922 S 49TH Street

    PHILADELPHIA, PA 19143
    • $850,000
    • STATUS: Closed
    • ON SITE: 147 days
    • ID#: PAPH780916
    Sold - 08/09/2019
    $850,000
    SOLD - 08/09/2019
    • 0
      BEDS
    • 0.06
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,500
      SQFT
    • $189
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1900
    County:

    School Ratings & Info

    Description

    Introducing 922 S 49th, a fully-leased and totally renovated income-producing 4500 SF quadplex (4 units) ideally located in University City Philadelphia, the region's leading employment hub which drives Philly's prominent "eds and meds" high-skilled/paid workforce. Units are leased significantly under market, offering the new owner/operator immediate increased yield in Year 1+. Current NOI is strong with 62K but pro forma projections equate to 78K. Pro forma cap rate raises to 8% with market rents compared to 6.4% in-place. Spacious 2-3-4 bedroom units are perfect for grad students, YP's millennials. A tenancy mixture (students and professionals) is common within the University City submarket. Features include modern kitchens and bathrooms, hardwood floors, bay windows and high ceilings, spacious rear yard, charming front porch, in-unit washer/dryers, lower level common storage. The University of Pennsylvania, Drexel University, the University of the Sciences and the Restaurant School at Walnut Hill College all share turf here, in the city's bustling, culturally diverse academic heart. Cutting-edge exhibitions at the Institute of Contemporary Art attract hip crowds. Budget-friendly dining options include street food stalls and international eateries, and there are plenty of casual bars. Tax abatement has been filed for to reduce taxes, further reducing expenses and increasing the future yield. Final taxes TBD.

    Monthly Payment Calculator

    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is 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. Data last updated: 2019-08-23T23:53:24.76.
    www.forcenj.com/homes/93192494

    922 S 49TH Street PHILADELPHIA, PA 19143

    • Price: $910,000
    • Status: Closed
    • Updated: 92 min ago
    • ID#: PAPH780916
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.06
    Acres
    4,500
    SQFT
    $189
    $/SQFT
    1900
    Built
    Neighborhood:
    19143 (19143)
    County:
    Philadelphia
    Area:
    19143 (19143)
    School District:
    The School District Of Philadelphia
    Property Description
    Introducing 922 S 49th, a fully-leased and totally renovated income-producing 4500 SF quadplex (4 units) ideally located in University City Philadelphia, the region's leading employment hub which drives Philly's prominent "eds and meds" high-skilled/paid workforce. Units are leased significantly under market, offering the new owner/operator immediate increased yield in Year 1+. Current NOI is strong with 62K but pro forma projections equate to 78K. Pro forma cap rate raises to 8% with market rents compared to 6.4% in-place. Spacious 2-3-4 bedroom units are perfect for grad students, YP's millennials. A tenancy mixture (students and professionals) is common within the University City submarket. Features include modern kitchens and bathrooms, hardwood floors, bay windows and high ceilings, spacious rear yard, charming front porch, in-unit washer/dryers, lower level common storage. The University of Pennsylvania, Drexel University, the University of the Sciences and the Restaurant School at Walnut Hill College all share turf here, in the city's bustling, culturally diverse academic heart. Cutting-edge exhibitions at the Institute of Contemporary Art attract hip crowds. Budget-friendly dining options include street food stalls and international eateries, and there are plenty of casual bars. Tax abatement has been filed for to reduce taxes, further reducing expenses and increasing the future yield. Final taxes TBD.
    Exterior Features

    Architectural Style Other Construction Materials Stone Garage YN No Other Structures Above GradeBelow Grade Parking Types On Street Pool No Pool Riparian Rights YN No Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Above Grade Fin SQFT 4500 Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling Central A/C Fireplaces Total 0 Heating Central Heating YN Yes Single Room Units 0 Three Bedroom Units 1 Two Bedroom Units 2

    Property Features

    Accessibility Features None Assessment Year 2019 Association YN No Buyer Financing Conventional Central Air YN Yes Close Sale Terms Standard Sale Cooling Fuel Natural Gas Heating Fuel Central Hot Water Natural Gas Navigable Water YN N Net Operating Income 62400.00 New Construction YN No Number Of Units Total 4 Operating Expense 15600.00 Original MLSNumber 301603358788 Ownership Interest Fee Simple Possession Immediate Property Sub Type Quadruplex Sale Type Standard Sewer Public Sewer Structure Design Type Row/Townhouse Tax Annual Amount 5154.0 Tax Assessment Amount 368200.0 Tax Lot 81 Total Actual Rent 78000.00 Vacation Rental YN No Water Source Public Zoning Rsa3

    Listing courtesy of Compass Pennsylvania, Llc.
    ©2019 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is 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. Data last updated: 2019-08-23T23:53:24.76.
     
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