MULTI-UNITs | 3 Addresses | 22 Units Total
Listing price per address: $1,580,000
Potential for discounted purchase if properties are bundled
We’re highlighting three recently constructed East Kensington multi-family buildings. The fundamentals are already in place — stabilized, occupied, and built to keep doing exactly what they do: generate income.
Snap up any one of these incredible fully occupied, cash flowing properties. Asking price is $1,585,000 per building with potential for discount to purchase two or even all three! Here’s a snapshot: Melrows Place is two 8-unit buildings nestled back-to-back and The Blue Building at Harold Street is a 6-unit building with private outdoor space for all tenants.
East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked into the neighborhood are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town.
Melrow’s Place | 1918-20 EAST Cumberland Street and 1917 EAST Letterly Street
Listing Price: $1,585,000 each
Melrows Place
SQFT: 7,242 / Assessed | Taxes for each: $2,083/ 2026 (Abatements in place through September 2028 and June 2029)
One strong strategic opportunity. 1918 E. Cumberland is an 8-Unit multifamily building well positioned in East Kensington. Ideal for 1031 exchange buyers or investors looking to expand an established portfolio.
The crisp white brick and corrugated white-and-black metal façade strikes the right balance in a neighborhood defined by its blend of residential streets and light industrial character. Completed in 2018, this building is fully stabilized and 100% occupied at market rents, delivering documented income from day one.
This is not a lease-up story. There is no vacancy narrative to underwrite and no pro forma guesswork — just proven performance and predictable cash flow of approximately $12,000 per month in gross income. The per-building unit mix includes four 3-bedroom, 3-bath units, two 2-bedroom, 2-bath units, and two 1-bedroom, 1-bath units. All residences feature in-unit washer/dryer, central air, and defined living/dining spaces — amenities that support strong tenant retention and long-term rent growth.
1917 E. Letterly is an 8-Unit apartment building in the heart of East Kensington. Ideal opportunity for 1031 exchange buyers or investors looking to add scale, stability, and architectural presence to an existing portfolio.
Completed in 2017, this building is 100% occupied at market rents, delivering documented income of approximately $12,000 per month in gross rents from day one. The per-building unit mix includes four 3-bedroom, 3-bath units, two 2-bedroom, 2-bath units, and two 1-bedroom, 1-bath units. All residences feature in-unit washer/dryer, central air, and defined living/dining spaces — amenities that support strong tenant retention and long-term rent growth.
Located steps from the Market-Frankford Line, Frankford Avenue, and the rapidly evolving Kensington Avenue corridor. All zoning, licenses, leases, and operating expenses are fully documented. Profit & Loss statements and supporting financials are available for qualified inquiries. Let Co-List Christian Fegel know what financial information your client needs, and we will promptly provide it. Consider bundling 1918 E. Cumberland and 1917 E. Letterly for a total of 16 Units.
1842 EAST Harold StREET
Listing Price : $1,585,000
The Blue Building at Harold Street
SQFT: 6,232 / Assessed | Taxes: $1,250 / 2026 (Abatement in place through 6/30/2033)
The Blue Building with the distinctive fish scale siding, 1842 E. Harold Street is a six-unit East Kensington multifamily property completed in 2022 and fully occupied at market rents.
Offered at $1,585,000 with tax abatement through 2033, the building provides documented income from day one and aligns well with 1031 exchange buyers seeking stable, predictable cash flow. The property is 100% occupied at market rents, generating $9,450 per month in gross income with a proven operating history since completion.
This is not a lease-up opportunity. There is no vacancy story to underwrite and no pro forma guesswork- the building is stabilized, documented, and producing from day one. The unit mix includes three bi-level 2-bedroom, 2-bath units each with private roof decks; one 2-bedroom, 2-bath unit with private yard; one 1-bedroom, 1-bath unit with private yard and balcony; and one 1-bedroom, 1-bath unit with balcony. All six units feature private exterior space, in-unit washer/dryer, and central air — amenities that support strong tenant retention and long-term rent growth.
Located steps from the Huntingdon Station of the Market-Frankford Line and near the growing Kensington Avenue corridor between Lehigh Avenue and Front Street, the property benefits from transit accessibility and continued commercial momentum.
All zoning, licenses, leases, and operating expenses are fully documented. Profit and Loss statements and supporting financials are available for serious inquiries. In addition to its current performance, the layout and outdoor amenities present potential long-term condominium sell-off optionality, though no condo declaration has been filed. The fundamentals are already in place — stabilized, occupied, and built to keep doing exactly what it’s done since 2023: generate income.
10 Reasons to Buy THIS MULTI-UNIT PORTFOLIO NOW
1. Replacement cost exceeds purchase price.
Construction costs remain elevated compared to pre-2020 levels, and financing new development is significantly more expensive today. Buying below replacement cost provides an immediate margin of safety.
2. Development has slowed.
After a surge in permits during 2021–2022, new construction activity has declined materially due to higher interest rates and tighter lending standards. Fewer projects breaking ground today means less future competition.
3. Supply pipeline is shrinking.
Multifamily deliveries peaked recently, but new starts have dropped sharply. The next wave of new inventory is expected to be much smaller.
4. Ongoing housing shortage.
Philadelphia continues to face a structural shortage of single-family homes, and resale inventory remains historically constrained.
5. High borrowing costs support rental demand.
With mortgage rates well above pandemic-era lows, many would-be buyers remain renters longer, strengthening demand for quality rental housing.
6. Larger, high-quality rentals are limited.
Most recent development has focused on smaller apartment units. Well-designed 2- and 3-bedroom rentals suitable for roommates or families remain relatively scarce.
7. Nearly new construction (4 years old).
Modern systems, efficient design, and built to current code — minimizing near-term capital expenditure.
8. Tax abatement in place.
Taxes currently based on land value only, enhancing cash flow until abatement expiration.
9. Fully stabilized.
100% occupied at market rents, providing immediate income with no lease-up risk.
10. Clean documentation.
All licenses, zoning approvals, leases, and operating expenses are fully organized and available for review.
East Kensington is a pocket of Kensington bordering Olde Richmond, Fishtown, and Norris Square. With its industrial history, artist collectives, community driven green space, and new developments, it is a place where many Philadelphia characteristics come together in a residential setting.