2 identical buildings for great price. Included in the $3.5MM price is 2 identical back-to-back units w/ a share a courtyard. Together they have 6 units (all rented at market rates), inside 2 fully occupied multi-family buildings. Both buildings are identical and house 8 units each. There are 2 separate tax ID’s. The precise addresses are as follows:1918-20 E. Cumberland St. tax ID# 881426802, annual taxes are $2149 gross rental income of $11,500/mo. AND:1917-1921 E Letterly St. Tax ID#881003351, annual taxes are $2201, gross rental income with $12,050/mo. Each building is 7,200 SF, lot size of 35’ X 75’. Both built in 2018-2019. Both have 6 years of full tax abatement left. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, private trash removal, fire suppression, common area cleaning, whole house meter, and insurance. Because the 2 buildings have adjacent rear yards that resemble a courtyard, it’s lovingly referred to as Melrows Place. It’s spelled MelROWs because of row houses in Philadelphia. Cheeky huh? The apartments are 1, 2, and 3 bedrooms. There is a bathroom for every bedroom. The 3-BR units (there are 6) have 3 bathrooms, the 2-BR units (there are 6) have 2 bathrooms. The 1-BR units (there are 4), of course, have 1 bathroom. Each unit has over-sized windows, hardwood floors, custom made cabinets and private, in unit laundry facilities. The building is all electric (no gas). Tenants are billed for electricity, water, and any renewals will be billed for private trash removal. Each unit was hard wired for cable during construction. East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked in the neighborhood, are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town. 10 REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction costs are at an all-time high. According to a report from construction cost data tracking firm Gordian, cost of materials jumped an average of 19% since 2020. This property is less cheaper to buy than to build. 2! The housing shortage. According to U.S. News, after hitting a 30-year high in December 2021, permit issuances for single-family homes declined steadily at an average drop of over 50%/year. 3! This location is experiencing rapid growth. Multifamily construction permits shot up to a 30-year high in December 2021. By April 2023, that figure plunged 75%. 4! There’s a tunicate on supply. The existing inventory, and the inventory currently under construction may be everything available to priced-out-buyers and new residents for some time. 5! Affordability. Philadelphia Magazine reported that 95% of all newly constructed Greater Center City units in 2021 were apartments, not homes. Multifamily housing construction is being driven by strong demand for rental apartments due to high borrowing. 6! New rentals large enough for families are rare. The perpetual single-family home shortage in Philadelphia is steadily getting worse, increasing the demand for high quality, and larger rental units. 7! It’s 4 years old and 100% to code. 8! Tax Abatement! 9! Fully occupied at market rates. 10! All expenses and leases are fully documented.
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 24th September, 2023 3:34 AM (UTC)