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4712-& 4714 Woodland Avenue

PHILADELPHIA, PA 19143
  • $940,000
  • STATUS: Active
  • ON SITE: 64 Days
  • ID#: PAPH2096240
Price Reduced
$940,000
  • 0
    BEDS
  • 0.09
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1940
County:

School Ratings & Info

Description

Value-Add Opportunity: Rents Can Be Increased $200 to $400 per Month with Renovations to Kitchens & BathsStrong Rental Market: Sub-Market Occupancy +-97%; Subject Property Currently and Historically 100% OccupiedPrime Location for +G+Ed+GGs and Med+GGs+G-: Close Proximity to USciences, Drexel, UPenn, Penn Medicine & CHOPAccess to University City Amenities: Walking Distance to Award-Winning Restaurants, Bars and NightlifePublic Transportation: SEPTA Trolley and Bus Stops are Less than One Block from the Property4712-4714 Woodland Avenue is a 6-unit apartment community consisting of two connecting parcels in the Squirrel Hill neighborhood of University City. Originally constructed in 1940, the three-story building with brick exterior had its flat rubber membrane roof replaced within the last five years. The property sits along Woodland Avenue which is a bustling corridor for undergraduates, graduate students, faculty, and professionals due to its close proximity to Drexel, UPenn, USciences, Penn Medicine and CHOP.4712-4714 Woodland Avenue features an outstanding unit mix of 67% (4) two-bedroom units and 33% (2) one-bedroom units. The tenants are responsible for the cost of heat, hot water, and electric, while the owner provides cold water and sewer free of charge. The property is conveniently located near Grays Ferry Avenue, Baltimore Avenue (Route 13), and the Schuylkill Expressway (Interstate 76). The property is also in close proximity to Clark Park. The rental market in the Squirrel Hill neighborhood of University City is robust with sub-market occupancy rates north of 97% while the subject property is currently, and has historically been, 100% occupied.Value-Add: There is a tremendous value add opportunity at 4712-4714 Woodland Avenue. New ownership could make updates to the common area hallways, kitchens, and bathrooms in order to push rents $200 to $400 per unit per month. In addition, by adding washers and dryers to the units, new ownership can push rents $50 to $100 further per unit per month. Furthermore, the owner pays for cold water while many properties in the sub-market charge tenants for cold water. By implementing a water fee of $25 per unit per month, new ownership could boost income further.

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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: 2022-05-25T23:51:02.283.
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4712-& 4714 Woodland Avenue PHILADELPHIA, PA 19143

  • Price: $940,000
  • Status: Active
  • On Site: 64 Days
  • ID#: PAPH2096240
0
Beds
0
Baths
0
½ Baths
0.09
Acres
1940
Built
Neighborhood:
University City
County:
Philadelphia
Area:
19143 (19143)
School District:
The School District Of Philadelphia
Property Description
Value-Add Opportunity: Rents Can Be Increased $200 to $400 per Month with Renovations to Kitchens & BathsStrong Rental Market: Sub-Market Occupancy +-97%; Subject Property Currently and Historically 100% OccupiedPrime Location for +G+Ed+GGs and Med+GGs+G-: Close Proximity to USciences, Drexel, UPenn, Penn Medicine & CHOPAccess to University City Amenities: Walking Distance to Award-Winning Restaurants, Bars and NightlifePublic Transportation: SEPTA Trolley and Bus Stops are Less than One Block from the Property4712-4714 Woodland Avenue is a 6-unit apartment community consisting of two connecting parcels in the Squirrel Hill neighborhood of University City. Originally constructed in 1940, the three-story building with brick exterior had its flat rubber membrane roof replaced within the last five years. The property sits along Woodland Avenue which is a bustling corridor for undergraduates, graduate students, faculty, and professionals due to its close proximity to Drexel, UPenn, USciences, Penn Medicine and CHOP.4712-4714 Woodland Avenue features an outstanding unit mix of 67% (4) two-bedroom units and 33% (2) one-bedroom units. The tenants are responsible for the cost of heat, hot water, and electric, while the owner provides cold water and sewer free of charge. The property is conveniently located near Grays Ferry Avenue, Baltimore Avenue (Route 13), and the Schuylkill Expressway (Interstate 76). The property is also in close proximity to Clark Park. The rental market in the Squirrel Hill neighborhood of University City is robust with sub-market occupancy rates north of 97% while the subject property is currently, and has historically been, 100% occupied.Value-Add: There is a tremendous value add opportunity at 4712-4714 Woodland Avenue. New ownership could make updates to the common area hallways, kitchens, and bathrooms in order to push rents $200 to $400 per unit per month. In addition, by adding washers and dryers to the units, new ownership can push rents $50 to $100 further per unit per month. Furthermore, the owner pays for cold water while many properties in the sub-market charge tenants for cold water. By implementing a water fee of $25 per unit per month, new ownership could boost income further.
Exterior Features

Construction Materials ConcreteMasonryBrick 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 6441.00 Cooling Other Flooring WoodVinylCarpet Heating Forced Air Heating YN Yes Net Square Feet 6440.00

Property Features

Accessibility Features 2+ Access Exits Assessment Year 2022 Business Type Apartment Building Central Air YN No Cooling Fuel Natural Gas Electric 100 Amp Service Foundation Details Other Heating Fuel Natural Gas Historic YN No Hot Water Other Lease Considered YN No Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 6 Original MLSNumber 801419237514 Ownership Interest Fee Simple Possession Settlement Property Sub Type Five Or More Units Sale Type Standard Sewer Public SepticPublic Sewer Tax Annual Amount 8493.00 Tax Assessment Amount 250900.00 Utilities Cable TvElectric AvailableNatural Gas Available Vacation Rental YN No Water Source Public Zoning Cmx-2 Zoning Description Residential Row Converted To Apartments

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: 2022-05-25T23:51:02.283.
 
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