Thank you
Minh Nguyen-rivera
KW Empower
215-627-3500
It is my distinguished honor to present to you Kensington Duplex, 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 2 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 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]: 1 Bed/1 Baths: $700/month Unit 2 [2nd Floor]: 2 Bed/1 Bath: $900/month CAPITALIZATION RATE: Kensington Duplex has a capitalization rate of 9.22% with current rental income of $1,600 per month. The cap rate could increase to 10.02% if rental income was increased by $100/month to $1,700/month with minor increases on each rental unit. Cap rates could increase to 11.62% 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 531 E. Indiana Ave, a 5 Unit Building listed for $350,000. 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.
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Water Source : Public
Basement Description: Other
Cooling: Window Unit(s)
Heating: Radiator
Cooling Fuel: None
Heating Fuel: Natural Gas
Year Built: 1920
Structure: Interior Row/Townhouse
New Construction: No
Total Units: 1
Built: 1920
Construction Material: Masonry
Foundation/Basement: Other
Architecture: AirLite
Pool/Private: No Pool
Pool: No Pool
Sewer: Public Sewer
Water Heat: Natural Gas
Lot Size: 806
Dimensions: 14.66 x 55.00
Lot Size (Acres): 0.02
Architectural Style: AirLite
Main Square Feet: 806
SQ ft: 1,173
SQ ft (Living Area): 1,173
Total Lot SQ ft: 806
Financing: Cash,Conventional,FHA,FHA 203(k),VA
Appx. Lot Dimensions: 14.66 x 55.00
Total Acreage: 0.02
New Construction: No
Type: AirLite
Possession: Immediate
Days Of Market: 30
Annual Tax: $856
Tax Year: 2022
Total Taxes Payment Frequency: Annually
Immediate
Taxes Assessment Amount: $61,200
Parking Type: On Street
Has Garage: N
Acceptable Financing: Cash,Conventional,FHA,FHA 203(k),VA
Direction: Travel onto N Front St. Turn slight right onto Kensington Ave. Turn slight left onto E St. Turn right onto E Allegheny Ave. 626 E ALLEGHENY AVE is on the right.
School District: THE SCHOOL DISTRICT OF PHILADELPHIA
Water Source: Public
Sewer: Public Sewer
Cooling Fuel: None
Heating Fuel: Natural Gas
Hot Water: Natural Gas
Direction: Travel onto N Front St. Turn slight right onto Kensington Ave. Turn slight left onto E St. Turn right onto E Allegheny Ave. 626 E ALLEGHENY AVE is on the right.
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ByOwner last updated this listing 05/03/2024 @ 09:53
MLS: PAPH2326594
LISTED BY: Minh Nguyen-Rivera , KW Empower
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.