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1221 SPRUCE ST

1221 Spruce St, Philadelphia, PA 19107
$1,450,000

Description

Excellent five unit apartment building available NOW for purchase inwonderful Washington Square West! This is an exceptional opportunityto buy a value add building in an A+ location. 1221 Spruce Street consistsof five apartments, all of which are currently leased. With a monthly rentroll of $6,645 ($79,740 per year), rents are currently below market andcan be easily increased with no major improvements. It is estimated thatthe rent roll can be increased to $7,615 per month ($91,380 per year)without major renovations. Further increases can be realized afterrenovating the building. The property has one gas hot heater (boiler),one gas hot water heater, one washer and dryer (coin-op machines)located in the basement for use by the Tenants. The Landlord currentlypays for the heat and hot water and the cooking gas and cold water forall tenants. The Tenants pay for their own electricity usage. As the newowner, you can continue to operate it as an apartment building andwith improvements, increase rents even more. There is also a condo-conversion opportunity here. The one thing that is certain is that thelocation is very good and very attractive to renters and owner occupants.For tours and more information, please contact the listing

  • Address: 1221 Spruce St, Philadelphia, PA 19107
  • City: Philadelphia
  • State/county: PA

Detail

Updated on June 8, 2021 at 5:56 am

  • Price: $1,450,000
  • Property Size: 3295 sf
  • Bedrooms: -
  • Bathrooms: -
  • Year Built: -
  • Property Type: Multi-Family
  • Property Status: For Sale

Contact info

Christos Tzimoulis
Christos Tzimoulis

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