Property Details for 1853-55 Hoffman St

Property size

977 SF

Property type

Retail properties & Spaces

Description

This exceptional three-unit property at 1853-55 Hoffman Street in Philadelphia, PA, presents a compelling investment opportunity. Priced at $990,000, it boasts a strong 8% cap rate, with estimated annual income of $80,400 and expenses of $5,000. A significant tax abatement is locked in until October 31, 2030, further enhancing its financial appeal. The building features a mix of commercial and residential space, offering flexibility for owner-occupancy or purely as an investment. The ground floor unit, approximately 1,949 square feet, is a bi-level space previously used as a daycare center, featuring multiple private rooms, two bathrooms, and a modern kitchen with quartz countertops and stainless-steel appliances. It also includes access to a private yard and a lower level with additional rooms and bathrooms, plus laundry facilities. Units two and three are each spacious two-bedroom, two-bathroom apartments, each approximately 977 and 1024 square feet respectively, also boasting modern kitchens, ample closet space, in-unit laundry, and central air conditioning. A shared rooftop terrace offers stunning city views. All units have separately metered utilities. The property enjoys a prime location within walking distance of major medical facilities, tech hubs, educational institutions, and city amenities. It's also conveniently located a 10-minute drive from Philadelphia's sports venues and I-95, providing easy access to New York, Delaware, and New Jersey. The seller is open to selling the property either vacant or occupied.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.1771

Latitude

39.9275