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Key Details
Sold Price $400,000
Property Type Multi-Family
Sub Type Interior Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 1,880 sqft
Price per Sqft $212
MLS Listing ID PAPH2338956
Sold Date 05/31/24
Style AirLite
Abv Grd Liv Area 1,880
Originating Board BRIGHT
Year Built 1915
Annual Tax Amount $1,947
Tax Year 2023
Lot Size 1,911 Sqft
Acres 0.04
Lot Dimensions 16.00 x 122.00
Property Description
INVESTORS BEHOLD!
332 N 62nd Street is a golden opportunity for savvy investors seeking a lucrative addition to their portfolio. This property is also perfect for the beginning investor looking for their first investment. The property is part of a six unit portfolio. Here's what makes this investment stand out:
**Income Potential:**
This multi-unit property boasts 4 spacious units, each offering comfortable living spaces and modern amenities. Whether you're targeting long-term renters or looking to live in one of the units and rent the others, the income potential is substantial. With competitive rental rates in the area and increasing demand for housing, you can expect a consistent cash flow and attractive returns on your investment.
**Value-Add Opportunity:**
While the property is already generating income, there's ample room for value enhancement. With a strategic renovation or upgrade plan, you can maximize rental income and increase property value. Whether it's modernizing interiors, enhancing curb appeal, or adding amenities, the potential for appreciation is significant.
The property does already have a State of the Art Security System with electronic entry and a full sprinkled interior with an up to date fire alarm system.
**Prime Location:**
Situated in the vibrant and rapidly developing Haddington neighborhood of Philadelphia, this property is strategically positioned to capitalize on the growth of West Philadelphia. It is a short walk to the Market/Frankford 63rd street station. The #30 & #31 buses are steps away. There is easy access to major transportation routes, as well as, all of the renowned West Philadelphia universities, employment hubs, and a plethora of amenities. This location is highly desirable for tenants seeking convenience and connectivity.
Very close to Haddington Woods and Cobbs Creek Park. Wonderful restaurants are within walking distance: Jim’s Steaks West, 5-Star Jamaican, Morronne’s Water Ice etc.
**Stable Market Dynamics:**
West Philadelphia's real estate market has demonstrated resilience and stability, making it an ideal environment for investors seeking long-term growth. With a diverse economy, a thriving job market, and a steady influx of residents, the demand for rental properties remains robust.
**Investment Highlights:**
- Multi-unit property with 4 units
- Prime location in the heart of Philadelphia, PA
- Strong rental demand and competitive rental rates
- Value-add opportunities for increased cash flow and appreciation
- Stable and growing real estate market with favorable investment conditions
332 N 62nd Street offers an exceptional blend of potential and profitability.
Location
State PA
County Philadelphia
Area 19139 (19139)
Zoning RM1
Rooms
Basement Improved
Interior
Hot Water Natural Gas
Cooling Central A/C
Fireplace N
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Accessibility None
Parking Type On Street
Garage N
Building
Foundation Other
Sewer Public Sewer
Water Public
Architectural Style AirLite
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 341228600
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Conventional, FHA, Cash, VA
Listing Terms Conventional, FHA, Cash, VA
Financing Conventional,FHA,Cash,VA
Special Listing Condition Standard
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Bought with Piruz Partow • Select Commercial Advisors
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