units. The average monthly rent is $786 for studios, $775 for one-bedroom units, and $1,020 for the two-bedroom units, resulting in an overall average rent of $870 per unit. New ownership can raise rents to meet the market as is for a 25 percent upside. Additionally, renovating unit interiors could allow for a further 38 percent rent growth.
The commercial unit 5604-5606 is also leased out until 2029 with personal guarantees in place. There is about another $60,000 of upside if the other commercial unit is leased. 5600-02 offers about 3,300 square feet of commercial and 5604-06 offers about 3,700 square feet.
