140-44 W. Washington Lane
Mount Airy, Philadelphia
Multi-Family Apartment Building I 4,089 Sq. Ft. I $1,395,000
An opportunity to purchase a turn-key, fully leased, 5 unit luxury apartment building in the beautiful Mount Airy neighborhood of Northwest Philadelphia! Site consists of 2 lots, with an opportunity to subdivide the 2nd lot. Site includes 5 apartments, 2 garages, and a paved driveway large enough for 6 parking spots. See property prospectus for revenue and expenses data. Units renovated in 2018. Units feature virtual intercom, security system, stainless steel appliances, granite countertops, hardwood flooring, mini splits for heating and cooling, and outdoor recreational areas.
CASH-FLOWING: Apartments are currently leased under market value for a total gross monthly income of $7,100.00. 3 out of the 5 units are long-term tenants that have lease renewals approaching. Renewing leases at market rate could bring in potential revenue of $7,800.00 per month. Moving forward, owner could also charge for parking, storage, and garage usage - An extra $675.00 in monthly revenue. Low maintenance as the property was renovated in 2018. Low expenses due to building being fully electric, tenants pay all utilities, with an opportunity to include common area maintenance charges in future leases to offset water and tax bills.
SIMPLE CAPITAL IMPROVEMENT PLAN: Apartments can achieve higher rents by implementing a simple renovation plan, such as basement storage units, kitchen backsplashes and washer/dryer in unit. Please see attached prospectus for details. Leases are available upon request.
