348 S 16th St, Philadelphia, PA 19102

Property Description

In the heart of Rittenhouse Square awaits a prime investment opportunity along a picturesque tree-lined block at 348 S 16th St. This fully occupied 5-unit building is a true turn-key asset with strong rental history and endless upside. The property features two spacious 2Bd/1Ba units, one 1Bd/1Ba, and two charming studios. The first floor enjoys direct access to a private rear patio, while the full-span basement provides separate metered mechanicals and convenient coin-operated laundry for additional income. Investors will appreciate the thoughtful upgrades already completed. A new roof, exterior crown molding on the bay window, and a new chimney crown with stucco were all installed in 2017. In 2022 the front vestibule received new flooring and unit 1F was updated with a modern bathroom remodel. New dishwashers were recently added to units 1F and 3F. This property has been owned by the same family for more than 40 years, a testament to its stability and care. With these improvements already in place, each unit is rentable from day one while still offering the opportunity to increase cash flow through future upgrades. This property is also an excellent option for an owner-occupant who wants to call Rittenhouse Square home while enjoying steady income from the other units. Living in one of the city’s most desirable neighborhoods while your tenants help offset your costs is an opportunity rarely available at this scale. Tenants are drawn to the unbeatable neighborhood lifestyle with a PERFECT Walk Score of 100. World-class shopping along Walnut Street, beloved restaurants like Parc and Barclay Prime, and cultural landmarks such as The Kimmel Center are just steps away. Sprawling Rittenhouse Square Park is only a five-minute walk from the front door, and residents enjoy easy access to City Hall, Jefferson and Pennsylvania Hospitals, Broad Street, and all forms of public transit. Schedule your private tour today and secure a property that blends immediate income, long-term appreciation, and the potential to live in one of Philadelphia’s most sought-after neighborhoods.