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Key Details
Sold Price $400,000
Property Type Multi-Family
Sub Type Interior Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 2,667 sqft
Price per Sqft $149
MLS Listing ID PAPH2313686
Sold Date 07/02/24
Style Straight Thru
Abv Grd Liv Area 2,667
Originating Board BRIGHT
Year Built 1935
Annual Tax Amount $11,446
Tax Year 2023
Lot Size 1,683 Sqft
Acres 0.04
Lot Dimensions 17.00 x 99.00
Property Description
NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax).
Attention Investors!! Don’t wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed.
Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price.
Current tenant(s) are M2M tenants. All of the units are similar.
Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600.
Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.
Location
State PA
County Philadelphia
Area 19104 (19104)
Zoning RM1
Rooms
Basement Other
Interior
Interior Features Upgraded Countertops, Wood Floors, Floor Plan - Open, Dining Area
Hot Water Natural Gas
Heating Forced Air
Cooling Window Unit(s)
Flooring Hardwood
Fireplace N
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Foundation Brick/Mortar
Sewer Public Sewer
Water Public
Architectural Style Straight Thru
Additional Building Above Grade, Below Grade
Structure Type Dry Wall
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 242130400
Ownership Fee Simple
SqFt Source Assessor
Security Features Fire Detection System
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Financing Cash,Conventional,FHA
Special Listing Condition Standard
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Bought with Adam Kiliszek • KW Empower