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Listed by DEACON & HOOVER REAL ESTATE ADVISORS LLC
$ 1,650,000
Est. payment | /mo
8,973 Sqft Lot
$ 1,650,000
Est. payment | /mo
8,973 Sqft Lot
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 1753966
HOA Y/N No
Year Built 1900
Annual Tax Amount $25,665
Lot Size 8,973 Sqft
Acres 0.206
Property Sub-Type Apartment
Property Description
304 S Birmingham Ave is a well-maintained multifamily property consisting of 19 units (12 one bedroom units, 3 two bedroom units, 4 studio units). The property features frame construction with a brick exterior. Unit interiors are mixed however most units have been recently renovated and feature vinyl plank flooring, neutral color scheme, updated bathrooms and kitchens, and well-maintained plumbing and electrical fixtures. Community amenities include on-site laundry and keypad access to building wings based on tenancy. This offering represents a compelling acquisition opportunity for investors seeking stable, income-producing real estate with significant value-add upside in one of the region's strongest performing submarkets. Located in the heart of Avalon, 304 S Birmingham comprises 19 residential units. The property is currently generating an Effective Gross Income of $203,362, and a Net Operating Income of $120,954, reflecting a 7.3% capitalization rate on the asking price. Potential building income is as high as $305,302 with ACHA housing tenants, which would represent a 13.7% cap rate at purchase price. The asset benefits from a diversified tenant base, strong in-place occupancy, and a proven operating history that underscores the stability of the cash flows.
Location
State PA
County Allegheny-north
Area Avalon
Zoning RM
Interior
Interior Features InteriorFeatures
Fireplace No
Exterior
Utilities Available Electricity Available, Natural Gas Available, Sewer Available, Water Available
Building
Structure Type Brick,Frame
Nearby Locations
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Geoff Smathers
REALTOR® | Lic# RS219743L