2566 Coral St , Philadelphia is a $775,000, 2,109 square foot home on a 0.02 acre lot located in Philadelphia, PA.
Introducing an incredible investment opportunity: a newly renovated (2022) Triplex with a short-term rental business included. This turnkey property is perfect for savvy investors seeking excellent cash flow. No experience is necessary - the owner has a long-term and established management team in place (cleaners, contractors, property manager) and spends about 1 hour a month in the business. The owner is relocating, opening the door for you to take advantage of this amazing deal. With a conservative pro forma NOI of $75,150 and an 8.0 Cap rate, the property's value is estimated at $939,000. However, you can secure it at just $750,000, enjoying a substantial discount of nearly 200K. Imagine the potential in today's competitive real estate market! Purchasing this property with cash guarantees a 10% return. But here's where it gets even better: by taking out a loan, you can achieve a remarkable 15% return on equity. Enhance the ROE to an impressive 20% by assuming the existing FHA primary loan of $340,000 at an incredibly low 2.25% interest rate and securing a second loan for the remaining 80% of the purchase price. Inquire for the proforma. This property has recently undergone significant upgrades to its main systems, ensuring low capital expenditures in the foreseeable future. With a new roof, central plumbing line, fortified foundation, a fire alarm system with an active certificate, and HVAC mini splits in each unit, you can rest assured that the property is in excellent condition. Additionally, each unit has been meticulously remodeled in 2022, featuring luxury finishes such as beautifully tiled bathrooms with semi-frameless showers. The kitchens are stunning, boasting white quartz countertops, new cabinets with brass accents, and stylish tile backsplashes complemented by stainless steel appliances. The units are also equipped with recessed lighting and durable luxury vinyl plank flooring throughout. Plus, it has a 10 YEAR TAX ABATEMENT starting in 2022! As an added bonus, the sale includes an impressive short-term rental business. Over the past seven months, the property has maintained an outstanding 85.5% occupancy rate, with guests staying an average of 2.3 days and paying a daily rate of $99.80. Don't worry if you're new to the short-term rental industry—the current owner is willing to provide 30 days of guidance at no additional cost to ensure a seamless transition. Every unit in this property is beautifully decorated and fully furnished. The kitchens come fully stocked with pots, pans, plates, and silverware, while the bedrooms are supplied with linens and towels—everything you need to continue running the successful short-term rental operation. The entire property is monitored by a state-of-the-art Vivint security system, enabling remote property monitoring and convenient remote check-ins for guests. Additionally, there's a convenient supply shed at the back of the property containing washers, dryers, and cleaning supplies, facilitating efficient turnover between guests. The property has already secured bookings well in advance, and these future booking receivables are included in the sale. The owner currently resides in the first-floor unit but is flexible with showings. Serious buyers will have access to view the second and third-floor units. Don't miss out on this exceptional opportunity—it's truly one-of-a-kind and won't be available for long. Contact us now to secure your future in the thriving real estate market.
| Above Grade Sqft | 2,109 |
| Has Basement? | Yes |
| Basement | Unfinished Foundation Details - Stone Basement - Yes |
| Appliances | Hot Water - Electric Washer - Front Loading Dryer - Front Loading |
| Interior Features | Units Furnished - All Accessibility Features - None Wall And Ceiling Types - Dry Wall Owner Pays - Cable TV Utilities - Cable TV Available Operating Expense Includes - Cable TV InternetServices - Cable Flooring - Laminate Plank |
| Cooling Types | Central A/C Cooling Fuel - Electric Central Air - Yes |
| Heating Types | Heating Fuel - Electric Heating - Yes |
| Parking Types | Parking Type - None |
| Exterior Features | Other Structures - Above Grade Owner Pays - Advertising/Licenses and Permits Owner Pays - Insurance Owner Pays - Reserves for Replacement Owner Pays - Supplies Owner Pays - Taxes - Real Estate Owner Pays - All Utilities Owner Pays - Electricity Owner Pays - Gas Owner Pays - Heater Maintenance Contract Owner Pays - Common Area Maintenance Owner Pays - Sewer Owner Pays - Trash Collection Utilities - Natural Gas Available Utilities - Electric Available Operating Expense Includes - Advertising Operating Expense Includes - Insurance Operating Expense Includes - Snow Removal Operating Expense Includes - Trash Income Includes - Apartment Rentals No Pool Browns Elementary |
| Roof | Flat |
| Construction Types | Masonry |
| Land Type | Lot Features - Corner |
| Water Source | Owner Pays - Water Utilities - Water Available Public |
| Sewer | Owner Pays - Snow Removal Public Sewer Utilities - Sewer Available |
| Attribution Contact | (215) 220-9848 |
| Property Type | Multi-Family |
| Property Sub Type | Triplex |
| Style | Traditional Standard Fee Simple Grocery/Supermarket |
| Architectural Style | Structural Design Type - End of Row/Townhouse |
| Year Built | 1875 |
| HOA Fee | $0.00 |
| Condo Fee | $0.00 |
| Taxes | $6,832.00 |
| County | philadelphia |
| School District | the school district of philadelphia |
| Elementary School | brown henry |
| High School | kensington |
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. Copyright BRIGHT, All Rights Reserved. Data last updated 12/05/2023 at 02:37am MST. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Information deemed reliable but not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.
