Price Reduction
Address
1509 W Allegheny Avenue Philadelphia, PA
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

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 19132

Price
AVG $290K
$430K
Taxes
AVG $1,431
$1,754
Visits
AVG 44
61
Year Built
AVG 1931
1925
Walkscore
AVG 79
78
Data Provided by Walkscore ® not using MLS data