1615 W Diamond St, Philadelphia, PA 19121

Property Description

Prime Investment Opportunity Just Blocks from Temple University! Welcome to 1615 W Diamond Street, a fully renovated (2025) triplex located in the North Central section of Philadelphia, offering an exceptional opportunity for investors seeking strong rental income and long-term growth potential. Featuring three spacious units with a total of 8 bedrooms and 7 bathrooms, this property combines modern finishes, functional layouts, and an unbeatable location near Temple University's bustling campus. Each unit showcases updated flooring, recessed lighting, contemporary kitchens with stainless steel appliances, stylish cabinetry, and beautifully finished bathrooms. For added convenience and efficiency, all three units are separately metered and equipped with their own HVAC systems, water heaters, electrical panels, gas meters, and in-unit washers and dryers, with tenants responsible for all utilities. The ground-floor unit offers 3 bedrooms and 2 full bathrooms, along with a finished basement providing valuable additional living or recreational space. Currently vacant, this unit has a projected rental income of $1,800 per month. The second-floor unit features 2 bedrooms and 2 full bathrooms and is currently leased to an established tenant at $1,600 per month through June 30, 2027, providing immediate rental income. The third-floor unit offers 3 bedrooms and 3 full bathrooms, with each bedroom featuring its own private bathroom, an especially desirable layout for potential individual room rentals near Temple University's campus. This unit is also vacant, with projected rental income of $1,800 per month. Additional highlights include a fenced-in outdoor space, modern mechanical systems, and the flexibility to lease the vacant units while maintaining income from the occupied unit. The investment potential is equally impressive! At full occupancy, the property projects $62,400 in annual gross rental income, with an estimated net operating income (NOI) of $41,309, a 7.52% capitalization rate, and a gross rent multiplier (GRM) of 8.81. These projections account for a 5% vacancy allowance, 8% property management expense, 5% maintenance reserve, 2026 property taxes of $7,409, and estimated annual insurance of $2,700. Adding to its appeal, the property has a Certificate of Occupancy in place, active rental licenses, and no reported violations. Situated just blocks from Temple University, residents can enjoy convenient access to campus facilities, neighborhood restaurants, coffee shops, shopping, public transportation, and the Broad Street Line, making commuting to Center City and exploring Philadelphia a breeze. Whether you're looking to expand your investment portfolio, capitalize on the area's student rental demand, or secure a renovated multifamily property with immediate income and additional leasing potential, 1615 W Diamond Street checks all the boxes. Don't miss your chance to own a turnkey investment opportunity in one of Philadelphia's prominent university rental markets! All rental projections, financial figures, property details, licensing information, and investment assumptions are provided for informational purposes and should be independently verified by the buyer.