PHILADELPHIA, April 5, 2024 /PRNewswire/ — On behalf of The Seller, Agent PHL has formally announced the sale and settlement of 1710 Cambridge Street in Philadelphia, Pennsylvania. The investment sale was brokered by Ryan McManus, principal of Agent PHL at Compass RE, on behalf of a local development partnership.
Originally developed in 2019, the 8-unit stabilized multifamily property features 2+3-bedroom apartments with zero vacancy and 5 years remaining on its 10-year tax abatement — plus private parking, balconies, and panoramic skyline rooftop terraces overlooking Downtown Philly. The boutique apartment building, constructed by local master tradesmen, features 4-storey construction with two (2) generously proportioned apartments per floor.
Located in the Francisville submarket just outside of Center City Philadelphia, residents of this ±10,500 SF apartment building benefit from proximity to shops, breweries, cafes, grocers, restaurants and multimodal transport options — placing the entire city within reach from 1710 Cambridge Street.
Said McManus: “We procured multiple offers during our listing term on this assignment, before even hitting the market — which is symbolic of the market’s recovery and the persistent demand for multifamily investment properties in well-located Philadelphia neighborhoods.” He said, “This trade, and others soon to be announced, will spark the market reset in terms of pricing, as buyer and seller expectations on commercial real estate values realign in Q224.”
Philadelphia now ranks as the eight (8th) largest MSA in the USA. Real estate investment demand is largely driven by Philly’s relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards — connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nation’s leading metros.
Please direct future investment and development sales enquiries to [email protected] or visit our website at www.AgentPHL.com.
About Agent PHL / Compass RE:
Agent PHL was founded in 2016 by Ryan McManus as a full-service hybrid real estate sales firm focused primarily on land development, multifamily investment, and residential new construction listings. The firm has enough talent, tools and resources to compete with blue chip national real estate firms yet remains boutique and nimble enough to service the most distinct, exclusive listings with a neighborhood-based approach to sales. Agent PHL has the local expertise, reputation, and connections to be considered the go-to sales agency in Philadelphia. Backed by the power of Compass RE and its national network of top-producing agents and technology, Agent PHL services an interoffice pipeline of referrals and out-of-region enquiries on behalf of brokers, investors, and developers.
SOURCE Agent PHL
