Enjoy a 10% cap rate in this turn key mix use investment opportunity building with great cash flow, low maintenance and over head. This is a fantastic three unit commercial building located in soon to be rapidly developing Walnut Hill section of Philadelphia right next to the University of Pennsylvania. Situated on the south side of market street is just steps from the SEPTA 56th street EL stop. Your tenants can hop on the elevated train and get to Penn, Drexel or center city Philadelphia in just minutes. The first floor front unit is a commercial space zoned CMX2 which permits many uses. Currently it is rented as a salon at $775 per month, this unit pays all exterior lighting, heat, ac, electric for its own unit as well as the cleaning of the first floor common halls, the snow and ice removal in front of the property. This is permissible in a commercial property if it is in the lease so there is no cleaning of public areas or electric bills to be paid by the owner. All utilities gas electric and the cold water are separated the landlord pays nothing in utilities at all each unit is separately metered. The first floor rear residential unit is a large one bedroom apartment and is rented at $795 per month it features a brand new kitchen, bath, heater, flooring, washer and dryer. This unit also has a private rear fenced yard. The second floor unit is a nice two bedroom it it features a ceramic tile kitchen, bath pergo flooring brand new high efficiency gas forced air heat and central air, an enclosed second floor enclosed porch which could easily be converted to a third bedroom to get even higher rent and a washer and dryer. This unit just became vacant and is currently on the rental market for $895 per month. There is 1-2 car off street parking in the rear of the property could command an additional $50-$100 per month in rent All three hot water heaters in the building and the appliances in both the residential units are less then a year old recently installed rubber roof still has almost a year left on its warranty. The building is situated on a large 125 foot deep lot with a drivable rear alley/private driveway. This offering could be a good opportunity for a 1031 exchange, cash sale, commercial financing or short term purchase money financing with 50% down
Dryer, Refrigerator, Oven/Range-Gas, Oven/Range-Electric
Forced Air, Baseboard - Electric, 90% Forced Air
THE SCHOOL DISTRICT OF PHILADELPHIA
Best City Homes Inc.
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Listing information last updated on May 30th, 2020 at 2:50pm EDT.