1509 W Allegheny Avenue, Philadelphia, PA, 19132

Price Reduction

Address

1509 W Allegheny Avenue Philadelphia, PA

Type

Multi-Family

Price

$ 425,000

Property Attributes

MLS#PAPH926358
TypeMulti-Family
CountyPHILADELPHIA
CityPhiladelphia
Area19132
NeighborhoodTEMPLE UNIVERSITY
Zip19132
StyleTraditional
Year Built1925
Taxes1754
Price$ 425,000
Bedrooms6
Full Bathrooms0
Half Bathrooms0
Lot Size4,356 SqFt

Listing Provided Courtesy Of:

Keller Williams Philly

Property Description

Rare opportunity to own a large income producing 6 unit building in the booming section of North Philly's hottest developmental corridor. There is massive upside potential for this building through Opportunity Zone development! Real estate investments made by individuals through special funds in these new zones can defer or eliminate federal taxes on capital gains and avoid future tax penalties often associated with real estate investing. One hundred billion dollars in capital are expected to spur development in these zones. Over 1.8M SF are planned in this area alone, spurred by the Amtrak North Philadelphia redevelopment led by HFZ Capital of NYC. Tenants are the family of the owner so rent has been below market rates. Going amounts for 1 bed are $900 per month making this a 14 cap for an investor looking to update and rent out. Medical students have flooded the area as renters. All surrounding this 5 block development surge. New construction multi families are selling for 600k+. There is a major 100 million dollar plus expansion project planned for the septa station nearby and over 400 units for construction have been approved and are in the queue. Now... to sweeten the deal this legal 6 unit sits right next to a vacant lot that through proper zoning can be packaged together and creates a 28-32 unit rental building with parking!!! There have been preliminary meetings for the development and there is support for the project from the neighbors and community. Consolidate both parcels and make a serious addition to your portfolio. Even as a separate purchase this building is a slam dunk for an investor with some work and re-renting. All occupants have agreed to move out prior to the sale or stay if desired.

Elementary School	Middle School	High School
Kenderton School Elementary School	Mary Bethune School Middle School	Simon Gratz High School

Price History
8/21/2020	Listed $455,000
1/4/2021	7% - $425,000

General Features

Accessibility	None
Architectural Style	Traditional
Construction Materials	Masonry
Cool Fuel	Electric
Cooling	None
County	PHILADELPHIA
Elementary School	KENDERTON SCHOOL
Garage Y/N	No
Heating	Forced Air
High School	SIMON GRATZ
High School District	THE SCHOOL DISTRICT OF PHILADELPHIA
MLS Area	19132 (19132)
Middle/Junior High School	MARY BETHUNE SCHOOL
New Construction	No
One Bedroom Units Count	6
Other Structures	Above Grade, Below Grade
Ownership	Fee Simple
Possession	31-60 Days CD
Price Per Sq Ft	124.56
Property SubType	Other
Property Type	Multi-Family
Real Estate Owned Y/N	No
Rent Control Y/N	No
Sewer	Public Sewer
Structure Type	Detached
Subdivision Name	TEMPLE UNIVERSITY
Tax Annual Amount	1754.0
Tax Lot	222
Tax Year	2020
Total Units	3
Vacation Rental Y/N	No
Water Access Y/N	No
Zoning	RSA3

Interior Features

Basement	Other
Basement Y/N	Yes
Central Air Y/N	No
Heating Fuel	Natural Gas
Heating Y/N	Yes
Hot Water	Natural Gas
Living Area	3412

Exterior Features

Lot Dimensions	32.00 x 140.00
Lot Size Acres	0.10
Lot Size Source	Assessor
Lot Size Square Feet	4480.00
Navigable Water Y/N	No
Pool Y/N	No Pool
Type of Parking	On Street
Water Oriented Y/N	No
Water Source	Public
Water View Y/N	No
Waterfront Y/N	No