3022-24 Richmond Street — Sale in Philadelphia, PA
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: Philadelphia, PA 19134
Photos
Investment Figures
- Cap rate
- 7.47%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present an 11-unit multifamily investment opportunity located at 3022–3024 Richmond Street in the Port Richmond neighborhood of Philadelphia, Pennsylvania. Comprised of two side-by-side buildings, the properties are positioned along the dynamic Richmond Street corridor, lined with charming, boutique commercial establishments that lend the neighborhood its distinct local character. The asset offers investors the opportunity to acquire a well-located, value-add investment in one of the city's most actively evolving urban submarkets. The property consists entirely of one-bedroom, one-bathroom units, offering an efficient and highly rentable unit mix that minimizes turnover friction and appeals to Port Richmond's broad, demand-driven tenant base. The asset demonstrates approximately 10 percent organic rent growth, reflecting the strength of in-place fundamentals and the neighborhood's upward rent trajectory, with additional upside available through light unit renovations and interior improvements. Its position directly along the Richmond Street corridor adds further appeal—surrounded by the boutique commercial establishments that give the immediate area its character and reinforce steady residential demand at the building's doorstep. Port Richmond has emerged as one of Philadelphia's most compelling growth stories, drawing investors as demand continues to migrate north and east from Fishtown and Kensington in search of relative value. The neighborhood is anchored by major commercial thoroughfares including Lehigh Avenue, Aramingo Avenue, and Frankford Avenue—the latter home to a thriving hospitality corridor led by several James Beard Award-winning chefs—providing residents with abundant retail, dining, and daily-needs amenities. The location is further strengthened by direct access to Interstate 95 and the regional highway network, as well as proximity to outdoor recreation and the Delaware River waterfront at General Pulaski Park. This
Market Context
This multifamily in Philadelphia, PA is listed for sale. It is offered at an approximate 7.5% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Philadelphia, PA — view the full market.
Contact
- Vince Peruto · (215) 531-7035 · vincent.peruto@marcusmillichap.com
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