140-44 W WASHINGTON Lane
140-44 W WASHINGTON Lane Philadelphia, Pennsylvania 19144 United States

$1,475,000
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Coldwell Banker Realty

Listing Courtesy of Coldwell Banker Realty
$1,475,000
Change Currency
.29 Acres
Exterior
Commercial
Property type
1900
Year Built
PAPH2109676
Web Id
PAPH2109676
MLS ID
Philadelphia City
School District
10
days ago

About 140-44 W WASHINGTON Lane

AN OPPORTUNITY TO PURCHASE A TURN-KEY, FULLY LEASED, 5 UNIT LUXURY APARTMENT BUILDING IN THE BEAUTIFUL MOUNT AIRY NEIGHBORHOOD OF NW PHILADELPHIA. SITE CONSISTS OF 2 LOTS, WITH AN OPPORTUNITY TO SUBDIVIDE AND DEVELOP THE 2ND LOT. SITE INCLUDES 5 APARTMENTS, 2 GARAGES, AND A PAVED DRIVEWAY LARGE ENOUGH FOR 6 PARKING SPOTS. SEE PROPERTY PROSPECTUS FOR REVENUE AND EXPENSES DATA. UNITS RENOVATED IN 2018. UNITS FEATURE VIRTUAL INTERCOM, SECURITY SYSTEM, STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, HARDWOOD FLOORS, MINI SPLITS FOR HEATING AND COOLING, AND OUTDOOR RECREATIONAL AREAS. CASH-FLOWING: APARTMENTS ARE CURRENTLY LEASED UNDER MARKET VALUE FOR A TOTAL GROSS MONTHLY INCOME OF $7,100.00. 3 OUT OF THE 5 UNITS ARE LONG-TERM TENANTS THAT HAVE LEASE RENEWALS APPROACHING. RENEWING LEASES AT MARKET RATE COULD BRING IN POTENTIAL REVENUE OF $7,800.00 PER MONTH. GOING FORWARD, OWNER COULD ALSO CHARGE FOR PARKING, STORAGE & GARAGE USAGE - AN EXTRA $675 IN MONTHLY REVENUE. LOW MAINTENANCE AS THE PROPERTY WAS RENOVATED IN 2018. LOW EXPENSES DUE TO BUILDING BEING FULLY ELECTRIC, TENANTS PAY ALL UTILITIES, WITH AN OPPORTUNITY TO INCLUDE COMMON AREA MAINTENANCE CHARGES IN FUTURE LEASES TO OFFSET WATER AND TAX BILLS. SIMPLE CAPITAL IMPROVEMENT PLAN: APARTMENTS CAN ACHIEVE HIGHER RENTS BY IMPLEMENTING A SIMPLE RENOVATION PLAN, SUCH AS BASEMENT STORAGE UNITS, KITCHEN BACKSPLASHES AND WASHER/DRYER IN UNIT. PLEASE SEE ATTACHED PROPERTY PROSPECTUS FOR DETAILS. LEASES ARE AVAILABLE UPON REQUEST.

Listing Courtesy of Coldwell Banker Realty

The data relating to real estate for sale comes in part from Keystone Multi-List. Real estate listings held by brokerage firms other than Lusk & Associates Sotheby's International Realty are marked with the Broker Reciprocity logo and information about them includes the name of the listing broker. All information provided is deemed reliable but is not guaranteed and should be independently verified. This 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.

features

cooling
Electric

PROPERTY INFORMATION

Cooling
Ductless/Mini-Split
Heating
Forced Air
Sewer
Public Sewer

ADDITIONAL INFORMATION

Body of Water
Public
Listing Courtesy of Coldwell Banker Realty

Coldwell Banker Realty

Listing Courtesy of Coldwell Banker Realty
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