Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
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$810,000

$845,000

4.1%
Est.Price: ?

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Est. payment /mo

6,400 SqFt


SOLD DATE : 10/21/2022

Key Details

Sold Price $810,000

Property Type Multi-Family

Sub Type Detached

Listing Status Sold

Purchase Type For Sale

Square Footage 6,400 sqft

Price per Sqft $126

Subdivision University City

MLS Listing ID PAPH2141148

Sold Date 10/21/22

Style Other

Abv Grd Liv Area 6,400

Originating Board BRIGHT

Year Built 2010

Annual Tax Amount $9,307

Tax Year 2022

Lot Size 2,616 Sqft

Acres 0.06

Lot Dimensions 24.00 x 109.00

Property Description

Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500 residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home, yet offering single floor living. So easy to rent. The 1st floor offers 3 bedrooms, 2 full baths, and a very large rear yard. The 2nd floor offers 3 bedrooms, 2 full baths, and a rear deck. The 3rd and 4th floors each offer 2 full bedrooms, 1.5 baths, huge living spaces, and rear decks. Super convenient location with a 93 WalkScore and tons of SEPTA options to Center City, Penn, Drexel, HUP, 30th Street, etc. This building currently brings in $71,000+/year with very low expenses. While the list price reflects these numbers, the building is significantly under-rented with three leases expiring in March 2023 and one is currently month-to-month. Just ideal, as new owner is set up to seamlessly bring rents up to our projected rents of $2,000+ per unit (for first two floors)and $1,800+ per unit (for upper two floors) or $91,000+/year. Additional bonus potential: Other quads on the block have successfully applied for variance for 5th unit in lower level. This building has lower level just waiting to be finished. Potentially add another $1,200-$1,500/month to your rent roll. All utilities and mechanicals are separated (except for cold water). A superb investment opportunity in a red-hot neighborhood.

Location

State PA

County Philadelphia

Area 19139 (19139)

Zoning RSA3

Interior

Hot Water Natural Gas

Heating Forced Air, Zoned

Cooling Central A/C, Zoned

Heat Source Natural Gas

Exterior

Water Access N

Accessibility None

Garage N

Building

Lot Description Rear Yard

Foundation Concrete Perimeter

Sewer Public Sewer

Water Public

Architectural Style Other

Additional Building Above Grade, Below Grade

New Construction N

Schools

School District The School District Of Philadelphia

Others

Tax ID 602108800

Ownership Fee Simple

SqFt Source Assessor

Special Listing Condition Standard

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Bright MLS (BMLS)
Listed by Jeffrey Block • Compass RE
Bought with Jermaine Parker • Coldwell Banker Realty
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3950 University Dr, Fairfax, VA, 22030, USA

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