$7,900,000

Built in 1910, La Blanche was one of the first large apartments ever built in Philadelphia offering the rising middle class better access to housing as the result of the western exodus from center city’s business districts. The completion of the Market Street Elevated line in 1907 was the catalyst. West Philadelphia was considered the favored side of the Schuylkill in the early 20th century and some fine examples of large old apartment houses can still be found. La Blanche is a fine example of creative eclecticism in a Georgian Revival style. It differs from other buildings in the area with its’ recessed arched niches, producing balconies in great abundance. This detailing embodied the dreams of the new residents who were successfully making their way in society wanting to live in the conceived wealthy house of the period. Few apartment buildings in the area can boast such a display. Famous at the time architects, Anderson and Haupt showed both a competence in construction techniques, and a knowledge of architectural details including classical window and door ornamentation. They did over 40 buildings in Philadelphia and surrounding regions, including churches, industrial, commercial and large residences. La Blanche Apartments were one of the firm’s most substantial architectural commissions. The apartment building breaks the monotony of the neighborhood. It preserves the corners of an urban block and stands as a district landmark in the neighborhood. This four-story building originally housed twenty-six units. It was subdivided into forty-nine units as the need for housing demanded. The preservation and renovation starting from 2012 through 2015 contributed to the renewal of this neighborhood. Pre-war apartment buildings rarely come to the market. The 49 unit La Blanche is walking distance to U Penn, Drexel and University of the Sciences. Ninety-five percent currently leased gives the ability to continue with cash flow and then add value as tenants end leases (most are month to month) and then raise rents to the current market rates. This corner property measures approximately 150 feet by 118 feet and extends from Walnut to Chancellor, in a rapidly developing area bringing rent growth and building appreciation. The property consists of six (6) studios, thirty-six (36) one bedroom, six (6) two bedrooms and one (1) three-bedroom apartment. This Georgian Revival Style broke ground in 1910 and was part of the second wave of a housing boom in West Philadelphia that started with the 1907 completion of the Market Street Elevated line. The building is one of the first large apartments built in Philadelphia, with a striking facade. Location awareness: In general, the University City section has become one of the fastest growing sub-markets in all of Philadelphia. Over $3.5 billion of new or recently completed real estate projects have transformed this area into a hub of “Eds and Meds”. University City attracts undergraduate and graduate students as well as young professionals and families. The area is highly desirable given its walk-ability to the numerous major educational and healthcare institutions such as The University of Pennsylvania, University of the Sciences, CHOP, Drexel University and The Wharton School of Business. Situated near an abundance of public transportation with various bus routes, trolley lines, and the Market-Frankfort line within a short walking distance. The project is uniquely positioned in the path of growth and ready to see significant rent increases in the coming years therefore offering a good rental upside. Perfect for a 1031 exchange. Inquire within for OM.