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623 N 32ND Street

PHILADELPHIA, PA 19104
  • $419,900
  • STATUS: Active
  • ON SITE: 31 Days
  • ID#: PAPH2313686
UPDATED: 41 min ago
$419,900
  • 0
    BEDS
  • 0.04
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,667
    SQFT
  • $157
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1935
County:

School Ratings & Info

School District:

Description

NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax).Attention Investors!! Don+GGt wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed.Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price.Current tenant(s) are M2M tenants. All of the units are similar.Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Asset Property Solutions, LLC. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-21T19:53:02.577.
www.assetpropertysolutionsllc.com/homes/146795771
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623 N 32ND Street PHILADELPHIA, PA 19104

  • Price: $419,900
  • Status: Active
  • On Site: 31 Days
  • Updated: 41 min ago
  • ID#: PAPH2313686
0
Beds
0
Baths
0
½ Baths
0.04
Acres
2,667
SQFT
$157
$/SQFT
1935
Built
Neighborhood:
19104 (19104)
County:
Philadelphia
Area:
19104 (19104)
School District:
Philadelphia City
Property Description
NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax).Attention Investors!! Don+GGt wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed.Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price.Current tenant(s) are M2M tenants. All of the units are similar.Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.
Exterior Features

Architectural Style Straight Thru Construction Materials Masonry Garage YN No Parking Types On Street Pool No Pool Property Condition Excellent Riparian Rights YN No Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 2667 Basement Other Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Window Unit(s) Exclusions PERSONAL PROPERTY OF TENANTS AND ANY PROPERTY LEASED BY TENANTS AND/OR LANDLORD. SNOW BLOWER AND ALL LAWN MOWERS IN BASEMENT. Fireplace YN No Flooring Hardwood Heating Forced Air Heating YN Yes Inclusions ALL APPLIANCES IN "AS IS" CONDITION Interior Features Upgraded CountertopsWood FloorsFloor Plan - OpenDining Area Security Features Fire Detection System Single Room Units 0 Three Bedroom Units 0 Two Bedroom Units 3 Units Furnished None Walls Ceilings Dry Wall

Property Features

Acceptable Financing CashConventionalFHA Accessibility Features None Assessment Year 2023 Central Air YN No Cooling Fuel Electric Cross Street Mt Vernon Existing Lease Type Month to Month Foundation Details Brick/Mortar Gross Income 48600.00 Heating Fuel Natural Gas Historic YN No Hot Water Natural Gas Insurance Expense 2350.00 Municipality PHILADELPHIA Navigable Water YN N Net Operating Income 38058.00 New Construction YN No Number Of Units Leased 1 Number Of Units Total 3 Number Of Units Vacant 2 Operating Expense Includes InsuranceTrash Original MLSNumber 802820802100 Owner Pays WaterSewerTaxes - Real Estate Ownership Interest Fee Simple Possession Settlement Property Sub Type Triplex Rent Control YN No Sale Type Standard Sewer Public Sewer Structure Design Type Interior Row/Townhouse Tax Annual Amount 11446.00 Tax Assessment Amount 817700.00 Tax Lot 43 Total Actual Rent 36000.00 Transportation Airport less than 10 miles Trash Expense 350.00 Vacation Rental YN No Water Source Public Year Built Effective 2015 Zoning RM1 Zoning Description Properly zoned as triplex.

Listing courtesy of Bainbridge Realty LLC: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Asset Property Solutions, LLC. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-21T19:53:02.577.
 
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Doylestown PA, 18901