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$365,703*
●
Multifamily -
Off Market
531 E INDIANA AVENUE
PHILADELPHIA, PA 19134
Studio
0 Bath
2322 Sqft
$315,000 - $385,000
Reference Base Price*
4.49%
Since Mar 1, 2023
National-US
Primary Model
About This Property
It is my distinguished honor to present to you Kensington Quarters,
located in the Heart of Kensington, close to Fishtown, Norris
Square, Olde Kensington, and other subsections of the Riverwards
along the Delaware River. Situated at the intersecting sections
between Kensington Ave, Lehigh Ave, & E. Allegheny Ave, this 5 unit
building nestled in between public transportation infrastructure,
medical institutions, new construction, and commercial mixed use
corridors with a multitude of amenities. 4 of the 5 units are
occupied and we are interviewing tenants for the 5th unit. The
pro-forma and other financial analysis are available for review.
The lease agreements are month-to-month and we project rental
income could be increased. Unit 1 [1st Floor]: Studio: $600/month |
Unit 2 [1st Floor]: 1 Bed/1 Bath: $600/month | Unit 3 [2nd Floor]:
Studio: $600/month | Unit 4 [2nd Floor]: 1 Bed/1 Bath: $700/month |
Unit 5 [3rd Floor]: 2 Bed/1 Bath: $900/month projected Unit 5 was
recently rented for $800/month but rental projections are
CAPITALIZATION RATE: Kensington Quarters has a capitalization rate
of 8.67% with current rental income of $3,130 per month. The cap
rate could increase to 9.36% if rental income was increased by
$370/month to $3,500/month with minor increases on each rental
unit. Cap rates could increase to 10.51% if you reduce the monthly
gas operating expense by installing electric baseboards or allocate
utility costs to the tenants. PACKAGE DEAL: This property is to be
sold separately or together in a package deal with 626 E. Allegheny
Ave., a duplex listed for $175,000. Together, there are 7 units in
2 buildings for sale. DEVELOPMENT: There are major development
projects occurring nearby, including commercial mixed use corridor
revitalization of Kensington Ave, which has commercial storefronts
underneath the Blue Train line. There are also block developments
of major projects that range from 15 unit development to 200 unit
development nearby. Investors also acquire shells, factories,
storage facilities, warehouses, and other industrial hubs that have
laid vacant since the Industrial Revolution of Philadelphia and
transform these buildings into multi-unit dwellings and apartment
complexes. The combination of public transportation infrastructure
meets commercial mixed use corridors allow for tenants to access
amenities that makes this multi-unit building a highly desirable
and easy to rent building. Projects such as the Hagert Block
development, Kensington Courts, Allegheny Ave. commercial
development, and other major projects will lead the way to a new
Kensington. QUALIFIED OPPORTUNITY ZONE: This property is located
within a Qualified Opportunity Zone, allowing investor capital
gains tax advantages, which will exacerbate development and
investments in these areas. Additional features include: - Easy
Parking - Close to trolley, bus stops, the thoroughfares, L Blue
Train - Multicultural cuisine & food establishment - Close
proximity to Fishtown, Norris Square, Olde Kensington, Port
Richmond, and other subsections of the Riverwards. Invest in the
City of Brotherly Love & Sisterly Affection, from monstrous
skyscrapers, to the stadiums, to the Delaware River, & surrounding
landscape of the great City of Philadelphia. The property is close
to trolley and bus stops, and less than 10 minutes from the
Philadelphia International Airport. and close to multi-modal public
transportation, 1-95 highway, and highways to New Jersey and other
parts of the Tri-State Counties. We thank you for your
consideration and we look forward to doing business with you. We
will ensure a professional and respectful transaction for all
parties and we wish you luck in the search for your new home in the
City of Brotherly Love & Sisterly Affection.
The manager has listed the unit size as 2322 square feet.
The manager has listed the unit size as 2322 square feet.
Unit Size
2,322Ft²
Days on Market
-
Land Size
0.02 acres
Price per sqft
$151
Property Type
Multifamily
Property Taxes
$113
HOA Dues
-
Year Built
1920
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Feb 18, 2023 | No longer available | - | |
No longer available | |||
Oct 1, 2022 | Listed | $350,000 | |
Listed |
Property Highlights
Air Conditioning
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
Sold
Townhouse
4
Beds
3
Baths
2,300 ft²
$152/ft²
$350,000
Jan 3, 2023
$350,000
Apr 12, 2023
-
Townhouse
3
Beds
3
Baths
2,300 ft²
$164/ft²
$378,000
Mar 21, 2023
$378,000
Jul 13, 2023
-
Townhouse
3
Beds
3
Baths
2,300 ft²
$136/ft²
$313,000
May 22, 2020
$313,000
Jul 1, 2020
-
House
3
Beds
3
Baths
2,390 ft²
$125/ft²
$299,000
Jun 5, 2020
$299,000
Jul 21, 2020
-
Townhouse
3
Beds
3
Baths
2,200 ft²
$183/ft²
$402,500
Apr 24, 2023
$402,500
Aug 31, 2023
-
Townhouse
3
Beds
3
Baths
2,108 ft²
$173/ft²
$364,000
Oct 23, 2017
$364,000
Dec 20, 2017
-
In Contract
Townhouse
3
Beds
3
Baths
2,200 ft²
$177/ft²
$390,000
Dec 13, 2023
-
-
In Contract
Townhouse
3
Beds
4
Baths
2,350 ft²
$170/ft²
$399,900
Sep 29, 2023
-
$119/mo
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
06/08/2023
|
|
Studio
|
-
|
2322 ft²
|
$350,000
Studio
-
2322 ft²
|
-
-
|
-
|
Minh Nguyen-Rivera
Keller Williams Philly
|
10/01/2022
|
|
Studio
|
-
|
2322 ft²
|
$350,000
Studio
-
2322 ft²
|
-
-
|
-
|
Minh Nguyen-Rivera
Keller Williams Philly
|
11/18/2021
|
|
Loft
|
-
|
-
|
$350,000
Loft
-
|
-
-
|
-
|
Minh Nguyen-Rivera
Keller Williams Philly
|
Building Info
531 East Indiana Avenue
531 East Indiana Avenue, Philadelphia, PA 19134
- 1 Unit for Sale
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