PA > Philadelphia > Fishtown
Philadelphia, PA 19125,1917 E LETTERLY ST
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Philadelphia, PA 19125,1917 E LETTERLY ST
Philadelphia, PA 19125,1917 E LETTERLY ST
Philadelphia, PA 19125,1917 E LETTERLY ST
Philadelphia, PA 19125,1917 E LETTERLY ST
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Cory Mayo

Cory Mayo

+1(302) 466-5511
$ 1,500,000
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1917 E LETTERLY ST Philadelphia, PA 19125

7,242 SqFt

UPDATED:

11/18/2024 09:27 PM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 7,242 sqft

Price per Sqft $207

Subdivision Fishtown

MLS Listing ID PAPH2421290

Originating Board BRIGHT

Year Built 2019

Annual Tax Amount $2,100

Tax Year 2024

Lot Size 2,709 Sqft

Acres 0.06

Lot Dimensions 36x75

Property Description

Snap up this incredible fully occupied, cash flowing portfolio. $4,500,000 includes three self-sufficient buildings comprised of 22 units total. Two are identical, 5 year old, 8-unit buildings, one is a 2 year old 6-unit building. Total gross annual rental income is $405,540. 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 SF with 5 years of full tax abatement remaining. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments are 1, 2, and 3 bedrooms. There is a bathroom for every bedroom. The 3-BR units (there are 3) have 3 bathrooms, the 2-BR units (there are 3) have 2 bathrooms. The 1-BR units (there are 2), of course, have 1 bathroom. Each unit has over-sized windows, hardwood floors, custom made cabinets and private, in unit laundry facilities. The building is all electric (no gas). Tenants are billed for electricity, water, and any renewals will be billed for private trash removal. Each unit was hard wired for cable during construction. East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked into the neighborhood are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town. 10 MORE REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction costs are at an all-time high. According to a report on construction cost data tracking firm Gordian, cost of materials jumped an average of 19% since 2020. This property is cheaper to buy than to build. 2! The housing shortage. According to U.S. News, after hitting a 30-year high in December 2021, permit issuances for single-family homes declined steadily at an average drop of over 50%/year. 3! This location is experiencing rapid growth. Multifamily construction permits shot up to a 30-year high in December 2021. By April 2023, that figure plunged 75%. 4! There’s a tunicate on supply of single-family homes. The existing inventory, and the inventory currently under construction may be everything available to priced-out-buyers and new residents for some time. 5! Affordability. Philadelphia Magazine reported that 95% of all newly constructed Greater Center City units in 2021 were apartments, not homes. Multifamily housing construction is being driven by strong demand for rental apartments due to high borrowing costs. 6! New rentals large enough for families are rare. The perpetual single-family home shortage in Philadelphia is steadily getting worse, increasing the demand for high quality, and larger rental units. 7! It’s 4 years old and 100% to code. 8! Tax Abatement! 9! Fully occupied at market rates. 10! All licenses, zoning, expenses and leases are fully documented.

Location

State PA

County Philadelphia

Area 19125 (19125)

Zoning RSA5

Interior

Hot Water Electric

Heating Forced Air

Cooling Central A/C

Flooring Hardwood

Inclusions 8 Refrigerators, 8 Washers, 8 Dryers

Heat Source Electric

Exterior

Waterfront N

Water Access N

Roof Type Flat

Accessibility None

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

Elementary Schools Henry A. Brown Academics Plus School

Middle Schools Henry A. Brown Academics Plus School

High Schools Penn Treaty

School District The School District Of Philadelphia

Others

Tax ID 881426802

Ownership Fee Simple

SqFt Source Estimated

Security Features Carbon Monoxide Detector(s),Electric Alarm,Smoke Detector,Sprinkler System - Indoor

Acceptable Financing Cash, Conventional, Exchange

Listing Terms Cash, Conventional, Exchange

Financing Cash,Conventional,Exchange

Special Listing Condition Standard

Bright MLS (BMLS)
Listed by Jeanne A Whipple • Elfant Wissahickon Realtors

Cory Mayo

Agent | RS-0025915

+1(302) 466-5511

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