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Philly Named No. 2 Multifamily Buyer's Market

PHILADELPHIA-In a study of America's top 10 multifamily investment markets by Irvine, CA-based Sperry Van Ness, Philadelphia, with an average yield of 11.09% and $39,384 price-per-unit, stands in the top three buyer's markets, flanked by Cleveland and Cincinnati, OH.

By Marita Thomas | Updated on February 13, 2003

PHILADELPHIA-This market ranks second among the top multifamily buyer’s markets nationwide, according to a study by Irvine, CA-based Sperry Van Ness. The average yield here on multifamily properties is 11.09% and the average unit price is $39,384.

Cleveland, OH, where the average unit price is $29,574, tops the study’s multifamily buyer’s list and has an average yield of 11.44%. Cincinnati ranks third, and the remaining seven among the top 10 buyer’s markets are: Orlando, Jacksonville and Tampa, FL; Columbus, OH; Houston; Atlanta, and West Palm Beach, in that order.

By contrast, the San Francisco Bay area is the top multifamily seller’s market with an average yield of 6.6% and $136,170 price per unit. Four additional California markets follow: Ventura, San Diego, Los Angeles, and Orange County. Seattle, Sacramento, Chicago, Baltimore and Denver, in that order, complete the top 10 multifamily seller’s markets, according to the study.

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