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.
Listing By Keller Williams Philly
Data Last Updated 6:38am - 05/09/2021
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which RE/MAX Action Realty participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers 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 on this website may no longer be available because they are under contract, have closed or are no longer being offered for sale. Information Deemed Reliable But Not Guaranteed. Copyright© 2021 Bright MLS. All rights reserved.
19132 Statistics and Information