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274-76 S 58TH Street

PHILADELPHIA, PA 19139
  • $995,000
  • STATUS: Active
  • ON SITE: 105 Days
  • ID#: PAPH2082944
UPDATED: 67 min ago
$995,000
  • 0
    BEDS
  • 0.09
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1925
County:

School Ratings & Info

Description

-- Renovated Units: 100% Two-Bedroom Units with +G+Top of the Market+G- Finishes-- Value-Add Opportunity: With Laundry Added to Basement, Rents can be Increased by $50-$100 per Unit per Month-- Strong Rental Market: Sub-Market Occupancy +-98%-- Public Transportation: SEPTA+GGs Market Frankford Line is within 4 Blocks of Property58th Street Apartments is a 6-unit apartment community located at 274-276 South 58th Street in the Cobbs Creek section of West Philadelphia. Originally constructed in 1925 and renovated in 2021, the three-story building with a brick exterior and a flat rubber membrane roof is located on a predominately residential block between Locust and Spruce Streets. The unit mix is outstanding as the property consists of 100% newly renovated two-bedroom units. The tenants are responsible for heat, hot water and electric, while the owner provides cold water. The property is conveniently located near Chestnut & Walnut Streets (Route 3), Baltimore Avenue (Route 13) and SEPTA+GGs 69th Street Transportation Center. The rental market in the Cobbs Creek section of West Philadelphia is robust with sub-market occupancy rates north of 98%. There is a tremendous value add opportunity at The 58th Street Apartments. Currently, the property has no laundry equipment on site but by adding washers and dryers to the property, rents can be increased by $50-$100 per unit per month. In addition, the owner pays for cold water at 58th Street Apartments while 83% of the renovated properties in the sub-market charge tenants for cold water. By implementing a water fee of $25 per unit per month, new ownership could capitalize on this current market trend. Furthermore, the property is zoned for two additional apartments if new ownership wished to pursue a higher unit count. 58th Street Apartments present an outstanding opportunity to purchase 6 fully renovated apartment units in an extremely high occupancy sub-market.

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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 Mackintosh Realty Inc. 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: 2022-05-28T08:51:00.55.
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274-76 S 58TH Street PHILADELPHIA, PA 19139

  • Price: $995,000
  • Status: Active
  • On Site: 105 Days
  • Updated: 67 min ago
  • ID#: PAPH2082944
0
Beds
0
Baths
0
½ Baths
0.09
Acres
1925
Built
Neighborhood:
19139 (19139)
County:
Philadelphia
Area:
19139 (19139)
School District:
The School District Of Philadelphia
Property Description
-- Renovated Units: 100% Two-Bedroom Units with +G+Top of the Market+G- Finishes-- Value-Add Opportunity: With Laundry Added to Basement, Rents can be Increased by $50-$100 per Unit per Month-- Strong Rental Market: Sub-Market Occupancy +-98%-- Public Transportation: SEPTA+GGs Market Frankford Line is within 4 Blocks of Property58th Street Apartments is a 6-unit apartment community located at 274-276 South 58th Street in the Cobbs Creek section of West Philadelphia. Originally constructed in 1925 and renovated in 2021, the three-story building with a brick exterior and a flat rubber membrane roof is located on a predominately residential block between Locust and Spruce Streets. The unit mix is outstanding as the property consists of 100% newly renovated two-bedroom units. The tenants are responsible for heat, hot water and electric, while the owner provides cold water. The property is conveniently located near Chestnut & Walnut Streets (Route 3), Baltimore Avenue (Route 13) and SEPTA+GGs 69th Street Transportation Center. The rental market in the Cobbs Creek section of West Philadelphia is robust with sub-market occupancy rates north of 98%. There is a tremendous value add opportunity at The 58th Street Apartments. Currently, the property has no laundry equipment on site but by adding washers and dryers to the property, rents can be increased by $50-$100 per unit per month. In addition, the owner pays for cold water at 58th Street Apartments while 83% of the renovated properties in the sub-market charge tenants for cold water. By implementing a water fee of $25 per unit per month, new ownership could capitalize on this current market trend. Furthermore, the property is zoned for two additional apartments if new ownership wished to pursue a higher unit count. 58th Street Apartments present an outstanding opportunity to purchase 6 fully renovated apartment units in an extremely high occupancy sub-market.
Exterior Features

Construction Materials Brick Garage YN No Parking Types On Street Riparian Rights YN No Roof FlatRubber Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 7770.00 Cooling Central A/C Heating Hot Water Heating YN Yes Net Square Feet 6900.00

Property Features

Accessibility Features 2+ Access Exits Assessment Year 2022 Business Type Apartment Building Central Air YN Yes Cooling Fuel Other Electric 100 Amp Service Elevators 0 Foundation Details Brick/Mortar Heating Fuel Electric Hot Water Other Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 6 Original MLSNumber 801335342430 Ownership Interest Fee Simple Possession Settlement Property Sub Type Five Or More Units Sale Type Standard Sewer Public SewerPublic Septic Tax Annual Amount 2614.00 Tax Assessment Amount 186800.00 Tax Lot 23S8 Vacation Rental YN No Water Source Public Year Built Effective 2021 Zoning Rm1

Listing courtesy of Tcs Management, Llc.


©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 Mackintosh Realty Inc. 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: 2022-05-28T08:51:00.55.
 
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