One of the first questions investors ask themselves when starting their investment journey is what area they'll focus their investment efforts on. The best places to invest really comes down to looking at what investment strategy you’re going for and then finding the areas that best support those kind of investments. It’s best to work with an experienced agent that specifically specializes in real estate investment to help you choose your target areas. They'll give you great insight on their experience with other successful investors, use their tools to pull accurate data you need and be the boots on the ground for you to find deals. In this article we will touch on areas in Philadelphia that are up and coming and are appreciating in property value year by year.
*Data referenced in the article was generated via Bright MLS.
1. Francisville
It's no secret that Francisville is a booming neighborhood. Do a quick google search and you'll find several articles touching on it. Francisville is right at the border of center city offering residents a dense urban feel and many places to go. With tons of local bars, restaurants, coffee shops, and parks, Francisville is the place for young professionals
and is definitely one of the biggest up-and-coming areas. Tons of development is happening all around Francisville which gives investors the perfect opportunity to buy turn-key multifamily rentals and you can expect your investment to increase in value year by year!
Here is what the data is showing: Rentals in Francisville currently rent at an average of $2,018 and the average sale price of new development multifamily homes is $619,500.
2. West Kensington
If there is any pocket in Philadelphia currently getting the biggest "glow up", it's West Kensington. Developers have taken interest in giving this neighborhood the ultimate makeover - and soon after, land and distressed & abandoned properties started turning into single and multifamily homes.
This is a high rental area and is perfect for the landlord investor. The best thing to consider in this area is to invest in one of the beautiful new developments as a turn key rental property. Over 350+ new construction rental units have been built here in the last 18 months with bigger anchor projects scheduled to break ground later this year. Close proximity to the train station and a short 5 minute ride into the heart of Northern Liberties and Fishtown is attracting renters to this area.
Here is what the data shows: Rentals in West Kensington currently sell at an average of $1,736. New development multi-family average sale price is $619,500 and you can expect your investment to continue to appreciate as new developments continue to improve the area!
3. Brewerytown
Brewerytown has become one of the best neighborhoods in Philadelphia to live in. It's located right outside of Center City and is a highly walkable, cultured, and historic neighborhood. Tons of development activity has been going on in Brewerytown in the last few years, and in March, the Philadelphia Housing Authority announced that they have partnered up with community-based developers to renovate 53 vacant and distressed properties. The area is growing fast and now more than ever is the best time to invest here.
Brewerytown is great for rentals but also great for flips as there is plenty of rehab activity.
Here is what the data is showing: Rentals in Brewerytown currently average $1,719 and the value of homes are appreciating with the current average sale price of $305,489. The average sale price for properties in excellent, fully rehabbed condition is $384,572.
4. Lansdowne
Landsdowne is a suburb of Philadelphia in Delaware county and offers residents a great mix of urban-suburban life. With most residents owning their homes, many parks, and a tight-knit community, Landsdowne is an amazing place to live. Along with that, Landsdowne is comprised of many families and young professionals, being a great place to raise the kids.
From our experience Lansdowne has been great for flipping homes. This area has a great public school system along with a great community.
Here is what the data is showing: The value of homes in Lansdowne are appreciating with the current average sale price of $226,944. The average sale price for properties in excellent, fully rehabbed condition is $279, 133.
5. Port Richmond
Port Richmond is a strong community based neighborhood with prideful, long-time residents. The neighborhood is experiencing an influx of young professionals which is attracting major improvements and developments in the area. Port Richmond is quickly becoming a new desired place to live as it is very close to the city while maintaining that sense of community. Surrounding the neighborhood you'll find cafe's, music venues, art galleries and hip boutiques.
Houses are much more affordable than in surrounding Fishtown and Northern Liberties areas. Think of Port Richmond as Fishtown before it became Fishtown - so now is the time to go after this area!
Here is what the data is showing: Rentals in Port Richmond currently sell at an average of $1,440 and the value of homes are appreciating with the current average sale price of $222,487. The average sale price for properties in excellent, fully rehabbed condition is $334,752.
Still figuring out where to invest? Contact one of our investment specialists and we will help your create your ultimate investment plan!
Out of these top areas, which one would you choose to invest in?
Brewerytown
Francisville
Port Richmond
West Kensington
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