Limestone and Granite facade! One block from the hospital, next to Starbucks and commercial Broad street strip center at Broad and Jackson. HOT Location with Huge rent potential!!
Roof Deck views of Center City and South Philly, and Stadiums.
Tax abatement submitted/pending!
It’s fully approved and permitted for 6 residential rental units and 2 parking spots (but you can probably fit 4 prkg total).
4–1 bed/1 bath, 1–2 bed/2 bath, 1–2 bed/1 bath.
The property is framed and new plumbing is almost completed, fully permitted….. easy to rent due to hospital located down block and booming navy yard expansion.
Broad Street Subway entrance ½ block away!
Appraised in Feb 2013 for right around $1.1mm, with market rents of $8,400/month ($100,800/year). If one went with high end finishes, you may be able to push these numbers higher. (appraisal attached)
The owner has other projects he wants to move to and wants to sell. He is asking 725k. It needs another $200k or so to finish but should cash flow very nicely.
Truly an amazing building and rare opportunity!
Plans and multi-tab pro-forma attached..
Below are the potential rental income figures
o 1F: $1250/month (1bdrm/1ba, multi-level with basement living area)
o 1R: $1800/month (2bdrm/1ba)
o 2F: $1250 (large 1bdrm/1ba)
o 2R: $1050 (1bdrm/1ba)
o 3F: $2000 (2brm/2ba, roof deck, multi-level)
o 3R: $950 (smaller 1bdrm/1ba)
o Parking: 2 spaces x $100/month = $200
o Totals: $8500/month, $102,000/year
For more information contact Jim Onesti 215.440.2052 or firstname.lastname@example.org – BHHS Realtors 215.627.6005