5541 2Nd St Philadelphia, PA 19120
- Apartment buildings
- 15,010 SF
Current Use by Public Records
- Apartment buildings
Property Details for 5541 2Nd St
- Year built
- 1900
- Property size
- 15,010 SF
- Property type
- Apartment buildings
Description
This 15,010 square foot, two-story apartment building at 5535-5541 North 2nd Street in Philadelphia, PA, presents a compelling redevelopment opportunity. The property, built in 1900, sits on a 10,500 square foot lot and features eight one-bedroom units, currently vacant, and 4,000 square feet of commercial space, also vacant. The apartment units boast new electrical, plumbing, windows, and doors, requiring only finishing touches such as flooring, cabinets, and appliances. The commercial space needs a full renovation. The basement offers an additional 4,000 square feet of potential storage. This CMX-2 zoned property benefits from its location near major transportation hubs, including the Fern Rock and Olney Transportation Centers, providing easy access to regional rail, bus, and subway routes. Its proximity to Routes 1, 611, and Interstate 95, along with its location near several major hospitals, including Einstein Medical Center and Temple University Hospital, makes it highly attractive to potential tenants. The property's corner location offers excellent visibility and accessibility. The asking price is $795,000, or $99,375 per unit, representing a price per square foot of $52.96. This presents a strong investment opportunity for a buyer looking to capitalize on the area's growth and the potential for increased rental income after renovations. The property is zoned CMX-2. The APN is 88-2923681.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Philadelphia
- State
- Pennsylvania
- Longitude
- -75.1252
- Latitude
- 40.0355
