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Listed by Minh Nguyen-Rivera • KW Empower
$ 334,888
Est. payment /mo
Active
531 E INDIANA AVE Philadelphia, PA 19134
2,322 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Townhouse
Sub Type End of Row/Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 2,322 sqft
Price per Sqft $144
MLS Listing ID PAPH2439226
Style AirLite
Abv Grd Liv Area 2,322
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $2,042
Tax Year 2024
Lot Size 918 Sqft
Acres 0.02
Lot Dimensions 18.00 x 51.00
Property Sub-Type End of Row/Townhouse
Property Description
KENSINGTON QUARTERS: It is my distinguished honor to present to you Kensington Quarters, located in the Heart of Kensington, close to Fishtown, Norris Square, Olde Kensington, and other subsections of the Riverwards along the Delaware River. Situated at the intersecting sections between Kensington Ave, Lehigh Ave, & E. Allegheny Ave, this 5 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 4 of the 5 units are occupied and we are interviewing tenants for the 5th unit. The pro-forma and other financial analysis are available for review. The lease agreements are month-to-month and we project rental income could be increased. Unit 1 [1st Floor]: Studio: $600/month | Unit 2 [1st Floor]: 1 Bed/1 Bath: $600/month | Unit 3 [2nd Floor]: Studio: $750/month | Unit 4 [2nd Floor]: 1 Bed/1 Bath: $700/month | Unit 5 [3rd Floor]: 2 Bed/1 Bath: $950/month CAPITALIZATION RATE: Kensington Quarters has a capitalization rate of 11.13% with current rental income of $3,650 per month. PACKAGE DEAL: This property is to be sold separately or together in a package deal with 626 E. Allegheny Ave., a duplex listed for $169,000 & 3154 Reach St., a duplex listed for $125,000. Together, there are 9 units in 3 buildings FOR SALE. DEVELOPMENT: There are major development projects occurring nearby, including commercial mixed use corridor revitalization of Kensington Ave, which has commercial storefronts underneath the Blue Train line. There are also block developments of major projects that range from 15 unit development to 200 unit development nearby. Investors also acquire shells, factories, storage facilities, warehouses, and other industrial hubs that have laid vacant since the Industrial Revolution of Philadelphia and transform these buildings into multi-unit dwellings and apartment complexes. The combination of public transportation infrastructure meets commercial mixed use corridors allow for tenants to access amenities that makes this multi-unit building a highly desirable and easy to rent building. Projects such as the Hagert Block development, Kensington Courts, Allegheny Ave. commercial development, and other major projects will lead the way to a new Kensington. QUALIFIED OPPORTUNITY ZONE: This property is located within a Qualified Opportunity Zone, allowing investor capital gains tax advantages, which will exacerbate development and investments in these areas. Additional features include: - Easy Parking - Close to trolley, bus stops, the thoroughfares, L Blue Train - Multicultural cuisine & food establishment - Close proximity to Fishtown, Norris Square, Olde Kensington, Port Richmond, and other subsections of the Riverwards. Invest in the City of Brotherly Love & Sisterly Affection, from monstrous skyscrapers, to the stadiums, to the Delaware River, & surrounding landscape of the great City of Philadelphia. The property is close to trolley and bus stops, and less than 10 minutes from the Philadelphia International Airport. and close to multi-modal public transportation, 1-95 highway, and highways to New Jersey and other parts of the Tri-State Counties. We thank you for your consideration and we look forward to doing business with you. We will ensure a professional and respectful transaction for all parties and we wish you luck in the search for your new home in the City of Brotherly Love & Sisterly Affection.
Location
State PA
County Philadelphia
Area 19134 (19134)
Zoning RM-1
Interior
Hot Water Natural Gas
Heating Central
Cooling Window Unit(s)
Flooring Luxury Vinyl Plank
Fireplace N
Heat Source Electric
Exterior
Water Access N
Roof Type Flat
Accessibility None
Garage N
Building
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public
Architectural Style AirLite
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 871511630
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Conventional, Cash
Listing Terms Conventional, Cash
Financing Conventional,Cash
Special Listing Condition Standard
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