Active /
MLS #PAPH2422578 /
Multiple Unit (2-4) /
PHILADELPHIA
Listing information updated 11/25/2024 at 12:21pm
Rare opportunity to finish a building with 13%++ cap rate!! Remodeling is currently underway and owner is looking to sell at any stage of the rehab. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms. ARV $850k++ If the buyer chooses to finish the property as 5 apartments building then the projected rents (conservative forecast): Apt1- 2BRS/1BA- potential rent $1,450 Apt2- 2BRs/1BA- access to back yard- potential rent $1,500 Apt3- 2BRs/1BA- potential rent $1,450 Apt4- 2BRs/1BA- potential rent $1,450 Apt5- 2BRs/1BA- potential rent $1,450 If the buyer chooses to finish the property as a single home, it can be used as a group-housing rental of 10-12 bedrooms, contracted with organizations that typically price $700+ per bedroom per month thus will pay over $7k/mo rent . In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually! Current status- -Architectural planning and design- completed (drawings are attached here) -Framing - completed -New windows installation- completed -Rough plumbing- completed -Rough electricity- completed -Insulations- in progress Next steps in the project- need to be done or HVAC installation o Sheetrocks installation o Painting o Flooring installation o kitchens and bathrooms The remaining work to complete the building is estimated between $120-160k.
Listing Office: BHHS Fox & Roach-Haverford
Listing Office Phone: 610.649.4500
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