
Description
INVESTOR ALERT- 4 unit CMX2 building already making money with value add potential. Currently the cap rate is 5.5% with lots of potential to easily increase the cap rate and profit margin. Great location in South Philly on busy Broad St with a bus stop out front, subway stop is less then a block away, Starbucks across the street, and Methodist Hospital down the block. The building consists of 2 Renovated RESIDENTIAL Apartments, both of which have 2 bedrooms, 1 bathroom, LVP flooring, and central HVAC. Both units were updated 3 years ago. The 2nd floor apartment also includes a unit washer dryer. Current tenants are month to month and paying $1,400 per month which is below market value. These could make great Short-Term Rentals like Air BNB because of the location. LOWEL LEVEL COMMERCIAL rental unit is rented as offices. Current tenant has just under 3 years left on lease, but willing to terminate should new owner want. They are paying $1,150 with rent going to $1,200 the last 2 years. FIRST FLOOR COMMERCIAL rental unit was used by the current owner as a dental practice. He has since retired. This unit needs to be cleaned out and updated. Can easily rent for $1,400-$1,500 per month. We had a lot of interest but current owner did not get it cleaned out. Not all of the utilities are divided up including gas. You can easily have a gas meter and divide the heat and add profit. Please inquire about the market cap analysis.
-
0BEDS
-
0.03ACRES
-
0BATHS
-
01/2 BATHS
Description
INVESTOR ALERT- 4 unit CMX2 building already making money with value add potential. Currently the cap rate is 5.5% with lots of potential to easily increase the cap rate and profit margin. Great location in South Philly on busy Broad St with a bus stop out front, subway stop is less then a block away, Starbucks across the street, and Methodist Hospital down the block. The building consists of 2 Renovated RESIDENTIAL Apartments, both of which have 2 bedrooms, 1 bathroom, LVP flooring, and central HVAC. Both units were updated 3 years ago. The 2nd floor apartment also includes a unit washer dryer. Current tenants are month to month and paying $1,400 per month which is below market value. These could make great Short-Term Rentals like Air BNB because of the location. LOWEL LEVEL COMMERCIAL rental unit is rented as offices. Current tenant has just under 3 years left on lease, but willing to terminate should new owner want. They are paying $1,150 with rent going to $1,200 the last 2 years. FIRST FLOOR COMMERCIAL rental unit was used by the current owner as a dental practice. He has since retired. This unit needs to be cleaned out and updated. Can easily rent for $1,400-$1,500 per month. We had a lot of interest but current owner did not get it cleaned out. Not all of the utilities are divided up including gas. You can easily have a gas meter and divide the heat and add profit. Please inquire about the market cap analysis.
©2022 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Dailey Group | Keller Williams Gateway. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2022-08-08T18:02:35.047.