Regarding real estate investment in Philadelphia, ask anyone who hasn’t been back in University City and West Philadelphia in the last 15 to 20 years, and they’ll be pleasantly surprised of the ongoing changes taking place in that part of the city. But, “you ain’t seen nothin’ yet”.
Just take a quick glance at the map above and check out Univ. of Penn’s Penn Connects website, and see the multi-billion dollar changes that are under way now and will be for the next several years.
What does this mean for the real estate investor looking for cash flow and appreciation? Plenty. As the various colleges and universities in Philadelphia expand, it is one of the ingredients in the recipe that is keeping the city’s real estate downturn at a minimal level. Far from the debacle of areas like Detroit, Phoenix, Las Vegas and parts of California & Florida.
As wholesalers of real estate investment property, we have seen the local and long distant investor continue to move into parts of Phila. within close proximity of Univ. City. Some investors have taken advantage of the spillover effect and are presently acquiring properties within a 1 to 2 mile range of University City, at low minimal investments.
These minimal investments become positive cash flow properties with a nice chunk of equity as soon as they’re rehabbed and rented or flipped. And there are the investors that are looking for turn-key student housing that need no rehab, with students in place and positive cash flow.
Even students attending one of the schools in Univ. City or Temple are now renting rooms in the South Philadelphia, Kensington/Fishtown and Germantown areas.
Adding to this, the neighborhood improvement organization, University City District (UCD) announced the appointment of Matthew Bergheiser to “oversee more than 85 administrative, public safety, and maintenance employees, and an annual budget of more than $9 million.”
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