1509 W ALLEGHENY AVE PHILADELPHIA, PA 19132

$455,000

Bedrooms

Total Baths

Full Baths

3,412

Square Feet

0.10

Acres

1925

Year Built

35 days

On Website

Active

Status

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.

Listed By
Keller Williams Philly

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Details


Interior
Living Area
3,412 SqFt.

Building And Construction
Number Of Units Total
3
Property Sub Type
Multi Family
Property Type
Residential Income
Year Built
1925

Exterior And Lot
Lot Size Acres
0.1
Lot Size Square Feet
4480
Lot Size Units
Square Feet
Pool
No Pool
Zoning
RSA3

Utilities
Cooling
None
Cooling Fuel
Electric
Heating
Forced Air
Heating Fuel
Natural Gas
Hot Water
Natural Gas

Area And Schools
City
Philadelphia
County Or Parish
Philadelphia
Elementary School
Kenderton School
High School
Simon Gratz
High School District
The School District Of Philadelphia
Middle Or Junior School
Mary Bethune School
Subdivision Name
Temple University

Financial Info
County Tax
0.00
Short Sale
No
Tax Annual Amount
$1,754.00
Tax Year
2020

Additional Info
Price Per SQFT
133.35
School Tax
962.00
Status Detail
Active
Tax Total Finished SQFT
3412
Total Below Grade SQFT
0
Total SQFT
3412

Listing By Keller Williams Philly

MLS# PAPH926358

Data Last Updated a month ago

BRIGHT MLS

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 Preferred 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 2020 Bright MLS. All rights reserved.

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