4614 Spruce St, Philadelphia, PA 19139

$599,000
6
BD
2
BA
3,360
SqFt
List Price
$599,000
Days on Market
13
Status
ACTIVE
MLS#
PAPH2338530
Bedrooms
6
Bathrooms
2
Full Baths
2
Living Area
3,360
Lot Size (Acres)
0.08
Style
Other
Year Built
1904
County
Philadelphia
School District
Philadelphia City

Property Description

8 unit approved !!!! Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. 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

Additional Information

Area
19139 (19139)
Subdivision
Walnut Hill
Taxes
$6356
School District
Philadelphia City
Heating
Radiator
Heating Fuel
Natural Gas
Cooling
None
Water
Public
Sewer
Public Sewer
Basement
Yes

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Tesla Realty Group, LLC. Contact: (844) 837-5274

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