Philadelphia, United States of America
A fantastic investment opportunity, this property is comprised of a townhouse, originally constructed in 1950. The property has 3 bedrooms, 2 bathrooms, a kitchen and a living room. The property is located in Tacony, a residential area very close to downtown and surrounded by parks ideally placed for young families and professionals.
Tacony is a historic neighborhood in Northeast Philadelphia, located 8 miles from the city centre. This neighborhood is a residential area that offers mostly townhomes with the average home in Tacony staying on the market for only two weeks. House prices in this area are forecast to increase up to 23% over the next 3 years.
Philadelphia is the sixth largest city in the U.S. and the largest in Pennsylvania. The city is home to around 1.6 million people of diverse racial groups and cultures. Philadelphia has a very rich history, being the location of the signing of the Declaration of Independence, home to the Liberty Bell and one of only 3 cities where U.S. Congress has ever convened. Voted by Conde Nast in 2022 as one of the 20 "Best Destinations in the World", The ’City of Brotherly Love’ is home to a vibrant cultural scene and wide variety of restaurants and bars.
Philly’s population is notable for its young demographic, with a median age of 34 and increasingly educated - around 31% of adults possessing a college or university degree, higher than the national average. The recipient of $3.4 billion investment from 2020 to 2021, Philadelphia’s architecture incorporates everything from classical wooden structures through to glass and steel skyscrapers that dominate the skyline. Its buoyant real estate sector is an important part of the economy. With home ownership at around 61%, single-family residences and townhouses form the major housing stock, with average monthly rents at about $1,560 and a median sales value of $300,364 according to Zillow. This represents a 5-year increase of 24.4% and 31.3% respectively. Median home sales prices are projected to keep rising in 2022 and forecast to increase by 15.79% by the end of 2023.
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This property has undergone a detailed property inspection and has been recently refurbished. This, added to a built-in reserve for pre-sale renovations position the property for capital gains on exit of the investment.
The property is currently vacant and the area enjoys strong rental demand from families and professionals. It is expected a new tenant will provide a long-term lease agreement.
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