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$350,000
531 E Indiana Ave, Philadelphia, PA 19134
3 Beds
0 Baths
2,322 SqFt

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Listing Provided By Keller Williams Philly
It is my distinguished honor to present to you Kensington Quarters, located in the Heart of Kensington, close to Fishtown, Norris Square, Olde Kensington, and other subsections of the Riverwards along the Delaware River. Situated at the intersecting sections between Kensington Ave, Lehigh Ave, & E. Allegheny Ave, this 5 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 4 of the 5 units are occupied and we are interviewing tenants for the 5th unit. The pro-forma and other financial analysis are available for review. The lease agreements are month-to-month and we project rental income could be increased. Unit 1 [1st Floor]: Studio: $600/month | Unit 2 [1st Floor]: 1 Bed/1 Bath: $600/month | Unit 3 [2nd Floor]: Studio: $600/month | Unit 4 [2nd Floor]: 1 Bed/1 Bath: $700/month | Unit 5 [3rd Floor]: 2 Bed/1 Bath: $900/month projected Unit 5 was recently rented for $800/month but rental projections are CAPITALIZATION RATE: Kensington Quarters has a capitalization rate of 8.67% with current rental income of $3,130 per month. The cap rate could increase to 9.36% if rental income was increased by $370/month to $3,500/month with minor increases on each rental unit. Cap rates could increase to 10.51% if you reduce the monthly gas operating expense by installing electric baseboards or allocate utility costs to the tenants. PACKAGE DEAL: This property is to be sold separately or together in a package deal with 626 E. Allegheny Ave., a duplex listed for $175,000. Together, there are 7 units in 2 buildings for sale. DEVELOPMENT: There are major development projects occurring nearby, including commercial mixed use corridor revitalization of Kensington Ave, which has commercial storefronts underneath the Blue Train line. There are also block developments of major projects that range from 15 unit development to 200 unit development nearby. Investors also acquire shells, factories, storage facilities, warehouses, and other industrial hubs that have laid vacant since the Industrial Revolution of Philadelphia and transform these buildings into multi-unit dwellings and apartment complexes. The combination of public transportation infrastructure meets commercial mixed use corridors allow for tenants to access amenities that makes this multi-unit building a highly desirable and easy to rent building. Projects such as the Hagert Block development, Kensington Courts, Allegheny Ave. commercial development, and other major projects will lead the way to a new Kensington. QUALIFIED OPPORTUNITY ZONE: This property is located within a Qualified Opportunity Zone, allowing investor capital gains tax advantages, which will exacerbate development and investments in these areas. Additional features include: - Easy Parking - Close to trolley, bus stops, the thoroughfares, L Blue Train - Multicultural cuisine & food establishment - Close proximity to Fishtown, Norris Square, Olde Kensington, Port Richmond, and other subsections of the Riverwards. Invest in the City of Brotherly Love & Sisterly Affection, from monstrous skyscrapers, to the stadiums, to the Delaware River, & surrounding landscape of the great City of Philadelphia. The property is close to trolley and bus stops, and less than 10 minutes from the Philadelphia International Airport. and close to multi-modal public transportation, 1-95 highway, and highways to New Jersey and other parts of the Tri-State Counties. We thank you for your consideration and we look forward to doing business with you. We will ensure a professional and respectful transaction for all parties and we wish you luck in the search for your new home in the City of Brotherly Love & Sisterly Affection.
  • Price:
  • $350,000
  • Bedrooms:
  • 3
  • Square Footage:
  • 2,322
  • Acreage:
  • 0.02
  • Year Built:
  • 1920
  • Listing ID #:
  • PAPH2163336
  • Street Address:
  • 531 E Indiana Ave
  • City:
  • Philadelphia
  • State:
  • Pennsylvania
  • Postal Code:
  • 19134
  • County:
  • Philadelphia
  • Community:
  • 19134 (19134)
  • Listing Status:
  • Active
  • Listing Type:
  • Multi-Family
School District: The School District Of Philadelphia
  • Basement Type:
  • Unfinished
  • Building Condition:
  • Very Good
  • Finished Above Ground Square Footage:
  • 2322
  • Finished Square Feet:
  • 2322
  • Has Basement:
  • Yes
  • Number Of 1 Bedroom Units:
  • 2
  • Number Of 2 Bedroom Units:
  • 1
  • Number Of Units:
  • 2
  • Other Buildings:
  • Above Grade, Below Grade
  • Square Footage Source:
  • Assessor
  • Style:
  • Dwelling With Rental, Traditional
  • Total Building Square Footage:
  • 2322
  • Year Built:
  • 1920
  • Year Built Source:
  • Assessor
  • Annual Insurance Expenses:
  • 1700.00
  • Annual Trash Expenses:
  • 300.00
  • Gross Income:
  • 40800.00
  • Approximate Lot Size Range Source:
  • Assessor
  • Conforms To Zoning:
  • Cmx1
  • Lot Description:
  • 18.00 X 51.00
  • Lot Square Footage:
  • 918.00
  • Zoning Description:
  • Variance - 5 Unit Building - Zoning Adjudication Has Been Completed.
  • Days On Market:
  • 63
  • Included In Sale:
  • All Major Appliances, Lease Agreements Will Transfer
  • Lease Type:
  • Yearly
  • On Market Date:
  • 2022-10-01
  • Originating Mls:
  • Bright
  • Special Conditions Of Sale:
  • Standard
  • Terms:
  • Cash, Conventional, Fha, Va
  • Tax Municipality:
  • Philadelphia
  • City Taxes:
  • 609.00
  • Owner Pays:
  • Electricity, Water
  • Price Per Square Foot:
  • 150.73
  • Property Taxes:
  • $1,350
  • Tax Year:
  • 2022
  • Pool Description:
  • No Pool
  • Cooling Fuel:
  • Natural Gas
  • Cooling System:
  • Window Unit(s)
  • Existing Water:
  • Public
  • Heating:
  • Radiator
  • Heating Fuel:
  • Natural Gas
  • Sewage Type:
  • Public Sewer
  • Water Heater:
  • Natural Gas
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Listing Provided By Keller Williams Philly
  • © 2022 BRIGHT, All Rights Reserved BRIGHT

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