$925,000

1544 N Willington St

PHILADELPHIA PA, 19121

Description

Great investment opportunity with value add potential in the heart of the Temple U off-campus housing area. This property comes fully leased for $6,700/month (leases run from August 2019 - August 2020). It was built ground up in 2014. There are currently 5 years remaining on the tax abatement. This property is also located in a QOZ. It contains a large unfinished basement space that can be easily converted to an additional room and bathroom to generate another $600 per month in rental income. Cosmetic touch-ups are not required but would likely increase rent as well. The property next door, 1540-42 N Willington St is also available as a package deal (inquire for additional info). It contains 5 more units with 22 bedrooms. These properties share a common alley which is currently gated and leads to the backyards. If someone were to buy both buildings, the backyards can be combined and upgraded to create a very nice community space, further increasing rent potential. As the neigborhood continues to expand and improve, good opportunities are becoming more difficult to find. This property is in a prime location just 2 blocks from student dorms, Fresh Grocer, Broad St Subway, and local shopping centers.

Details

MLS#PAPH829716
Sub-TypeResale
StatusActive
Year2014
Days On Site49

Features

SQ Feet3,228
Units3

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Area Information

StatePA
CityPHILADELPHIA
Zip Code19121
Area19121 (19121)
Listing VS Median (in 19121)
Price:
$925,000
low | high
Med:
$150,000
100% of Average
SqFt:
3,228
low | high
Med:
0
100% of Average
$ / SqFt:
$287
low | high
Med:
$0
100% of Average
On Site:
49
low | high
Med:
149
32.885906040268% of Average
Listing Updated: 10/21/2019
MLS Number: PAPH829716
Listing Provided By:
Eugene Zlotnikov  of  Walnut Realty Group