About 1621 W Diamond St
Investment opportunity in the heart of the Temple University rental corridor, ideal for a first-time homebuyer. This well-maintained 9 bed, 3 bath triplex is located just steps from Temple University’s campus, nearby primary and high schools, SEPTA, corner stores, and Broad Street. The property is only a 13-minute drive to City Hall and sits in a rapidly developing section of Philadelphia that has transformed significantly over the past 20 years.
The building consists of three spacious 3-bedroom, 1-bathroom apartments, each offering generous kitchen cabinet space and functional layouts suitable not only for students but also for adult tenants. Photos are from Unit 2; Units 1 and 3 are very similar with minor layout and feature differences. Unit 1 offers backyard access and higher ceilings, while Unit 3 has a slightly different layout. Unit 2 is the only unit without carpet in the bedrooms.
Current rents are significantly below market, with long-term tenants in place, presenting immediate value-add potential. Existing rents are $1,050, $1,050, and $1,150 per unit, while comparable renovated 3-bedroom units in the area routinely achieve $1,350–$1,500 per unit. The current tenants are long-term occupants, with only one or two people leasing each unit. This creates an opportunity for the new owner to increase cash flow in the future and improve the return numbers. Two of the three units are leased through July 31, 2026, and one unit is leased through July 31, 2027.
The property has been meticulously maintained and features newer appliances, central air and heat, an intercom system, and a washer and dryer located in the basement. It is also part of a historic designation, helping preserve the building’s architectural integrity while supporting long-term neighborhood value. This property is an excellent opportunity for an owner-occupant to live in one unit while renting the remaining units to tenants and/or family members.
