1421 Erie Ave Philadelphia, PA 19140

Property Details for 1421 Erie Ave

Property size

3,162 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This fee-simple, mixed-use property at 1421 W Erie Ave, Philadelphia, PA 19140, offers a compelling value-add investment opportunity. The four-story building encompasses 3,162 square feet on a 1,900 square foot lot and features seven units, including three commercial spaces and four residential units. Currently vacant, the property presents significant upside potential. The ground floor boasts a small barber shop currently under a gross lease ($600/month), a vacant salon space with real estate office zoning, and an undeveloped basement suitable for a restaurant (up to 30 seats) with private rear yard access. A non-conforming fifth residential unit is located on the roof. The property is zoned CMX2.5 and has a projected NOI of $91,766 post-renovation and full occupancy. The asking price is $310,000, representing a compelling cap rate of 29.60% and a price per square foot of $98.04. The building is situated on a busy street in a booming area with over 200 new residential units under construction. This property requires approximately $300,000 in renovations to reach its appraised after repair value (ARV) of $1.2 million. Detailed financial projections are available upon request.

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Longitude

-75.1522771

Latitude

40.0096741

Property Visit Statistics

• Visits by month
  3.2k
• Visitors by month
  3.3k
• Avg Time on site
  14 min