Bought with Anthony Joseph Krupincza • CG Realty, LLC
$315,000
$329,900
4.5%For more information regarding the value of a property, please contact us for a free consultation.
3,588 SqFt
SOLD DATE : 10/28/2022
Key Details
Sold Price $315,000
Property Type Multi-Family
Sub Type Twin/Semi-Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 3,588 sqft
Price per Sqft $87
MLS Listing ID PAPH2159002
Sold Date 10/28/22
Style Other
Abv Grd Liv Area 2,691
Year Built 1930
Available Date 2022-09-13
Annual Tax Amount $1,430
Tax Year 2022
Lot Size 3,325 Sqft
Acres 0.08
Lot Dimensions 32.00 x 104.00
Property Sub-Type Twin/Semi-Detached
Source BRIGHT
Property Description
ATTENTION INVESTORS and FUTURE INVESTORS - 11% plus Cap Rate, 3 unit property with potential for 4 units with minor adjustments and a garage, plus driveway parking . Property is also equipped with a legal fire alarm required for any property with 3 units or more. This large triplex and potential quadraplex, in the Northwood section of Northeast Philly is directly across from Overington Park, a 4 Acre oasis of graceful lawns, shady trees plus flower gardens and right down the street from the Frankford Select Friends School. The building was previously a large estate, before being transformed into a multi-family home, but the original charm and character still exist today. The property has a front 3 car driveway and a garage in the rear with a parking spot in front of it. The home was lived in by the owner and his family for over a declared and is is currently partially vacant, while having almost 3,000 squares ft. of living space with 1 -1 bedroom apartment and and 2 potential owners unit, a 3 bedroom bi-level apartment with 1 full bathroom on the 2nd and 3rd floors, plus another bi-level apartment with 3 bedrooms, 2 living rooms, a laundry room and access to the full basement. This bottom floor, may be able to be converted to a 4th unit, as it was finished with the proper permits and a rear separate entryway was created. Roof was just maintained in 2022 and with the owner residing here for years you can see the pride in ownership. The property shows large positive cash flow, projected to gross over $45k annually As-Is and a +11% Cap Rap with a +26% Cash on Cash Return. With slight adjustments and a variance for a 4th unit, these numbers could jump to 12.5% Cap Rate and a 31% Cash on Cash Return after the needed upgrades. PAR agreements, no letters of intent.
Location
State PA
County Philadelphia
Area 19124 (19124)
Zoning RSA3
Rooms
Basement Full, Fully Finished, Improved, Windows, Walkout Level, Rear Entrance, Poured Concrete
Interior
Interior Features Additional Stairway, Breakfast Area, Built-Ins, Carpet, Ceiling Fan(s), Wood Floors, Stall Shower, Floor Plan - Open
Hot Water Electric
Heating Hot Water, Radiator
Cooling None
Flooring Wood, Fully Carpeted
Equipment Dryer - Gas, Exhaust Fan, Freezer, Oven - Self Cleaning, Oven/Range - Electric, Refrigerator
Fireplace N
Appliance Dryer - Gas, Exhaust Fan, Freezer, Oven - Self Cleaning, Oven/Range - Electric, Refrigerator
Heat Source Natural Gas, Natural Gas Available, Electric
Exterior
Exterior Feature Patio(s), Porch(es), Wrap Around
Parking Features Additional Storage Area, Covered Parking, Garage - Rear Entry, Inside Access, Oversized
Garage Spaces 5.0
Water Access N
View City
Roof Type Flat,Shingle
Street Surface Black Top
Accessibility None
Porch Patio(s), Porch(es), Wrap Around
Road Frontage City/County
Total Parking Spaces 5
Garage Y
Building
Lot Description Front Yard, Landscaping, Level, Open, Rear Yard, SideYard(s)
Foundation Stone, Permanent
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 234059500
Ownership Fee Simple
SqFt Source Assessor
Security Features Security System,Carbon Monoxide Detector(s),Fire Detection System,Exterior Cameras,Main Entrance Lock,Motion Detectors
Acceptable Financing Conventional, Cash, FHA, FHVA, Negotiable, VA
Listing Terms Conventional, Cash, FHA, FHVA, Negotiable, VA
Financing Conventional,Cash,FHA,FHVA,Negotiable,VA
Special Listing Condition Standard
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