$550,000
$565,000
2.7%For more information regarding the value of a property, please contact us for a free consultation.
1,280 SqFt
SOLD DATE : 07/11/2023
Key Details
Sold Price $550,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 1,280 sqft
Price per Sqft $429
MLS Listing ID PAPH2237408
Sold Date 07/11/23
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $5,322
Tax Year 2022
Lot Size 1,280 Sqft
Acres 0.03
Lot Dimensions 16.00 x 80.00
Property Description
INVESTOR ALERT- More PICS Coming Soon - 5 unit CMX2 building already making money with a Lot of Value Add Opportunity. Currently the projected Cap Rate potential is 5.2 percent with lots of potential to easily increase the cap rate and profit margin to a 11 percent Cap Rate. Great location in South Philly on busy Broad St close to a bus stop, subway stop is less than a half block away, and down the street you will find Starbucks, TD Bank, and Jefferson Methodist Hospital. The building consists of a LARGE Commercial Space on the ground floor with a double basement equal to the foot print of the Commercial Unit. Entrance is street level so a lot of options for running your own business or easily renting it out. Recently Updated Fire Alarm System Exit Signs, and Backup Lighting. There are 4 LEGAL 1-bedroom apartments above the commercial space. Three of the units are rented below market value with long term tenants and one vacant unit that needs work. The apartments need updating to maximize income and profit. The location is great--close to Center City and the Stadiums. A great play would be to renovate the apartments and use 2 as long-term rentals and 2 as Short-Term Rentals, like AirBNB, because of the location and zoning. Please inquire about the market cap analysis. Priced to sell and truly a Great Value Add on Broad Street.
Location
State PA
County Philadelphia
Area 19145 (19145)
Zoning CMX2
Interior
Hot Water Natural Gas
Heating Hot Water
Cooling None
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 871121700
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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