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5038 SPRUCE ST Philadelphia, PA 19139
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Key Details
Sold Price $810,000
Property Type Multi-Family
Sub Type Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 6,400 sqft
Price per Sqft $126
Subdivision University City
MLS Listing ID PAPH2141148
Sold Date 10/21/22
Style Other
Abv Grd Liv Area 6,400
Originating Board BRIGHT
Year Built 2010
Annual Tax Amount $9,307
Tax Year 2022
Lot Size 2,616 Sqft
Acres 0.06
Lot Dimensions 24.00 x 109.00
Property Description
Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500 residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home, yet offering single floor living. So easy to rent. The 1st floor offers 3 bedrooms, 2 full baths, and a very large rear yard. The 2nd floor offers 3 bedrooms, 2 full baths, and a rear deck. The 3rd and 4th floors each offer 2 full bedrooms, 1.5 baths, huge living spaces, and rear decks. Super convenient location with a 93 WalkScore and tons of SEPTA options to Center City, Penn, Drexel, HUP, 30th Street, etc. This building currently brings in $71,000+/year with very low expenses. While the list price reflects these numbers, the building is significantly under-rented with three leases expiring in March 2023 and one is currently month-to-month. Just ideal, as new owner is set up to seamlessly bring rents up to our projected rents of $2,000+ per unit (for first two floors)and $1,800+ per unit (for upper two floors) or $91,000+/year. Additional bonus potential: Other quads on the block have successfully applied for variance for 5th unit in lower level. This building has lower level just waiting to be finished. Potentially add another $1,200-$1,500/month to your rent roll. All utilities and mechanicals are separated (except for cold water). A superb investment opportunity in a red-hot neighborhood.
Location
State PA
County Philadelphia
Area 19139 (19139)
Zoning RSA3
Interior
Hot Water Natural Gas
Heating Forced Air, Zoned
Cooling Central A/C, Zoned
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Lot Description Rear Yard
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 602108800
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Bought with Jermaine Parker • Coldwell Banker Realty