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$1,350,000
●
Commercial -
For Sale
1917 E LETTERLY ST
PHILADELPHIA, PA 19125
Studio
0 Bath
$6,629
Estimated Monthly
$0
HOA / Fees
About This Property
BREAKING NEWS!!!!! For the first time in history, commercial loans
for cash flowing properties are currently 6.75% and fluctuating
only +/- 10 basis points. Snap up this incredible fully occupied,
cash flowing 8-unit (all rented at market rates) building. Gross
annual rental income is $146,400. Legally known as 1917-1921 E
Letterly St. is 7,200 SF with 6 years of full tax abatement
remaining. Annual taxes are based on land value only until the
abatement ends. Expenses include taxes, rental licenses, private
trash removal, fire suppression, common area cleaning, whole house
electric meter, and insurance. The apartments are 1, 2, and 3
bedrooms. There is a bathroom for every bedroom. The 3-BR units
(there are 3) have 3 bathrooms, the 2-BR units (there are 3) have 2
bathrooms. The 1-BR units (there are 2), of course, have 1
bathroom. Each unit has over-sized windows, hardwood floors, custom
made cabinets and private, in unit laundry facilities. The building
is all electric (no gas). Tenants are billed for electricity,
water, and any renewals will be billed for private trash removal.
Each unit was hard wired for cable during construction. East
Kensington is a neighborhood bordering Olde Richmond, Fishtown, and
Norris Square. Along Frankford Avenue and tucked into the
neighborhood are amenities such as: curated vintage stores, hip
boutiques, wellness and fitness studios, salons, restaurants, bars,
breweries, and friendly coffee shops. Proximity to the
Market-Frankford line, several bus lines, I-95 exits make it easy
for residents and commuters to get in and out of town. 10
MORE REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction
costs are at an all-time high. According to a report on
construction cost data tracking firm Gordian, cost of materials
jumped an average of 19% since 2020. This property is cheaper to
buy than to build. 2! The housing shortage. According to U.S. News,
after hitting a 30-year high in December 2021, permit issuances for
single-family homes declined steadily at an average drop of over
50%/year. 3! This location is experiencing rapid growth.
Multifamily construction permits shot up to a 30-year high in
December 2021. By April 2023, that figure plunged 75%. 4! There's a
tunicate on supply of single-family homes. The existing inventory,
and the inventory currently under construction may be everything
available to priced-out-buyers and new residents for some time. 5!
Affordability. Philadelphia Magazine reported that 95% of all newly
constructed Greater Center City units in 2021 were apartments, not
homes. Multifamily housing construction is being driven by strong
demand for rental apartments due to high borrowing costs. 6! New
rentals large enough for families are rare. The perpetual
single-family home shortage in Philadelphia is steadily getting
worse, increasing the demand for high quality, and larger rental
units. 7! It's 4 years old and 100% to code. 8! Tax Abatement! 9!
Fully occupied at market rates. 10! All licenses, zoning, expenses
and leases are fully documented. A 2nd building identical to this
is also available for $1,500,000.
Unit Size
-
Days on Market
186 days
Land Size
0.06 acres
Price per sqft
-
Property Type
Commercial
Property Taxes
$175
HOA Dues
-
Year Built
-
Listed By
Last updated: 4 months ago (Bright MLS #PAPH2291602)
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Oct 26, 2023 | Listed by Elfant Wissahickon Realtors | $1,350,000 | |
Listed by Elfant Wissahickon Realtors |
Property Highlights
Air Conditioning
Parking Details
Parking Features: On Street
Interior Details
Interior Information
Flooring Type: Hardwood
Exterior Details
Property Information
Property Manager Present
Ownership Interest: Fee Simple
Property Condition: Excellent
Year Built Source: Assessor
Building Information
Roof: Flat
Construction Materials: Masonry, Vinyl Siding
Building Name: MELROWS PLACE
Lot Information
Tidal Water: N
Lot Size Dimensions: 36x75
Lot Size Source: Estimated
Land Information
Land Assessed Value: $150,000
Financial Details
Tax Assessed Value: $150,000
Tax Year: 2023
Tax Annual Amount: $2,099
Year Assessed: 2024
Utilities Details
Central Air
Cooling Type: Central A/C
Heating Type: Forced Air
Cooling Fuel: Electric
Heating Fuel: Electric
Hot Water: Electric
Sewer Septic: Public Sewer
Water Source: Public
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Condo
3
Beds
3
Baths
1,845 ft²
$610/ft²
$1,125,000
Sep 5, 2023
$1,125,000
Dec 13, 2023
-
Townhouse
4
Beds
5
Baths
3,844 ft²
$357/ft²
$1,373,567
Nov 2, 2022
$1,373,567
Apr 14, 2023
$165/mo
Townhouse
4
Beds
4
Baths
3,844 ft²
$337/ft²
$1,295,836
Mar 2, 2022
$1,295,836
Mar 31, 2023
$165/mo
Townhouse
4
Beds
5
Baths
3,844 ft²
$379/ft²
$1,455,066
Nov 7, 2021
$1,455,066
Mar 6, 2023
$165/mo
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|
Building Info
1917-21 East Letterly Street
1917-21 East Letterly Street, Philadelphia, PA 19125
- 1 Unit for Sale
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