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531 E Indiana Avenue

PHILADELPHIA, PA 19134
  • $350,000
  • STATUS: Active
  • ON SITE: 118 Days
  • MLS #: PAPH2163336
UPDATED: 75 min ago
$350,000
  • 0
    BEDS
  • 0.02
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,322
    SQFT
  • $151
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1920
County:

School Ratings & Info

Description

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.

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©2023 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 Kiliszek Real Estate Experts | Keller Williams Midtown Direct. 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: 2023-01-28T20:50:24.82.
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531 E Indiana Avenue PHILADELPHIA, PA 19134

  • Price: $350,000
  • Status: Active
  • On Site: 118 Days
  • Updated: 75 min ago
  • MLS #: PAPH2163336
0
Beds
0
Baths
0
½ Baths
0.02
Acres
2,322
SQFT
$151
$/SQFT
1920
Built
Neighborhood:
19134 (19134)
County:
Philadelphia
Area:
19134 (19134)
School District:
The School District Of Philadelphia
Property Description
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.
Exterior Features

Architectural Style Dwelling With RentalTraditional Construction Materials Masonry Garage YN No Other Structures Above GradeBelow Grade Parking Types None Pool No Pool Property Condition Very Good 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 2322 Basement Unfinished Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Window Unit(S) Fireplace YN No Fireplaces Total 0 Heating Radiator Heating YN Yes Inclusions All Major AppliancesLease Agreements Will Transfer Single Room Units 2 Spa YN No Three Bedroom Units 0 Two Bedroom Units 1 Units Furnished None

Property Features

Acceptable Financing CashConventionalFhaVa Accessibility Features None Assessment Year 2022 Central Air YN No Cooling Fuel Natural Gas Existing Lease Type Yearly Gross Income 40800.00 Heating Fuel Natural Gas Historic YN No Hot Water Natural Gas Insurance Expense 1700.00 Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Leased 5 Number Of Units Total 2 Number Of Units Vacant 0 Operating Expense Includes Insurance Original MLSNumber 801906310668 Owner Pays ElectricityWater Ownership Interest Fee Simple Pool Expense 0.00 Possession Immediate Property Sub Type Other Rent Control YN No Sale Type Standard Sewer Public Sewer Structure Design Type Other Tax Annual Amount 1350.00 Tax Assessment Amount 96500.00 Tax Lot 97 Total Actual Rent 40800.00 Trash Expense 300.00 Vacation Rental YN No Water Source Public Zoning Cmx1 Zoning Description Variance - 5 Unit Building - Zoning Adjudication Has Been Completed.

Listing courtesy of Keller Williams Philly: .


©2023 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 Kiliszek Real Estate Experts | Keller Williams Midtown Direct. 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: 2023-01-28T20:50:24.82.
 
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