Any opinions on Germantown neighborhood in Philly?

[Lucas Pfaff]

Hello all,

I have an opportunity to purchase a large property in the Germantown section of Philadelphia with seller financing. I'm currently helping a friend rehab another property a few doors down but I'm largely unfamiliar with the area. My plan here would be to hold for cashflow (the property is 2 buildings with a total of 3 units). 

The nearest major intersection is Germantown Ave and Chelten Ave.

Any information about the area would be appreciated. As far as I can tell it's block to block like many other parts of Philly but has a wider swing than I have seen in other up and coming areas. Anyone have experience out there?

Thanks

Keywords: Philly, Philadelphia, Germantown, gentrification, north west

[Mary B.]

Originally posted by @Lucas Pfaff:

Hello all,

I have an opportunity to purchase a large property in the Germantown section of Philadelphia with seller financing. I'm currently helping a friend rehab another property a few doors down but I'm largely unfamiliar with the area. My plan here would be to hold for cashflow (the property is 2 buildings with a total of 3 units). 

The nearest major intersection is Germantown Ave and Chelten Ave.

Any information about the area would be appreciated. As far as I can tell it's block to block like many other parts of Philly but has a wider swing than I have seen in other up and coming areas. Anyone have experience out there?

Thanks

Keywords: Philly, Philadelphia, Germantown, gentrification, north west

Germantown and Chelten Avenues is a great rental area, imo. Its a busy shopping area, several bus routes to get to around town. All of Germantown Ave is filled with art galleries, boutiques, grocery stores, tatoo parlors, a vast array of restaurants and more. Its an endless commercial  avenue from North Philly up through when Germantown Ave becomes Germantown Pike pass Chestnut Hill. Chelten Ave is very similar for quite a number of miles. Still depending which way you turn (block by block) varies as usually for any section of Philly. It'll be $40K-$50K 2-story rowhouses 3/1 950sf filled with mostly renters(maybe a few section 8ers) on a tiny side street; then turn the corner and go down the block on a slightly bigger street and its $150K+ 3-story twin houses 4 /1.5 1500sf with mostly homeowners and of course you have the MFRs 2-8units on average. The main thing you want to be mindful of as an investor is the historical properties as Germantown is known for having. If you have to do rehab they have a different set of guidelines that you must follow and can be costly. I imagine that you'll be put on notice by the agent / seller or someone before you close if it is or not. Otherwise its a great area for rentals & flips. Even the small matchbox houses/ apt units in Germantown usually secure an attractive rental income. If you ever read about the history of Germantown its a very intriguing story.  

Kudos,

Mary