4,000 SqFt
4,000 SqFt
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,000 sqft
Price per Sqft $375
MLS Listing ID PAPH2673880
Style Other,Traditional
Abv Grd Liv Area 4,000
Year Built 2018
Annual Tax Amount $2,136
Tax Year 2026
Lot Size 2,558 Sqft
Acres 0.06
Property Sub-Type Other
Source BRIGHT
Property Description
The property features a highly differentiated unit mix consisting of five three-bedroom / three-bathroom residences and one two-bedroom / two-bathroom residence. Current rents range from $1,500 to $2,010 per month, generating $11,250 in monthly scheduled rent and $135,000 in annual Gross Scheduled Rent.
The asset generates $107,197 in current Net Operating Income, representing a 7.15% going-in capitalization rate at the asking price. Year 1 underwriting projects Gross Scheduled Rent of $141,750 and NOI of $113,288, resulting in a 7.55% Year 1 capitalization rate.
At approximately $250,000 per unit and $303.03 per rentable square foot, 3607 Spring Garden Street provides investors with immediate cash flow, a modern residential product, and continued income growth potential in a well-located Philadelphia multifamily asset.
Location
State PA
County Philadelphia
Area 19104 (19104)
Zoning RM1
Rooms
Basement Other
Interior
Interior Features Other
Hot Water Other
Heating Other
Cooling Central A/C, Multi Units, Other
Heat Source Electric
Exterior
Utilities Available Other
Water Access N
Accessibility Other
Garage N
Private Pool No
Building
Above Ground Finished SqFt 4000
Sewer Other
Water Other, Private
Architectural Style Other, Traditional
Additional Building Above Grade, Below Grade
New Construction N
Schools
High Schools Samuel S. Fels
School District Philadelphia City
Others
Tax ID 881561626
Ownership Fee Simple
SqFt Source 4000
Special Listing Condition Standard
