416 Olney Ave Philadelphia, PA 19120

Property Details for 416 Olney Ave

Year built

1930

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.06 lot acres

Property size

3,627 SF

Zone code

CMX1

Property type

Investment properties

Property subtype

Live-work space

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.