Thank you
Steve Burke Jr.
Tesla Realty Group, LLC
844-837-5274
8 unit approved !!!! This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, with the full 10-year tax abatement secured! The tax abatement can save approximately $470,000 in taxes over the next 10 years.* This sale includes the land, the existing structure, full plans, MEPs, geotech, phase 1, and approved building permits with a full 10-year tax abatement. This project has been designed to take full advantage of the rental potential in this neighborhood by maximizing the square footage and capitalizing on desirable floor plan configurations. Our other properties in the area are all renting around $3 a square foot. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The building and land alone appraised at $990k when we originally purchased it, and since then we have spent over $200k on architecture and other soft costs, but we need to sell so were are letting this go at a loss. The numbers: Estimated Cost of Construction ($150/sf): $1,425,000* Purchase Price: $599k ———————————————————————- Estimated Project Cost: $2,450,000* Projected Gross Rents: $231,600* Estimated NOI: $187,997* The subject property is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is seeing a boom of high-end mid-rise developments. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork. Plans call for a large addition on the rear of the building to bring the completed project to approximately 9500 sqft, with a mix of 1 to 3 bedroom units. The unit layouts have been designed to optimize the achievable rents per square foot. Most units offer private outdoor space while the larger units feature multiple private outdoor spaces, large primary suites with tubs and showers, walk-in closets. One of the showpiece ‘owner’s units’ boasts a large kitchen surrounded by sliding glass doors that lead to a large wrap-around terrace. *All calculations and figures are estimates and are not a guarantee of terms, values, or costs
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Water Source : Public
Cooling: None
Heating: Hot Water,Radiator
Cooling Fuel: None
Heating Fuel: Oil
Year Built: 1904
Structure: Twin/Semi-Detached
New Construction: No
Total Units: 4
Built: 1904
Construction Material: Masonry
Foundation/Basement: Slab
Architecture: Other
Pool/Private: No Pool
Pool: No Pool
Sewer: Public Sewer
Water Heat: Electric,Natural Gas
Lot Size: 3,413
Dimensions: 21.00 x 160.00
Lot Size (Acres): 0.08
Architectural Style: Other
Main Square Feet: 3,413
SQ ft: 9,500
SQ ft (Living Area): 9,500
Total Lot SQ ft: 3,413
Appx. Lot Dimensions: 21.00 x 160.00
Total Acreage: 0.08
New Construction: No
Type: Other
Possession: Immediate
Days Of Market: 18
Annual Tax: $6,356
Tax Year: 2022
Total Taxes Payment Frequency: Annually
Immediate
Taxes Assessment Amount: $454,100
Parking Type: On Street
Has Garage: N
Direction: 4614 spruce st
School District: PHILADELPHIA CITY
Water Source: Public
Sewer: Public Sewer
Cooling Fuel: None
Heating Fuel: Oil
Hot Water: Electric,Natural Gas
Direction: 4614 spruce st
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
5250 Walnut Street , Philadelphia, PA,19139 | $130,000 | -- | -- | 1,380 | 1380 Sqft |
13 N Lindenwood Street , Philadelphia, PA,19139 | $41,900 | -- | -- | 1,114 | 1114 Sqft |
5910 Spring Street , Philadelphia, PA,19139 | $35,000 | -- | -- | 960 | 960 Sqft |
124 N Felton Street , Philadelphia, PA,19139 | $117,500 | -- | -- | 1,232 | 2000 Sqft |
5125 Brown Street , Philadelphia, PA,19139 | $59,000 | -- | -- | 1,350 | 1350 Sqft |
9 S Conestoga Street , Philadelphia, PA,19139 | $50,000 | -- | -- | 736 | 736 Sqft |
6243 Market Street , Philadelphia, PA,19139 | $74,900 | -- | -- | 1,472 | 1472 Sqft |
5110 Funston Street , Philadelphia, PA,19139 | $19,000 | -- | -- | 780 | 780 Sqft |
5715 Arch Street , Philadelphia, PA,19139 | $215,000 | 4 | 2.0 | 1,632 | 3075 Sqft |
5924 Market Street , Philadelphia, PA,19139 | $125,000 | -- | -- | 1,336 | 1336 Sqft |
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ByOwner last updated this listing 04/30/2024 @ 00:47
MLS: PAPH2337268
LISTED BY: Steve Burke Jr. , Tesla Realty Group, LLC
SOURCE: BRIGHT MLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.