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    1221 Spruce Street

    PHILADELPHIA, PA 19107
    • $1,375,000
    • STATUS: Active
    • ON SITE: 124 days
    • ID#: PAPH1020656
    UPDATED: 29 min ago
    $1,375,000
    • 0
      BEDS
    • 0.04
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    County:

    School Ratings & Info

    Description

    Excellent five unit apartment building available NOW for purchase in wonderful Washington Square West! This is an exceptional opportunity to buy a value add building in an A+ location. 1221 Spruce Street consists of five apartments, all of which are currently leased. With a monthly rent roll of $6,645 ($79,740 per year), rents are currently below market and can be easily increased with no major improvements. It is estimated that the rent roll can be increased to $7,615 per month ($91,380 per year) without major renovations. Further increases can be realized after renovating the building. The property has one gas hot heater (boiler), one gas hot water heater, one washer and dryer (coin-op machines) located in the basement for use by the Tenants. The Landlord currently pays for the heat and hot water and the cooking gas and cold water for all tenants. The Tenants pay for their own electricity usage. As the new owner, you can continue to operate it as an apartment building and with improvements, increase rents even more. There is also a condo-conversion opportunity here. The one thing that is certain is that the location is very good and very attractive to renters and owner occupants. For tours and more information, please contact the listing agent.

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    ©2021 Bright MLS, All Rights Reserved. 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. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Drayton Young. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-23T15:55:36.317.
    www.draytonyounggroup.com/homes/117476972
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    1221 Spruce Street PHILADELPHIA, PA 19107

    • Price: $1,375,000
    • Status: Active
    • Updated: 29 min ago
    • ID#: PAPH1020656
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.04
    Acres
    Neighborhood:
    Washington Sq West
    County:
    Philadelphia
    Area:
    19107 (19107)
    School District:
    The School District Of Philadelphia
    Property Description
    Excellent five unit apartment building available NOW for purchase in wonderful Washington Square West! This is an exceptional opportunity to buy a value add building in an A+ location. 1221 Spruce Street consists of five apartments, all of which are currently leased. With a monthly rent roll of $6,645 ($79,740 per year), rents are currently below market and can be easily increased with no major improvements. It is estimated that the rent roll can be increased to $7,615 per month ($91,380 per year) without major renovations. Further increases can be realized after renovating the building. The property has one gas hot heater (boiler), one gas hot water heater, one washer and dryer (coin-op machines) located in the basement for use by the Tenants. The Landlord currently pays for the heat and hot water and the cooking gas and cold water for all tenants. The Tenants pay for their own electricity usage. As the new owner, you can continue to operate it as an apartment building and with improvements, increase rents even more. There is also a condo-conversion opportunity here. The one thing that is certain is that the location is very good and very attractive to renters and owner occupants. For tours and more information, please contact the listing agent.
    Exterior Features

    Construction Materials Masonry Garage YN No Parking Types None Riparian Rights YN No Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 3295.00 Cooling None Heating Radiator Heating YN Yes Net Square Feet 3295.00

    Property Features

    Accessibility Features None Assessment Year 2021 Association YN No Business Type Apartment Building Central Air YN No Cooling Fuel None Heating Fuel Natural Gas Hot Water Natural Gas Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 5 Original MLSNumber 304619726006 Ownership Interest Fee Simple Possession Subject To Existing Lease Property Sub Type Five Or More Units Sale Type Other Sewer Public Sewer Tax Annual Amount 9659.00 Tax Assessment Amount 690000.00 Vacation Rental YN No Water Source Public Zoning Cmx1

    Listing courtesy of New Age Realty Group Inc.


    ©2021 Bright MLS, All Rights Reserved. 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. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Drayton Young. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-09-23T15:55:36.317.
     
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