Girard Flats_Property for Sale
Girard Flats_Property for Sale
1522-1532 W Girard Ave, Philadelphia, PA, 19130-1756, US

Girard Flats

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Girard Flats (the “Property”), a 120-unit mid-rise apartment community in the Fairmount neighborhood of Philadelphia, PA.


Completed in 2023, Girard Flats consists of three adjacent parcels totaling 120 one-bedroom units that average 554 square feet. The luxury unit finishes at the Property consist of LVT flooring, modern white cabinetry, quartz countertops, and stainless steel appliances. All units are complimented by an on-site parking garage, community courtyard, full-service elevators, and immediate access to all the retail and entertainment destinations along Girard Avenue.


Girard Flats presents the opportunity to acquire a newly constructed asset significantly below replacement cost and complete the lease-up at the Property. Currently, the Property is 9% leased with an average in-place rent of $1,516, nearly 30% below the market average. Further, the last 5 leases are averaging $1,600, which is 5.5% above the Property’s average in-place rent. All three parcels at the Property also benefit from a full, 10-year real estate tax abatement, which will produce accretive returns during a respective hold period.

...

Attributes

Units
120 units
Occupancy
97%
Year built
2020
Building area gross
7,816 sm

Media

Investment highlights

Compelling Rental Upside

  • Girard Flats is in the midst of its lease-up with rents that are more than $400 below the average one-bedroom market rent.
  • The average in-place rent of $1,516 ($2.74 PSF) trails the surrounding competition by more than 30%.
  • The average household income within Girard Flats’ zip code (19130) exceeds $140,000.


Positive Leasing Performance

  • Leases signed in 2023 average $1,610, 6% above the average in-place rent of $1,516.


Full 10-Year Tax Abatement

  • All three parcels at Girard Flats qualified for a 10-year abatement of real estate taxes.


Girard Flats 4_Property for Sale
Girard Flats 4_Property for Sale

Contact brokers

Girard Flats (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? Visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. E-Mail us today to see how we can help achieve your ambitions.
Last updated
Apr 4, 2024