416 W OLNEY AVE Philadelphia, PA 19120
UPDATED:
08/16/2024 01:27 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 3,627 sqft
Price per Sqft $124
Subdivision Olney
MLS Listing ID PAPH2012458
HOA Y/N N
Originating Board BRIGHT
Year Built 1930
Annual Tax Amount $3,582
Tax Year 2023
Lot Size 2,613 Sqft
Acres 0.06
Lot Dimensions 24.50 x 112.00
Property Description
Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offering substantial value-added space. Zoning CMX1. ||
This property is composed of a 24’ 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 building facing Lawrence St. This building is an undeveloped vacant masonry shell constructed slab on grade 24’ x 40'. The main building contains one commercial space, plus three modest-sized apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main building permits 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. ||
The commercial unit is under lease at $1,300/M until 08/01/2024. The two-bedroom unit on the second floor is under lease at $800/M until 02/01/2024. All tenants prefer to stay. As a courtesy to the Buyer, the owners temporarily have not renewed the other two residential leases and are holding them on a month-month basis to give the Buyer more control and a free hand to plan and carry out their upgrades and use of the property. ||
Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural or mechanical concerns throughout the sellers' ownership. Dry basement, a 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: $66,600, Vacancy 5%, NNN $1,832 Additional Income, GAI TTL $64,202, EXPENSES: 19.3%, NOI $51,802, CAP 10.04%. A leveraged project investment of 25% or $128.951 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.60. 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!.
Location
State PA
County Philadelphia
Area 19120 (19120)
Zoning CMX1
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Window Unit(s)
Flooring Wood
Heat Source Natural Gas, Electric
Exterior
Utilities Available Electric Available, Natural Gas Available, Cable TV Available, Sewer Available, Water Available
Waterfront N
Water Access N
Roof Type Flat
Street Surface US Highway/Interstate
Accessibility None
Road Frontage State
Parking Type On Street
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 871565300
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Financing Conventional,Cash
Special Listing Condition Standard
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