PHILADELPHIA, Pennsylvania. December 4, 2020 (Biz Republic) — Agent PHL powered by Compass is thrilled to announce the sale of 2020 Locust Street, a turnkey investment property in the coveted Rittenhouse Square submarket of Philadelphia. The Building was delivered 100% leased and occupied at the time of sale with 6 apartments and 1 commercial unit.
This generational asset proved its worth on the sales market, as multiple offers were procured during the listing process. Ultimately, The Building sold for full asking price ($2,250,000) at a 5.4% cap rate. The Property historically operated at 0% vacancy, with the apartments in perennial high demand due to Rittenhouse’s position as one of the strongest rental submarkets on the Eastern seaboard of the USA.
Ryan McManus of Agent PHL, the listing agent, had this to say about the sale: “Even during unfavorable macroeconomic conditions, the sale of 2020 Locust Street exhibits the incredibly strong multifamily investment climate in the city of Philadelphia right now for well-located, cash flowing real estate. As a turnkey investment, 2020 Locust was a truly competitive sale, with multiple offers received from out of town qualified investors”.
“Ultimately, The Property commanded our full asking price – a true testament to the strength of our in-house marketing efforts to accurately price properties according to market conditions. With in-depth knowledge of the Rittenhouse submarket and surrounding areas, Agent PHL flexed its market mastery once again delivered Class-A results for our Client, and look forward to bringing two more similar listings to the Rittenhouse marketplace in 2021. Generational real estate does not often come up for sale, but when it does – expect heavy competition no matter the external pressures.”
Agent PHL is Philadelphia’s premier hybrid real estate sales agent, specializing in commercial and residential listings with a refined focus on new construction, multifamily investments and development. Powered by cutting-edge Compass tools and technology, Agent PHL is deeply rooted in Philadelphia’s communities with industry-leading resources and connections in the city’s top locations.
The pairing of contemporary marketing and old school brokering enable Agent PHL to continuously provide Class-A results for its clientele. The firm have achieved distinct recognition within the real estate marketplace and brokerage community in Philadelphia for conducting some of the most notable Qualified Opportunity Zone development transactions in recent years, along with top-producing achievements in both boutique multifamily and residential sales.