$325,000
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4714 Griscom Street Philadelphia, PA 19124 Municipality: Philadelphia
Other
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Rare opportunity to finish a building with 13%++ cap rate!! Attention Investors!!! Sellers Financing is available!!! Remodeling is currently underway and owner is looking to sell at any stage of the rehab. The current framing that has been completed enables various uses, from 5 apartments (zoning ...variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms. ARV $850k++ If the buyer chooses to finish the property as 5 apartments building then the projected rents (conservative forecast): Apt1- 2BRS/1BA- potential rent $1,450 Apt2- 2BRs/1BA- access to back yard- potential rent $1,500 Apt3- 2BRs/1BA- potential rent $1,450 Apt4- 2BRs/1BA- potential rent $1,450 Apt5- 2BRs/1BA- potential rent $1,450 If the buyer chooses to finish the property as a single home, it can be used as a group-housing rental of 10-12 bedrooms, contracted with organizations that typically price $700+ per bedroom per month thus will pay over $7k/mo rent . In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually! Current status- -Architectural planning and design- completed (drawings are attached here) -Framing - completed -New windows installation- completed -Rough plumbing- completed -Rough electricity- completed -Insulations- in progress Next steps in the project- need to be done or HVAC installation o Sheetrocks installation o Painting o Flooring installation o kitchens and bathrooms The remaining work to complete the building is estimated between $120-160k.
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MLS#
PAPH2422578
Property Type
Other
Year Built
1940
Price per Sq. Ft.
$128.56
Lot Size
0.05
Sewer
Public Sewer
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