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626 E Allegheny Avenue

PHILADELPHIA, PA 19134
  • $175,000
  • STATUS: Active
  • ON SITE: 33 Days
  • ID#: PAPH2176680
UPDATED: 62 min ago
$175,000
  • 0
    BEDS
  • 0.02
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 1,173
    SQFT
  • $149
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1920
County:

School Ratings & Info

Description

It is my distinguished honor to present to you Kensington Duplex, 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 2 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 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]: 1 Bed/1 Baths: $700/monthUnit 2 [2nd Floor]: 2 Bed/1 Bath: $900/month CAPITALIZATION RATE: Kensington Duplex has a capitalization rate of 9.22% with current rental income of $1,600 per month. The cap rate could increase to 10.02% if rental income was increased by $100/month to $1,700/month with minor increases on each rental unit. Cap rates could increase to 11.62% 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 531 E. Indiana Ave, a 5 Unit Building listed for $350,000. 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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©2022 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 Bowers Realty Group | Coldwell Banker. 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: 2022-12-07T23:50:23.327.
www.bowersgroup.net/homes/134557331
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626 E Allegheny Avenue PHILADELPHIA, PA 19134

  • Price: $175,000
  • Status: Active
  • On Site: 33 Days
  • Updated: 62 min ago
  • ID#: PAPH2176680
0
Beds
0
Baths
0
½ Baths
0.02
Acres
1,173
SQFT
$149
$/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 Duplex, 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 2 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 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]: 1 Bed/1 Baths: $700/monthUnit 2 [2nd Floor]: 2 Bed/1 Bath: $900/month CAPITALIZATION RATE: Kensington Duplex has a capitalization rate of 9.22% with current rental income of $1,600 per month. The cap rate could increase to 10.02% if rental income was increased by $100/month to $1,700/month with minor increases on each rental unit. Cap rates could increase to 11.62% 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 531 E. Indiana Ave, a 5 Unit Building listed for $350,000. 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 Airlite Construction Materials Masonry Garage YN No Other Structures Above GradeBelow Grade Parking Types On Street Pool No Pool 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 1173 Basement Other 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 Single Room Units 0 Spa YN No Three Bedroom Units 0 Two Bedroom Units 1 Units Furnished None

Property Features

Acceptable Financing CashConventionalFhaFha 203(K)Va Accessibility Features None Central Air YN No Cooling Fuel None Existing Lease Type Month To Month Foundation Details Other Heating Fuel Natural Gas Hot Water Natural Gas Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Leased 2 Number Of Units Total 1 Number Of Units Vacant 0 Original MLSNumber 801994408102 Owner Pays GasWater Ownership Interest Fee Simple Possession Immediate Property Sub Type Duplex Rent Control YN No Sale Type Standard Sewer Public Sewer Structure Design Type Interior Row/Townhouse Tax Annual Amount 856.00 Tax Assessment Amount 61200.00 Total Actual Rent 19200.00 Vacation Rental YN No Water Source Public Zoning Rm-1

Listing courtesy of Keller Williams Philly: .


©2022 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 Bowers Realty Group | Coldwell Banker. 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: 2022-12-07T23:50:23.327.
 
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