Views
Address
416 W Olney Avenue, Philadelphia, PA
Price
$ 450,000
Property Attributes
- MLS#PAPH2012458
- TypeCommercial
- CountyPHILADELPHIA
- CityPhiladelphia
- Area19120
- NeighborhoodOlney
- Zip19120
- StyleApartment Building,Hair Salon and Spa
- Year Built1930
- Taxes$ 3582
- Price$ 450,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage3400
- Lot Size2,614 SqFt
Data Source:
Bright MLS
Property Description
MULTIFAMILY INVESTOR ALERT: 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!.
| Price History | |
|---|---|
| 9/20/2021 | Listed $450,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Radiator |
| Cooling | Window Unit(s) |
| Utilities | Electric Available,Natural Gas Available,Cable TV Available,Sewer Available,Water Available |
| Possession | 61-90 Days CD |
| Roof | Flat |
| Zoning | CMX1 |
| Construction Materials | Brick |
| Year Built | 1930 |
| Electric | 100 Amp Service |
| Property SubType | Mixed Use |
| Tax Year | 2023 |
| Percent Ownership | Fee Simple |
| Cool Fuel | Electric |
| Business Type | Apartment Building,Hair Salon and Spa |
| Accessibility | None |
| County | PHILADELPHIA |
| New Construction | No |
| Property Type | Commercial Sale |
| Subdivision Name | OLNEY |
| Possible Use | Apartments,Barber/Beauty,Laundromat,Multi-Family,Mixed Use,Professional Service,Office |
| Water Access Y/N | No |
| Property Use | Investment |
| Status | ACTIVE |
| Directions | SE Corner of Lawrence & Olney |
| ModificationTimestamp | 2024-02-18T15:37:20 |
| City | PHILADELPHIA |
| Buyer Agent Compensation | 3 |
| Disclosures | Prop Disclosure,Lead Based Paint - State |
| Zoning Description | Neighborhood Mixed-Use Commercial |
| Total Units | 6 |
| MLS Area | 19120 (19120) |
| Lot Size Square Feet | 2613.60 |
| Tax Assessed Value | 255900.0 |
| Waterfront Y/N | No |
| Street Name | OLNEY |
| Tax Annual Amount | 3582.0 |
| Property Condition | Average |
| Price Per Sq Ft | 124.07 |
| Acceptable Financing | Conventional,Cash |
| Lease Considered Y/N | No |
| Vacation Rental Y/N | No |
| Days on Market | 896 |
| Location Type | Suburban |
| Standard Status | Active |
| Year Built Source | Assessor |
| Tax Lot | 93 |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Natural Gas,Electric |
|---|---|
| Flooring | Wood |
| Hot Water | Natural Gas |
| Heating Y/N | Yes |
| Street Suffix | AVENUE |
| Central Air Y/N | No |
Exterior Features
| Parking Features | Public |
|---|---|
| Water Source | Public |
| Type of Parking | On Street |
| Land Use Code | E30 |
| Water View Y/N | No |
| Building Area Total | 3627.00 |
| Lot Dimensions | 24.50 x 112.00 |
| Lot Size Acres | 0.06 |
| Road Surface Type | US Highway/Interstate |
| Lot Size Units | Square Feet |
| Lot Size Source | Estimated |
| Road Responsibility | State |
| Land Assessed Value | 51100.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 19120
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