2620 Memphis 19125
Corner Lot 15 x 60
Not on the mls
2620 Memphis 19125
Corner Lot 15 x 60
Not on the mls
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 email@example.com – BHHS Realtors 215.627.6005
We estimated the package to be worth $10 million IN AS-IS CONDITION and with value added it would be worth closer to $13 million.
These properties have all recently sold and settled, with most of them in as is condition and most for an average sale price of $400,000++ per property!!
With demand in the Graduate area extremely high and inventory extremely low, this was definitely a once in a lifetime opportunity!!!!
This project is ready for an investor to pull permits. Over one and half years have gone into drawings, meetings, streets department and zoning.
Property is approved for 16 units, 1-commercial restaurant and 15 residential units with 1-1 parking for residential units.
22,000 square feet building with plans for a green roof with common roof deck, dog walk and elevator service throughout.
Plans are available for review! Asking $1.8 million.
For more information contact * Jim Onesti * 215.440.2052 * firstname.lastname@example.org
An over assessed property can cost property owners and tenants several thousand dollars in additional taxes annually.
Negative impacts of an over assessed property: Lower net operating income if the real estate taxes are not reimbursed by the tenants. Tenants have numerous choices in today’s real estate market and consider not only the initial face rent but the pass through expenses when choosing a location for their business.
The additional real estate taxes from over assessment can result in a lower face rent for the property. Landlords may have trouble obtaining or retaining tenants due to the high real estate tax burden due to over assessment when the real estate taxes are passed through to the tenant. Lower value when selling the property or obtaining an appraisal for refinancing.
Bottom Line…an over assessed property costs you money!
The initial cost of properly preparing an appraisal report as well as the cost of obtaining legal counsel for the tax appeal hearing may seem costly at first and expenses sometimes exceed the first year’s tax saving. However, these tax savings will continue in the following years and the future benefit will far outweigh the initial cost.
Last year 579,000 properties were reassessed in the City of Philadelphia to establish “fair and accurate” market values. Unfortunately, not all properties received a “fair and accurate” value causing the derailment of commercial real estate deals as well as shocking commercial property owners with overwhelming tax increases based on an incorrect assessed market value of the property. Even though, not as dramatic the four suburban counties of Bucks, Chester, Delaware and Montgomery have widely divergent assessed market values.
Philadelphia Suburban Realty Appraisal Group welcomes the opportunity to provide you and your clients with a proposal for commercial real estate appraisal services to support your property assessment appeal. The Philadelphia Suburban Realty Appraisal Group is a team of professional commercial real estate appraisers that can determine the realistic market value of your commercial real estate. If you are one of many commercial real estate property owners paying taxes based on an overvalued property you need to act soon. Call TODAY to find out how they can help! Their appraisers work with attorneys, tax consultants and private property owners to produce accurate and reliable appraisals to bring about fair tax assessments.
For more information contact:
Joseph Vizza, MAI
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