$419,900 $2,254 est/mo Sourced by Back At You

623 N 32nd St,Philadelphia, PA 19104

Philadelphia PA, 19104

Share with a friend

Description

NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax).Attention Investors!! Don’t wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed.Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price.Current tenant(s) are M2M tenants. All of the units are similar.Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.

Details

MLS#PAPH2313686
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive Under Contract
Year1935
Days On Site125
Listing Provided ByBainbridge Realty LLC | James J Hanning

Features

SQ Feet2,667
BasementY
Units2
ZoningRM1
Acreage0.04

Market Activity 19104

MLS Internet Data Exchange (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, and that the data is deemed reliable but is not guaranteed accurate by the Bright MLS. 

© 2024 Bright MLS, All Rights Reserved

Request a showing

Request a showing

Loading Form
Listings Checked: 21 minutes ago
StatePA
CountyPhiladelphia
CityPhiladelphia
Zip Code19104
Area19104
School DistrictPhiladelphia City
Listing VS Median (in 19104)
Price:
$419,900
low | high
Med:
$2,390
100% of Average
SqFt:
2,667
low | high
Med:
1,129
100% of Average
$ / SqFt:
$157
low | high
Med:
$2
100% of Average
On Site:
125
low | high
Med:
182.500000
68.493150684932% of Average
Sourced by Back At You
Listing Updated: April 22, 2024 at 10:09:51 AM PDT