416 Olney AvePhiladelphia, PA 19120

Property Details for 416 Olney Ave

Year built

1930

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 AC

Property size (Sq ft)

3,627 SF

Zone code

CMX1

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

87-1-5653-00

APU

871565300

Description

This fee-simple mixed-use property in Philadelphia, PA, presents a compelling value-add investment opportunity. The 3,627 square foot building, situated on a 2,744 square foot lot, comprises two structures: a two-story main building and a one-story vacant building. The main building houses one commercial unit currently leased until August 1, 2024, for $1,300 per month, and three residential apartments. Two of the residential units are on month-to-month leases with below-market rent, offering a new owner significant upside potential. One two-bedroom apartment is leased until February 1, 2024, for $800 per month. All tenants express a desire to remain. The vacant building, a 24' x 40' masonry shell, presents an opportunity to add a significant amount of rental income. The property boasts a 10.04% cap rate and a $51,802 net operating income (NOI). Built in 1930, the property features separate utilities (heat, hot water, gas, and electric) for each unit. The property is zoned CMX-1, allowing for various development options. The asking price is $450,000, representing $124.07 per square foot and $90,000 per unit. The land value alone is $164 per square foot. The property has a strong history of 100% occupancy and long-term tenants. This is a solid investment with significant potential for increased profitability through renovations and expansion. Financial projections are available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $687,652

  6.5%

  $634,755

  7%

  $589,416

• Comparable approach

  Method

  Valuation

  Relative Method

  $473,904

  Geo Method

  $473,904

• Alternative Use

  Use

  Valuation

  Residential

  $787,097

  Hospitality

  $720,976

  Educational

  $599,844

  Medical

  $620,473

  Retail

  $933,090

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

40.0361

Longitude

-75.1295

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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