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Introducing an 🌟amazing🌟 investment opportunity in the â¤ï¸heartâ¤ï¸ of Philadelphia! This 12-unit property, located at 1701-3 N 20th St, offers an attractive 💰cap rate of approximately 6.39% based on its purchase price of $1.6 million. ðŸ¡ðŸ¢ 🢠Property Highlights 🢠🡠Mix of 1-2 and 4 bedroom units 🌟 Potential for increased rental income 🚀 Fantastic cash flow opportunity ðŸ™ï¸ Proximity to top universities and public transportation 💰 Financials 💰 With this purchase price, the property offers an annual income of approximately 💵$136,392💵 with total expenses of 💼$34,098💼. This results in a net operating income of around 💲$102,294💲 per year, contributing to the appealing cap rate. 🚀 Unlock the Potential 🚀 While the property needs some cosmetic upgrades and minor repairs, it is still a fantastic investment opportunity with enormous potential. 🛠ï¸âœ¨ By investing in these upgrades, you can transform this property into a highly desirable rental for tenants. ðŸ Fully Occupied Potential ðŸ If fully occupied, the gross rental income could reach 💲$174,288💲 with the expenses at roughly 💼$43,572💼. This suggests a potential net operating income of around 💰$130,716💰 per year. which would put this property at a 8.17 % Cap rate at a 1.6 M purchase price. 🌆 Location, Location, Location 🌆 Located in a vibrant and bustling area of Philadelphia, tenants will have plenty of nearby shopping 🛒, grocery options ðŸŽ, and other amenities 🬠to choose from. The area is home to several supermarkets 🛒, including Aldi and H Mart, and boasts a wide range of restaurants ðŸ”, cafes ☕, and bars ðŸ¸. There are also several parks 🌳 and green spaces 🌿 nearby for outdoor activities 🌞. 🎓 Perfect for Students and Young Professionals 🎓 The property's proximity to top universities, including Temple University 🎓 and Drexel University 🎓, and its easy access to public transportation 🚇 make it an ideal choice for students 📚 and young professionals 💼. The neighborhood is a lively and bustling area of the city, offering something for everyone. 🌇 If you're looking for a property with enormous potential that offers strong cash flow and room for growth, this is an excellent choice. 🌟 Contact me today to schedule a viewing and see the potential for yourself! 📆ðŸ¡ðŸ’°
| DAYS ON MARKET | 143 | LAST UPDATED | 9/19/2024 |
|---|---|---|---|
| YEAR BUILT | 1915 | COMMUNITY | 19121 (19121) |
| COUNTY | PHILADELPHIA | STATUS | Active |
| PROPERTY TYPE(S) | Commercial |
| PRICE HISTORY | |
| Prior to Jul 18, '24 | $1,400,000 |
|---|---|
| Jul 18, '24 - Today | $1,600,000 |
| ADDITIONAL DETAILS | |
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Electric Water Heater |
| AREA | 19121 (19121) |
| HEAT | Central, Electric |
| LOT | 3485 sq ft |
| PARKING | On Street |
| STORIES | 3 |
| TAXES | 11273 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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