626 E ALLEGHENY AVE new to site Save Request In-Person Tour Request Virtual Tour
Philadelphia,PA 19134
Key Details
Property Type Multi-Family, Townhouse
Sub Type Interior Row/Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 1,173 sqft
Price per Sqft $144
MLS Listing ID PAPH2404168
Style AirLite
Abv Grd Liv Area 1,173
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $856
Tax Year 2024
Lot Size 806 Sqft
Acres 0.02
Lot Dimensions 14.66 x 55.00
Property Description
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 the 2 properties:
(1) 531 E. Indiana Ave, 5 Unit Building listed for $335,000.
(2) 3154 Reach St., 2 Unit Building listed for $119,000.
The portfolio includes 9 units in 3 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.
Location
State PA
County Philadelphia
Area 19134 (19134)
Zoning RM-1
Rooms
Basement Other
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Window Unit(s)
Fireplace N
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Roof Type Flat
Accessibility None
Parking Type On Street
Garage N
Building
Foundation Other
Sewer Public Sewer
Water Public
Architectural Style AirLite
Additional Building Above Grade,Below Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 331032200
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash,Conventional,FHA,FHA 203(k),VA
Listing Terms Cash,Conventional,FHA,FHA 203(k),VA
Financing Cash,Conventional,FHA,FHA 203(k),VA
Special Listing Condition Standard