Description
This 12-unit property, located at 1701-3 N 20th St, offers an impressive annual income of approximately $105,000 with total expenses of only $28,000, resulting in a net operating income of around $77,000 per year. With a purchase price of $1.6 million, the property boasts an attractive cap rate of approximately 4.81%.
This property consists of a mix of unit sizes, including 5 studios, 1 (1BR/1BR), 3 (2BR/1BR), 2 (3BR/1BR), and 2 (4BR/2BR). The 4BR/2BR units are currently being rented out per room, allowing for maximum occupancy and potential for increased rental income. It's worth noting that the owner pays for utilities only for those two 4BR/2BR units, which are equipped with a house meter.
While the property needs some cosmetic upgrades and minor repairs, it is still a fantastic investment opportunity with enormous potential. By investing in these upgrades, you can transform this property into a highly desirable rental for tenants.
The current rents are under market, so there is also an opportunity to increase the rental income, resulting in an even higher cash flow. This property offers a great opportunity for investors looking for a turnkey investment with the potential for growth.
Located in a vibrant and bustling area of Philadelphia, tenants will have plenty of nearby shopping, grocery options, and other amenities to choose from. The area is home to several supermarkets, including Aldi and H Mart, and boasts a wide range of restaurants, cafes, and bars. There are also several parks and green spaces nearby for outdoor activities.
The property's proximity to top universities, including Temple University and Drexel University, and its easy access to public transportation make it an ideal choice for students and young professionals. The neighborhood is a lively and bustling area of the city, offering something for everyone.
If you're looking for a property with enormous potential that offers strong cash flow and room for growth, this is an excellent choice. Contact us today to schedule a viewing and see the potential for yourself.
Location
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Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 28th May, 2023 1:52 AM (UTC)
