416 W Olney Ave , Philadelphia is a $450,000 home on a 0.06 acre lot located in Philadelphia, PA.
MULTIFAMILY INVESTOR ALERT: Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offering substantial value-added space. Zoning CMX1. || This property is composed of a 24’ x 112' or 2,744 SF lot that contains two brick buildings: a two-story main building 21.7'x64', and a nicely proportioned one-story building facing Lawrence St. This building is an undeveloped vacant masonry shell constructed slab on grade 24’ x 40'. The main building contains one commercial space, plus three modest-sized apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main building permits windows on all four sides. The vacant accessory building offers an opportunity to add a fourth large apartment or, consider adding a second level to make the property a legal six-plex, by right. || The owners purchased this property 15+ years ago. They have enjoyed 100% occupancy as a steady-reliable source of income. The occupants are responsible long-term tenants. || The commercial unit is under lease at $1,300/M until 08/01/2024. The two-bedroom unit on the second floor is under lease at $800/M until 02/01/2024. All tenants prefer to stay. As a courtesy to the Buyer, the owners temporarily have not renewed the other two residential leases and are holding them on a month-month basis to give the Buyer more control and a free hand to plan and carry out their upgrades and use of the property. || Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural or mechanical concerns throughout the sellers' ownership. Dry basement, a dry roof, and good bones. Handsome commanding presence, with modest curb appeal. || The market-rate financial metrics demonstrate that this offering is a solid investment opportunity for a new owner who upgrades the residential apartments to keep pace with recent lifestyle preferences and builds out the ground level of the accessory building. || Market Rate Proforma Financial Metrics: GPI: $66,600, Vacancy 5%, NNN $1,832 Additional Income, GAI TTL $64,202, EXPENSES: 19.3%, NOI $51,802, CAP 10.04%. A leveraged project investment of 25% or $128.951 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.60. Ask to see the complete Financial Worksheet. || Gobble up this workhorse opportunity and grow your real estate portfolio with this solid product. Review the photos, plan view, property details, financial metrics, and give us a call. Feel free to contact us with any questions or your expression of interest. Motivated Seller. Strong opportunity to grow. Go For It!.
| Appliances | Hot Water - Natural Gas |
| Interior Features | Flooring - Wood Accessibility Features - None Utilities - Cable TV Available InternetServices - Cable |
| Cooling Types | Window Unit(s) Cooling Fuel - Electric |
| Heating Types | Radiator Heating Fuel - Electric Heating Fuel - Natural Gas Heating - Yes |
| Parking Types | Public Parking Type - Street |
| Exterior Features | Road Responsibility - State Road Surface Type - US Highway/Interstate Electric Service - 100 Amp Service Utilities - Natural Gas Available Utilities - Electric Available Camino Union |
| Roof | Flat |
| Construction Types | Brick |
| Land Type | Location Type - Suburban |
| Water Source | Utilities - Water Available Public |
| Sewer | Public Sewer Utilities - Sewer Available |
| Attribution Contact | vicki@kwempower.com |
| Property Type | Commercial Sale |
| Property Sub Type | Mixed Use |
| Style | Business Type - Apartment Building Standard Fee Simple Grocery/Supermarket Health/Natural Food |
| Year Built | 1930 |
| HOA Fee | $0.00 |
| Condo Fee | $0.00 |
| Taxes | $3,582.00 |
| County | philadelphia |
| School District | the school district of philadelphia |
| Neighborhood | Olney |
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