Description
Welcome to 2149 Catharine St situated on the northeast corner of 22nd and Catharine in the heart of desirable Graduate Hospital neighborhood of Philadelphia. This contemporary mixed-use building built in 2012 has 3 units and $78k of pro forma net operating income. It is marketed at a 6.25% cap rate on in place income. There is substantial upside in the rents. The units are also ready to be condod and can be sold off as the new owner desires.Unit 1, ground floor, rents to Ultimo Coffee month-to-month for $3,000 monthly. Ultimo has been in place since 2012 and wants to stay long term. The new owner can decide about new lease terms.Unit 2, 2nd floor, is left vacant for this sale. It was most recently rented as a studio apartment for $1,450 monthly. It has a use permit for Professional Office and it was previously rented for $1,900 monthly by a national coffee roaster Counter Culture, who used the space for a sales office and barista training center.Unit 3, 3rd and 4th floors, rents for $3,350 monthly as a 2bed 2bath residential apartment. It was built for the owner, with floor-to-ceiling windows and custom finishes. It has two roofdecks.Maintenance has been minimal. It is superbly built.A data room is available for a buyer wants to see the leases, operating expenses, etc. Please inquire
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01/2 BATHS
Description
Welcome to 2149 Catharine St situated on the northeast corner of 22nd and Catharine in the heart of desirable Graduate Hospital neighborhood of Philadelphia. This contemporary mixed-use building built in 2012 has 3 units and $78k of pro forma net operating income. It is marketed at a 6.25% cap rate on in place income. There is substantial upside in the rents. The units are also ready to be condod and can be sold off as the new owner desires.Unit 1, ground floor, rents to Ultimo Coffee month-to-month for $3,000 monthly. Ultimo has been in place since 2012 and wants to stay long term. The new owner can decide about new lease terms.Unit 2, 2nd floor, is left vacant for this sale. It was most recently rented as a studio apartment for $1,450 monthly. It has a use permit for Professional Office and it was previously rented for $1,900 monthly by a national coffee roaster Counter Culture, who used the space for a sales office and barista training center.Unit 3, 3rd and 4th floors, rents for $3,350 monthly as a 2bed 2bath residential apartment. It was built for the owner, with floor-to-ceiling windows and custom finishes. It has two roofdecks.Maintenance has been minimal. It is superbly built.A data room is available for a buyer wants to see the leases, operating expenses, etc. Please inquire
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