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As the stock market continues to climb, many investors are looking for ways to diversify their portfolios. One way to do so is by investing in Philadelphia apartment buildings for sale.
The city is experienced slow, steady growth in recent years – meaning that real estate values haven’t yet skyrocketed the way they have in other cities.
This makes Philadelphia multi family homes for sale a great investment opportunity, no matter what your risk tolerance.
How to Find Apartment Buildings for Sale in Philadelphia
The city of Philadelphia has become younger, bigger, and better educated over the past decade.
More young professionals are moving to the downtown core for job opportunities.
There are several ways to find apartment buildings for sale in Philadelphia. Most investors begin their search online.
Some look for deals that can only be found word-of-mouth. Others opt for hiring a broker to help them identify potential opportunities.
In this article, we take a look at how to find apartment buildings for sale in Philadelphia through online listings and with Reonomy—whether you’re looking for 4 units or 400 units.
Commercial and Residential Real Estate Listings
Online platforms can be a great way to search commercial and residential real estate listings that have been listed through the MLS (multiple listing service) database.
Here are a few of the most popular commercial and residential real estate listing websites:
LoopNet is one of the nation’s leading online platforms for commercial and residential real estate listings.
It is a source for larger deals, including Philadelphia apartment buildings for sale, with deals ranging from Philadelphia triplexes for sale to 100+ unit properties.
There are currently 56 Philadelphia apartment buildings listed for sale on the LoopNet platform. The screenshot below highlights the range and diversity of these investment opportunities.
CREXi is another way for investors and brokers to scout real estate investment opportunities in Philadelphia.
As area investors may know, the city’s colleges and universities are one of the demand drivers for Philadelphia multi family homes for sale. CREXi is a great tool in that regard because it allows users to be more granular with their searches.
For instance, CREXi allows users to search specifically for student housing for sale in Philadelphia, as shown below.
Marcus & Millichap
Marcus & Millichap is one of the nation’s largest commercial real estate brokerage firms specializing in real estate investment services.
Its Philadelphia offices are a great point of entry for those looking to purchase Philadelphia apartment buildings for sale.
The firm is constantly monitoring the Philadelphia multi family investment forecast, noting recently that apartment development is spreading beyond the core, making Marcus & Millichap a great advisor for those seeking value-add opportunities in Center City Philadelphia.
Rittenhouse Realty Advisors
Rittenhouse Realty Advisors is a Philadelphia-based brokerage firm that specializes in helping investors navigate through various commercial and residential real estate listings in order to find worthwhile investment opportunities.
Anyone interested in looking at Philadelphia apartment buildings for sale, student housing, or mixed-use properties in Greater Philadelphia should consider contacting Rittenhouse Realty Advisors.
The Flynn Company
The Flynn Company is one of the largest and oldest privately held commercial real estate companies in the Philadelphia region.
Their team offers a full suite of services including commercial real estate leasing, investment sales, accounting, property management and construction services.
Those interested in purchasing Philadelphia apartment buildings for sale will find The Flynn Company to be much more than a broker, but a true partner with end-to-end services to offer their clients.
Realtor.com is one of the nation’s leading MLS-fed residential listing platforms in the country. Those in search of smaller, perhaps more affordable Philadelphia apartment buildings for sale may want to begin their search on Realtor.com.
Here, you’ll find a plethora of Philadelphia duplexes and triplexes for sale.
Realtor.com is constantly uploading new apartment buildings for sale in Philadelphia, as seen below where the first three listings were each posted less than 24 hours ago.
Redfin tends to be a favorite listing platform among brokers and investors searching for Philadelphia apartment buildings for sale given how easy the website is to navigate. Redfin attracts MLS listings as well as for-sale-by-owner listings that have been cross-posted to their website.
Redfin’s platform is unique in that it uses an algorithm to identify “hot homes,” or those likely to sell within the next few days.
This helps investors navigate through some of the best investment opportunities, but also indicates which Philadelphia apartment buildings for sale may attract the most interest from competing investors.
Search Off-Market with Reonomy
You can also take your search off-market instead of limiting yourself only to what is currently listed for sale on the market.
By going off-market with your property search, you can avoid intermediaries and the fees that come along with brokers.
Finding new opportunities off-market can help both investors and brokers as well, as brokers can get ahead of properties before they list and reach out to owner directly.
Searching Philadelphia off-market opens a new world of opportunity for those looking to buy or sell apartment buildings.
Below, we’ll show you how you can use Reonomy to search for multi family and commercial assets in any U.S. market.
For Sale by Owner Listings
Those looking to buy Philadelphia apartment buildings for sale may find that traditional listing platforms, like LoopNet and Homes.com, draw too much competition from other investors.
An alternative option for those wondering how to find Philadelphia apartment buildings for sale is to search for sale by owner listings, otherwise known as FSBO properties.
Here are some of the most popular channels for investors looking to purchase For Sale by Owner apartment buildings for sale in Philadelphia.
Craigslist is a great resource for investors looking to purchase Philadelphia apartment buildings for sale.
Many owners use this as their first foray into selling their property, using the no-cost platform as a tool for investigating potential demand for their multifamily home in Philadelphia.
The benefit to selling through Craigslist is that the owner doesn’t have to pay a broker fee, which can lower the purchase price for investors looking to buy.
FSBO.com can be a great resource for those looking to purchase an investment property for sale in Philadelphia, but be forewarned, this platform tends to have fewer opportunities than other websites.
For instance, a search for apartment buildings for sale in Philadelphia currently only turns up one listing, a duplex for sale in Glenside.
Apartment Building for Sale and Off-Market Search Examples
Whether you’re a first time investor or long-time owner of Philadelphia apartment buildings for sale, navigating these online resources can prove challenging at times.
Here is a look at how to find Philadelphia apartment buildings for sale using a few of the tools referenced above.
Philadelphia Multi Family Search with Reonomy
You can search a number of different multi family asset types off-market in the Reonomy Platform.
While Reonomy is not a listings platform, you can very easily identify apartment buildings likely to sell by applying the right set of search filters.
Search for apartment buildings in Philadelphia based on number of units, building and lot size, sales history, debt history, tax history, ownership, and much more.
To start any search, you can add filters for location—search the city of Philadelphia, the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, or search the city by zip code, neighborhood, or street name.
If you have an exact address in mind, you can also type that directly into the discover search bar at the very-top of the search platform.
From there, you can add a filter for multi family properties, number of units, and any other building and lot qualifications that you’d prefer in an apartment building.
Selecting an asset type:
Adding number of units:
Whether you’re searching for a 4-unit apartment building for sale, or a 400-unit apartment building for sale, you can quickly add these filters to narrow down your list of results.
In the Sales tab of the search platform, you can add a filter to only see properties that haven’t been transacted on in the last 5 years, 10 years, or any other custom time range of your choice.
You can continue to add filters for debt history, year-over-year tax amount, ownership, and so on, to continue narrowing down your results.
When you have a list of targeted properties, you can very easily get the contact information of the owners of those properties, including the individuals associated with an owning-LLC.
At this point, you can analyze the properties in your list, including the full portfolio of any individual owner, then craft the ultimate outreach strategy and reach out to them directly.
High Rise Multi Family Search with LoopNet
LoopNet is a great way for investors to search for Philadelphia high rise multifamily properties for sale.
It is one of the only national platforms that allows users to filter their search by specific multi family type, in this case, high-rise residential apartment buildings for sale.
When selecting the property type, hit the “Multifamily” dropdown menu to narrow down the search. As you’ll see below, we’ve selected “Mid-Rise” and “High-Rise” apartment buildings for sale in Philadelphia, which reveals 10 investment opportunities on the market at this time.
Philadelphia Apartment Buildings for Sale on CREXi
CREXi is a great way to find higher-priced, larger Philadelphia apartment buildings for sale. CREXi’s platform does a nice job highlighting pertinent investment details.
As you’ll see below, the listing indicates the investment opportunity at 2220 Delaney Place has a 5.04% cap rate with below market rents, making this an appealing investment for those in search of value-add deals.
Philadelphia Multi Family Search with Realtor.com
Realtor.com is particularly helpful for those looking for Philadelphia multi family homes for sale.
Begin by searching by city name (Philadelphia) or zip code, if there’s a specific area within Philadelphia that you want to focus on.
Realtor.com allows users to filter by days on realtor.com, home size, lot size, home age, stories, heating/cooling systems, outside features, community amenities, parking and more.
For example, if you wanted to search for larger apartment buildings for sale in Philadelphia, you could refine your search by square footage.
Sometimes, a combination of a few of these platforms is your best option, it is simply a matter of how many options you’d like to give yourself.
Using a few listings platforms can expand your search, and off-market can make it essentially limitless.