$1,195,000
●
Multifamily -
In Contract
705 W MARKET ST
WEST CHESTER, PA 19382
Studio
0 Bath
$5,868
Estimated Monthly
About This Property
House hackers and Investor alert! Welcome to this fantastic 4-unit
multifamily home in the heart of West Chester, Pennsylvania! This
property can be used as a student rental as it is located in East
Bradford Township just across the street from the borough of West
Chester. Rents for student rentals average in the $850-$1000 range
per student. Staying within per unit occupancy limits and renting
to students could increase rental revenues by more than double
current rent rates. Each unit offers comfortable living spaces, and
the property is ideal for investors or owner-occupants seeking
rental income. For owner occupants, this property could be
purchased as a primary residence and the rents could significantly
reduce your monthly expense. This parcel is located on a 1 acre lot
at the corner of S. Bradford Avenue and W. Market Street in East
Bradford Township. The larger lot also provides for possible
development potential in the future and is located in East Bradford
Township which is just across the street from West Chester borough
also providing additional flexibility for renting to students who
can easily and safely walk to West Chester University and downtown
West Chester. Three spacious units and one efficiency all have a
mix of updates and original features. Apartment 1 makes up the
lower level and is a spacious 3 bedroom unit with high ceilings, a
large central living room, large bedrooms, eat-in kitchen and 1
full bath currently rented for $1650. Apartment 2 is a 2nd floor
efficiency with high ceilings, a kitchenette and 1 full bath
currently rented for $800. Apartment 3 also on the second floor is
a spacious 2 bedroom unit with more high ceilings, a large living
room, dining area, kitchen and 1 bath currently rented for $1250.
Apartment 4, located on the third floor is another spacious 2
bedroom unit with living room, full kitchen and 1 bath currently
rented for $1450. All rents are under market rates. Modest
improvements could provide higher rent values. Additional features
include a massive front covered porch for entertaining friends and
relaxing, separate off street parking for all tenants, incredible
corner larger yard, coin-op laundry room with 2 washers and 2
dryers with separate locked door access. Additional storage in
basement including a locked owners storage and systems room. Prime
location in West Chester, just steps away from the downtown town
center area, charming parks, trendy boutiques, delectable dining
options, an array of year-round activities to keep you entertained.
Whether you're walking to campus or strolling through the scenic
streets or enjoying a leisurely afternoon in the nearby parks,
you'll appreciate the unparalleled walkability and convenience that
this prime location offers. Whether you're looking to invest or
live in one unit while renting out the others, this multifamily
property offers a great opportunity for significant income. All
units have individual meters for electric and gas. Landlord pays
water and sewer $3385 annually averaging $282 per month. Common
area electricity $1063 annually, averaging $89 per month. Annual
waste removal-dumpster $1443, averaging $120/month. Annual
insurance Philadelphia Contributorship $2178, averaging $182 per
month. Annual landscaping $1250, averaging $104 per month.
Unit Size
-
Days on Market
-
Land Size
0.97 acres
Price per sqft
-
Property Type
Multifamily
Property Taxes
$693
HOA Dues
-
Year Built
1875
Listed By
Last updated: 13 days ago (Bright MLS #PACT2065946)
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
May 20, 2024 | In contract | - | |
In contract | |||
May 11, 2024 | Listed by Keller Williams Real Estate - West Chester | $1,195,000 | |
Listed by Keller Williams Real Estate - West Chester |
Property Highlights
Air Conditioning
Fireplace
Parking Details
Parking Features: Driveway, Off Street
Total Garage and Parking Spaces: 12
Interior Details
Interior Information
Living Area Square Feet Source: Assessor
Fireplace Information
Has Fireplace
Fireplaces: 1
Exterior Details
Property Information
Ownership Interest: Fee Simple
Year Built Source: Assessor
Building Information
Foundation Details: Stone
Other Structures: Above Grade, Below Grade
Roof: Asphalt, Architectural Shingle
Structure Type: Detached
Construction Materials: Stone
Pool Information
No Pool
Lot Information
Tidal Water: N
Lot Size Dimensions: 0.00 x 0.00
Lot Size Source: Assessor
Land Information
Land Assessed Value: $289,560
Financial Details
County Tax: $1,318
County Tax Payment Frequency: Annually
City Town Tax: $507
City Town Tax Payment Frequency: Annually
Tax Assessed Value: $289,560
Tax Year: 2023
Tax Annual Amount: $8,321
Year Assessed: 2023
Utilities Details
Central Air
Cooling Type: Central A/C, Multi Units
Heating Type: Hot Water
Cooling Fuel: Electric
Heating Fuel: Electric
Hot Water: Natural Gas
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
House
3
Beds
4
Baths
3,346 ft²
$254/ft²
$849,900
Apr 19, 2022
$849,900
Nov 14, 2022
-
Sold
House
5
Beds
4
Baths
3,500 ft²
$429/ft²
$1,500,000
Apr 25, 2022
$1,500,000
Jun 1, 2022
-
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|
Building Info
705 West Market Street
705 West Market Street, West Chester, PA 19382
- 1 Unit for Sale