Description
Fantastic Philadelphia investment opportunity, to purchase a fully occupied three-story, five-unit apartment building located in the highly sought-after Parkside section of West Philadelphia. Some key details about this property. The first floor consists of two apartments: a two-bedroom unit rented at $675 per month with a long-term, reliable tenant, currently rented well below market value, and a fully renovated studio apartment with air conditioning brand new kitchen with granite countertops and stylish exposed brick currently rented at $750 per month . Moving on to the second floor, you will find two recently ungraded units one with a brand new kitchen with granite countertops both apartments, with brand new engineered flooring and air conditioning currently rented at $850 per month and a studio that has recently been rented at $750 per month. Finally, the third floor houses a large, two-bedroom unit that underwent a complete renovation just four years ago, including the installation of a brand-new gas forced air heating system rented at $950 per month One of the standout features of this investment opportunity is the potential for increased rental income. By choosing to participate in the PHA voucher Section 8 program, rents in the 19104-zip code can be substantially higher than the current rates. Documents can be downloaded showing the PHA Payment Standard Schedule effective October 1, 2023, which demonstrates the potential to increase annual rents to an impressive $83,808 yearly, this added value, combined with the fact that there are already numerous new apartment buildings under construction and completed in the area, with one-bedroom units renting in the $1200-$1500 range, makes this property an excellent choice.Furthermore, to highlight the property's exceptional condition and recent renovations. The halls have been tastefully updated with new engineered flooring and a fresh coat of paint. Additionally, all utilities have been separated, ensuring convenience and ease for both tenants and the owner.To provide you with a comprehensive overview of the financial, based on the current rental rates, the property boasts a commendable Cap rate of 7.44%.The Parkside section of Philadelphia has the potential to the next area of the city to show great appreciation in value, it+GGs close proximity to Penn, Drexel, 676, the Philadelphia Zoo, SEPTA route 15 and 40 trolley and the Cenntenial Village stop on the regional rail line places you in center city Philadelphia in minutes. To schedule a viewing or require any further information, please do not hesitate to reach out to the listing agent.
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Description
Fantastic Philadelphia investment opportunity, to purchase a fully occupied three-story, five-unit apartment building located in the highly sought-after Parkside section of West Philadelphia. Some key details about this property. The first floor consists of two apartments: a two-bedroom unit rented at $675 per month with a long-term, reliable tenant, currently rented well below market value, and a fully renovated studio apartment with air conditioning brand new kitchen with granite countertops and stylish exposed brick currently rented at $750 per month . Moving on to the second floor, you will find two recently ungraded units one with a brand new kitchen with granite countertops both apartments, with brand new engineered flooring and air conditioning currently rented at $850 per month and a studio that has recently been rented at $750 per month. Finally, the third floor houses a large, two-bedroom unit that underwent a complete renovation just four years ago, including the installation of a brand-new gas forced air heating system rented at $950 per month One of the standout features of this investment opportunity is the potential for increased rental income. By choosing to participate in the PHA voucher Section 8 program, rents in the 19104-zip code can be substantially higher than the current rates. Documents can be downloaded showing the PHA Payment Standard Schedule effective October 1, 2023, which demonstrates the potential to increase annual rents to an impressive $83,808 yearly, this added value, combined with the fact that there are already numerous new apartment buildings under construction and completed in the area, with one-bedroom units renting in the $1200-$1500 range, makes this property an excellent choice.Furthermore, to highlight the property's exceptional condition and recent renovations. The halls have been tastefully updated with new engineered flooring and a fresh coat of paint. Additionally, all utilities have been separated, ensuring convenience and ease for both tenants and the owner.To provide you with a comprehensive overview of the financial, based on the current rental rates, the property boasts a commendable Cap rate of 7.44%.The Parkside section of Philadelphia has the potential to the next area of the city to show great appreciation in value, it+GGs close proximity to Penn, Drexel, 676, the Philadelphia Zoo, SEPTA route 15 and 40 trolley and the Cenntenial Village stop on the regional rail line places you in center city Philadelphia in minutes. To schedule a viewing or require any further information, please do not hesitate to reach out to the listing agent.
©2023 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Paula Cashion | Keller Williams Central Delaware. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2023-12-06T18:51:51.647.