Philadelphia, PA 19104,623 N 32ND ST
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Philadelphia, PA 19104,623 N 32ND ST
Philadelphia, PA 19104,623 N 32ND ST
Philadelphia, PA 19104,623 N 32ND ST
Philadelphia, PA 19104,623 N 32ND ST

$400,000

Est. payment /mo

$419,900

4.7%
Est.Price: ?

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623 N 32ND ST Philadelphia, PA 19104

2,667 SqFt

SOLD DATE : 07/02/2024

Key Details

Sold Price $400,000

Property Type Multi-Family

Sub Type Interior Row/Townhouse

Listing Status Sold

Purchase Type For Sale

Square Footage 2,667 sqft

Price per Sqft $149

MLS Listing ID PAPH2313686

Sold Date 07/02/24

Style Straight Thru

Abv Grd Liv Area 2,667

Originating Board BRIGHT

Year Built 1935

Annual Tax Amount $11,446

Tax Year 2023

Lot Size 1,683 Sqft

Acres 0.04

Lot Dimensions 17.00 x 99.00

Property Description

NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax).
Attention Investors!! Don’t wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed.
Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price.
Current tenant(s) are M2M tenants. All of the units are similar.
Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600.
Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.

Location

State PA

County Philadelphia

Area 19104 (19104)

Zoning RM1

Rooms

Basement Other

Interior

Interior Features Upgraded Countertops, Wood Floors, Floor Plan - Open, Dining Area

Hot Water Natural Gas

Heating Forced Air

Cooling Window Unit(s)

Flooring Hardwood

Fireplace N

Heat Source Natural Gas

Exterior

Water Access N

Accessibility None

Garage N

Building

Foundation Brick/Mortar

Sewer Public Sewer

Water Public

Architectural Style Straight Thru

Additional Building Above Grade, Below Grade

Structure Type Dry Wall

New Construction N

Schools

School District The School District Of Philadelphia

Others

Tax ID 242130400

Ownership Fee Simple

SqFt Source Assessor

Security Features Fire Detection System

Acceptable Financing Cash, Conventional, FHA

Listing Terms Cash, Conventional, FHA

Financing Cash,Conventional,FHA

Special Listing Condition Standard

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The Black Oak Home Group Of EXP Realty

The Black Oak Home Group Of EXP Realty

+1(443) 939-9266

Our team is ready to help you sell your home for the highest possible price ASAP


Bright MLS (BMLS)
Listed by James J Hanning • Bainbridge Realty LLC
Bought with Adam Kiliszek • KW Empower

The Black Oak Home Group Of EXP Realty

Broker Associate | License ID: 674000

+1(443) 939-9266

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