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416 W Olney Avenue

PHILADELPHIA, PA 19120
  • $450,000
  • STATUS: Active
  • ON SITE: 503 Days
  • ID#: PAPH2012458
UPDATED: 67 min ago
$450,000
  • 0
    BEDS
  • 0.06
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1930
County:

School Ratings & Info

Description

MULTIFAMILY INVESTOR ALERT: Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offeringsubstantial value-added space. Zoning CMX1. || This property is composed of a 24+GG x 112' or 2,744 SF lot that contains two brick buildings: a two-story main building 21.7'x64', and a nicely proportioned one-story undeveloped accessory building 24+GG x 40'. The main building contains one commercial space, plus three apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main buildingpermits windows on all four sides. || The vacant accessory building offers an opportunity to add a fourth large apartment or, consider adding a second level to make the property a legal six-plex, by right.The owners purchased this property 15 years ago. They have enjoyed 100% occupancy as a steady-reliable source of income. The occupants are responsible long-term tenants. To offer flexibility to the new owner, all leases are now on a month-month basis with a 60-day notice. The longstanding commercial tenantpays current market rent. Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural nor mechanical concerns throughout the sellers'ownership. Dry basement, dry roof, and good bones. Handsome commanding presence, with modest curb appeal. || The market-rate financial metrics demonstrate that this offering is a solid investment opportunity for a new owner who upgrades the residential apartments to keep pace with recent lifestyle preferences and builds out the ground level of the accessory building. || Market Rate Proforma Financial Metrics:GPI: $57,513, EXPENSES: 23%, NOI $41,533, CAP 8.31%. A leveraged project investment of 25% or $124,947 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.81. Ask to see the complete Financial Worksheet. || Gobble up this workhorse opportunity and grow your real estate portfolio with this solid product. Review the photos, plan view, property details, financial metrics, and give us a call. Feel free to contact us with any questions or your expression of interest. Motivated Seller. Strong opportunity to grow. Go For It!.

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©2023 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 TALBOT GREENYA GROUP | KELLER WILLIAMS. 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: 2023-02-06T16:51:52.587.
www.livelovenorthernva.com/homes/121581661
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416 W Olney Avenue PHILADELPHIA, PA 19120

  • Price: $450,000
  • Status: Active
  • On Site: 503 Days
  • Updated: 67 min ago
  • ID#: PAPH2012458
0
Beds
0
Baths
0
½ Baths
0.06
Acres
1930
Built
Neighborhood:
Olney
County:
Philadelphia
Area:
19120 (19120)
School District:
The School District Of Philadelphia
Property Description
MULTIFAMILY INVESTOR ALERT: Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offeringsubstantial value-added space. Zoning CMX1. || This property is composed of a 24+GG x 112' or 2,744 SF lot that contains two brick buildings: a two-story main building 21.7'x64', and a nicely proportioned one-story undeveloped accessory building 24+GG x 40'. The main building contains one commercial space, plus three apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main buildingpermits windows on all four sides. || The vacant accessory building offers an opportunity to add a fourth large apartment or, consider adding a second level to make the property a legal six-plex, by right.The owners purchased this property 15 years ago. They have enjoyed 100% occupancy as a steady-reliable source of income. The occupants are responsible long-term tenants. To offer flexibility to the new owner, all leases are now on a month-month basis with a 60-day notice. The longstanding commercial tenantpays current market rent. Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural nor mechanical concerns throughout the sellers'ownership. Dry basement, dry roof, and good bones. Handsome commanding presence, with modest curb appeal. || The market-rate financial metrics demonstrate that this offering is a solid investment opportunity for a new owner who upgrades the residential apartments to keep pace with recent lifestyle preferences and builds out the ground level of the accessory building. || Market Rate Proforma Financial Metrics:GPI: $57,513, EXPENSES: 23%, NOI $41,533, CAP 8.31%. A leveraged project investment of 25% or $124,947 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.81. Ask to see the complete Financial Worksheet. || Gobble up this workhorse opportunity and grow your real estate portfolio with this solid product. Review the photos, plan view, property details, financial metrics, and give us a call. Feel free to contact us with any questions or your expression of interest. Motivated Seller. Strong opportunity to grow. Go For It!.
Exterior Features

Construction Materials Brick Garage YN No Location Type Suburban Parking Features Public Parking Types On Street Property Condition Average Riparian Rights YN No Road Responsibility State Road Surface Type Us Highway/Interstate Roof Flat Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 3627.00 Cooling Window Unit(S) Flooring Wood Heating Radiator Heating YN Yes Net Square Feet 3400.00

Property Features

Acceptable Financing ConventionalCash Accessibility Features None Assessment Year 2023 Association YN No Business Type Apartment BuildingHair Salon And Spa Central Air YN No Cooling Fuel Electric Cross Street Lawrence Electric 100 Amp Service Heating Fuel Natural GasElectric Hot Water Natural Gas Internet Services Cable Lease Considered YN No Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 6 Original MLSNumber 800875253908 Ownership Interest Fee Simple Possession 61-90 Days Cd Property Sub Type Mixed Use Sale Type Standard Sewer Public Sewer Tax Annual Amount 3582.00 Tax Assessment Amount 255900.00 Tax Lot 93 Utilities Electric AvailableNatural Gas AvailableCable Tv AvailableSewer AvailableWater Available Vacation Rental YN No Water Source Public Year Built Effective 2006 Zoning Cmx1 Zoning Description Neighborhood Mixed-Use Commercial

Listing courtesy of Keller Williams Philadelphia: .


©2023 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 TALBOT GREENYA GROUP | KELLER WILLIAMS. 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: 2023-02-06T16:51:52.587.
 
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