Property Details

Description

This is the PERFECT PROPERTY for an OWNER TO LIVE IN ONE UNIT, RENT OUT THE OTHER UNIT and USE THE RENTAL INCOME FOR MORTGAGE and / or Other EXPENSES! This special DUPLEX was FULLY GUT RENOVATED in 2016, has 3 YEARS LEFT ON A PHILADELPHIA 10 YEAR TAX ABATEMENT UNTIL 2027, is FULLY TENANT OCCUPIED and located on a Peaceful Tree Lined Street IN THE UNIVERSITY CITY AREA NEAR PENN, DREXEL, ST. JOSEPH’S UNIVERSITY (City Campus) and Cedar Park. Totaling nearly 2,500 Finished Square Feet, this lovely two story brick building with BELOW MARKET RATE RENTS has had NO VACANCY since its renovation. During the 2016 FULL GUT RENOVATION, the following WERE INSTALLED NEW (examples): Separate Unit Electric and Gas Meters; Roof, Windows, Electrical, Plumbing, Central HVAC, Kitchens, Bathrooms, Appliances, Water Line. Each Unit respectively has: an Open Kitchen with Granite Countertops, Stainless Steel Appliances Including Dishwasher, Subway Tile Backsplash, Tile Floor; Bathroom(s) featuring Dual Vanities, Tile Floor & Shower Walls; ITS OWN WASHER AND DRYER. The Two UNITS HAVE SEPARATE ENTRANCES ON EITHER END of the Sizable NEW FRONT PORCH (Trex Decking). The second floor apartment, Unit B, has 3 Bedrooms, 2 Bathrooms, is rented for $1,938 per month with a PROJECTED MARKET RATE of $2,200 and has a 8/31/2025 lease expiration. The first floor apartment, Unit A, has 3 Bedrooms, 1 Bathroom, is Rented for $1,750 per month with a PROJECTED MARKET RATE of $2,000 and has a 4/30/2025 lease expiration. This Unit's Rent Could Be Further Increased by Installing a Second Bathroom. The Kitchen has a big Island Countertop with cabinetry. There is a GREAT BACKYARD with Newer Mulch and a Full Walk-In Unfinished BASEMENT (accessible from the property side). The property is Very WELL LOCATED: just 3 blocks west of beautiful Clark Park and the growing St. Joseph’s University City campus; only 4 blocks south of Baltimore Ave, a vibrant commercial corridor with great restaurants, coffee and other retail shops; the immediate area is Extra Quiet because S 48th St dead ends at Kingsessing Ave. STREET PARKING IS READILY AVAILABLE. Less than 2 blocks away are SEPTA Stops for 2 Different Public Transit Routes that run to and from University City & Center City: the Trolley (#13) at 49th & Chester Ave; the Regional Rail (Media/Wawa Line) at 49th St (between Kingsessing & Chester Ave’s). The CURRENT AND PROJECTED INCOME AND EXPENSES ARE UPLOADED TO THE LISTING. While now water payments are shared, each rental unit is projected to pay a $50 flat water fee per month. There is an additional electrical meter for common areas (exterior lighting, basement). The current leases must be honored. Take advantage of this unique opportunity while it is still available!

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