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$ 1,500,000
Est. payment | /mo
6,232 SqFt
$ 1,500,000
Est. payment | /mo
6,232 SqFt
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 6,232 sqft
Price per Sqft $240
Subdivision East Kensington
MLS Listing ID PAPH2421320
Originating Board BRIGHT
Year Built 2022
Annual Tax Amount $135
Tax Year 2025
Lot Size 2,979 Sqft
Acres 0.07
Lot Dimensions 59' X 50.5'
Property Description
Snap up this incredible fully occupied, cash flowing portfolio. $4,500,000 includes three self-sufficient buildings comprised of 22 units total. Two are identical, 5 year old, 8-unit buildings, one is a 2 year old 6-unit building. Total gross annual rental income is $405,540. 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 SF with 5 years of full tax abatement remaining. 1842 E Harold St is comprised of six, unique bi-level units. Each includes its own private outdoor space, hardwood floors, in-unit laundry, and a bathroom for every bedroom. Each unit has its own individual security system, and the building has a high-tech camera system for buzzing in guests. Located in the East Kensington section of Fishtown, easily accessible by the El, you’ll be an easy walk to restaurants, bars, shopping, and recreation. Tenants are individually billed directly by the utility company for electric, cable and internet. Tenants are also responsible for water billed by the property manager. Connecting the individual unit’s security system directly to police and fire is an additional fee. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments are 1, 2, and 3 bedrooms. There is a bathroom for every bedroom. The 3-BR units (there are 3) have 3 bathrooms, the 2-BR units (there are 3) have 2 bathrooms. The 1-BR units (there are 2), of course, have 1 bathroom. Each unit has over-sized windows, hardwood floors, custom made cabinets and private, in unit laundry facilities. The building is all electric (no gas). Tenants are billed for electricity, water, and any renewals will be billed for private trash removal. Each unit was hard wired for cable during construction. East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked into the neighborhood are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town. 10 MORE REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction costs are at an all-time high. According to a report on construction cost data tracking firm Gordian, cost of materials jumped an average of 19% since 2020. This property is cheaper to buy than to build. 2! The housing shortage. According to U.S. News, after hitting a 30-year high in December 2021, permit issuances for single-family homes declined steadily at an average drop of over 50%/year. 3! This location is experiencing rapid growth. Multifamily construction permits shot up to a 30-year high in December 2021. By April 2023, that figure plunged 75%. 4! There’s a tunicate on supply of single-family homes. The existing inventory, and the inventory currently under construction may be everything available to priced-out-buyers and new residents for some time. 5! Affordability. Philadelphia Magazine reported that 95% of all newly constructed Greater Center City units in 2021 were apartments, not homes. Multifamily housing construction is being driven by strong demand for rental apartments due to high borrowing costs. 6! New rentals large enough for families are rare. The perpetual single-family home shortage in Philadelphia is steadily getting worse, increasing the demand for high quality, and larger rental units. 7! It’s 2 years old and 100% to code. 8! Tax Abatement! 9! Fully occupied at market rates. 10! All licenses, zoning, expenses and leases are fully documented.
Location
State PA
County Philadelphia
Area 19125 (19125)
Zoning RM1
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Flooring Hardwood
Inclusions 6 refrigerators, 6 washers, 6 dryers
Heat Source Electric
Exterior
Water Access N
View City
Roof Type Rubber
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 881000049
Ownership Fee Simple
SqFt Source Estimated
Security Features Intercom
Special Listing Condition Standard
Listed by Jeanne A Whipple • Elfant Wissahickon Realtors
“Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! ”