724 S 16th Street
Philadelphia, PA 19146
- – beds
- – baths
- 2,832 sqft
- 1,120 sqft lot
- $280 per sqft
- 1915 build
Rare investment opportunity in the Graduate Neighborhood! This legal quadplex with a garage and parking offers significant potential for owner-occupants and investors alike, with options for rental income, value-add improvements, or condo conversion. The property underwent a complete gut rehab in 1989 with modernized building systems and is situated on a street-to-street lot offering garage space and parking for two compact cars. Located steps from public transit and Center City amenities, the property boasts a Walk Score of 95, Transit Score of 97, and Bike Score of 87. Each unit features separate utilities (tenants pay except for water), central air and heat, dishwasher, garbage disposal, refrigerator, intercom, and recessed lighting. On-site coin-operated laundry generates additional revenue. The building consists of Unit 1: a 1-bedroom, 1-bath bilevel with a jetted tub and separate standup shower; Unit 2F and Unit 2R: studio apartments; and Unit 3: a 2-bedroom, 1-bath with wood and tile floors, large skylights, and all-new windows on the third floor. With a 99% occupancy rate over 24 years, this tenant-occupied property provides immediate income for the buyer. The garage/workshop is currently vacant, offering additional income potential. Current rents are below market value, presenting opportunities for rental increases and added property value. This is a true value-add opportunity with significant upside potential. The property is located near Rittenhouse Square, Center City business and retail districts, and South Street, with grocery stores, restaurants, and the Marian Anderson Recreation Center (featuring a public pool) all within walking distance. This quadplex qualifies for Fannie Mae/Freddie Mac’s new 5% down owner-occupied multifamily program and offers strong appreciation and rental growth potential. Whether you are looking to expand your portfolio, secure a cash-flowing asset, or explore condo conversion possibilities, this property has it all. Being sold AS-IS. Proof of funds or pre-approval required before scheduling showings. Owner is a licensed PA salesperson.
Last checked:
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Last updated Mar 21, 2025
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MLS# PAPH2435874 —
The Building
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Year Built:1915
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Year Built Source:Assessor
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Year Major Reno/Remodel:1989
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Roof:Flat
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New Construction:No
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Construction Materials:Masonry
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Building Units Total:4
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Structure Type:Interior Row/Townhouse
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Architectural Style:Other
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Security Features:Carbon Monoxide Detector(s), Fire Detection System, Intercom, Smoke Detector
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Window Features:Double Hung, Skylights
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Accessibility Features:None
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Foundation Details:Stone
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Basement:Yes
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Basement Type:Front Entrance, Full, Garage Access, Partially Finished, Workshop, Poured Concrete
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Total SqFt Source:Estimated
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Total Below Grade SqFt:699
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Total Below Grade SqFt Source:Estimated
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Tax Total Finished SqFt:2610
Interior
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Interior Features:Bathroom - Jetted Tub, Bathroom - Stall Shower, Bathroom - Tub Shower, Breakfast Area, Carpet, Intercom, Skylight(s), Studio, Wood Floors, Other
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Room Count:14
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Flooring Type:Carpet, Ceramic Tile, Wood
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Fireplace:No
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Wall & Ceilings:Dry Wall
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Living Area SqFt Source:Estimated
Room Dimensions
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Total SqFt:3507
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Living Area SqFt:2,832 Sqft
Financial & Terms
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Sale Type:Standard
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Acceptable Financing:Conventional, Cash, FHA
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Possession:Immediate
Location
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Directions:Near the corner of S. 16th Street and Fitzwater Street
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Cross Street:FITZWATER
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Latitude:39.94256592
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Longitude:-75.16924286
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Location Type:Urban
The Property
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Property Subtype:Quadruplex
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Property Type:Multi-Family
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Property Condition:Average
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Lot Size Units:Square Feet
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Lot Size Acres:0.03
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Lot Size Source:Assessor
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Lot Size Dimensions:16.00 x 70.00
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Lot Dimensions Source:Assessor
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Lot Features:Road Frontage, Other
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Lot SqFt:1,120 Sqft
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Inclusions:Washer & Dryer, Workshop Bench, Refrigerators
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Exclusions:Tenant's Belongings
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Zoning:RM1
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View:City
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Other Structures:Above Grade, Below Grade
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Waterview:No
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Waterfront:No
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Water Oriented:No
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Water Access:No
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Navigable Water:No
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Tidal Water:No
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Land Use Code:U50
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Ground Rent Exists:No
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Riparian Rights:No
Listing Agent
- Contact info:
- Agent phone:
- (267) 223-7820
- Office phone:
- (215) 604-1191
Taxes
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Tax ID Number:301302500
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Tax Year:2025
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Tax Lot:220
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Tax Annual Amount:$10,501
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Tax Assessed Value:$750,200
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Year Assessed:2025
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School Tax:5880.0
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City/Town Tax:4620.00
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Total Taxes Payment Frequency:Annually
The Listing
Heating & Cooling
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Cooling Type:Central A/C
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Central Air:Yes
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Cooling Fuel:Electric
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Heating:Yes
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Heating Type:Forced Air
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Heating Fuel:Natural Gas
Utilities
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Sewer/Septic:Public Sewer
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Electric Service:200+ Amp Service
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Hot Water:Electric
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Water Source:Public
Appliances
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Appliances:Dishwasher, Disposal, Dryer, Intercom, Oven/Range - Gas, Refrigerator, Washer, Water Heater
Schools
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School District Name:Philadelphia City
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School District Source:Listing Agent
The Community
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Subdivision Name:Graduate Hospital
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Exterior Features:Sidewalks, Exterior Lighting
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Pool:No Pool
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Municipal Trash:Yes
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Transportation:Metro/Subway Station less than 1 mile
Parking
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Total Garage and Parking Spaces:3
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Garage:Yes
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Garage Features:Inside Access, Garage Door Opener, Garage - Rear Entry, Additional Storage Area
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Garage Spaces:1.00
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Garage SqFt:364
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Type of Parking:Attached Garage, Driveway, On Street
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Parking Features:Concrete Driveway
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# of Attached Garage Spaces:1
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Driveway - # of Spaces:2
Extra Units
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Other Units:Unit 1,Unit 2,Unit 4,Unit 5,Unit 3
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Vacation Rental:No
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Units Furnished:None
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Single Room Units:2
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One Bedroom Units:1
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Two Bedroom Units:1
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
Date | Event | Source | Price | % Change |
---|---|---|---|---|
3/21/25
Mar 21, 2025
|
Price Changed | BRIGHT | $795,000 | -5.9% |
3/10/25
Mar 10, 2025
|
Price Changed | BRIGHT | $845,000 | -5.6% |
2/4/25
Feb 4, 2025
|
Listed / Active | BRIGHT | $895,000 |