1428 S 10th St, Philadelphia, PA 19147

Property Description

FRESH PRICING!One-of-a-kind location in Passyunk Square. This triplex sits on 10th Street right off Passyunk Avenue, directly across from the Acme and CVS, so groceries and the pharmacy are just a walk across the street.The building offers three one-bedroom, one-bath units, each occupying a full floor. The floor plan is the same throughout: living room in the front, kitchen in the middle, and a large bathroom right off the bedroom in the back. The first-floor unit has a large backyard and uses the basement for storage and laundry.All three units are occupied by long-term tenants. Current rents total $3,425 per month, or $41,100 per year, with no vacancy, for a gross rent multiplier of approximately 10.3 at the new price. Comparable one-bedrooms in small buildings nearby are renting for $1,500 to $1,700 with mid-level updates and $1,900 or more fully renovated, leaving real room to grow the income as leases turn.The neighborhood does a lot of the work here. The East Passyunk Avenue dining and shopping corridor is a few blocks away, along with the Singing Fountain at 11th and Tasker Street. The 9th Street Italian Market is a short walk east. Columbus Square Park offers green space, a playground, and a recreation center, and the Broad Street Line and nearby bus routes put Center City minutes away. Each unit needs some updating, but the bones are solid. Keep it as a multifamily and renovate one floor at a time while the other two keep paying, or convert it into an amazing single-family home. At roughly $141,700 per unit in Passyunk Square, this property is ready for your vision. Come see it for yourself!