$400,000
Investment Opportunity! Legal triplex in the rapidly developing Brewerytown neighborhood. Completely renovated and legalized in 2023, this property offers an excellent opportunity for both investors and owner-occupants.
The building consists of two spacious 3-bedroom, 1-bath apartments and one 2-bedroom, 1-bath apartment. The first and second floor units are vacant, providing immediate lease-up potential, while the third-floor unit is occupied on a month-to-month lease.
Projected market rents are approximately $1,500/month for the first floor, $1,400/month for the second floor, and $1,300/month for the third floor, for a projected gross annual income of $50,400. Based on the seller's projected operating expenses, the property offers an estimated 9.03% stabilized cap rate.
Property features include central air conditioning in all three units, separate gas and electric service for each apartment, a sprinkler system, fire alarm system, common laundry area, extra storage in the basement, and a 10-year Philadelphia tax abatement effective in 2025. Tenants pay their own gas and electric, along with a flat monthly water fee.
Conveniently located near Fairmount Park, Temple University, Center City, major highways, and public transportation.
2932 W Oxford St, Philadelphia
Listing courtesy of BHHS Fox & Roach-Center City Walnut. Contact: (215) 627-6005