1604 Ridge Ave - Apartments FOR SALE


Philadelphia, PA 19130
$739,000 USD
856-810-5714
1604 Ridge Ave, Philadelphia, PA for Sale
$739,000 USD
Apartments - FOR SALE
1/10
null | Request Cap Rate

1604 Ridge Ave
Philadelphia, PA 19130


HIGHLIGHTS

  • Situated in the vibrant Francisville/Fairmount area, just off North Broad Street, near the intersection of Ridge and 16th.
  • Just under 3,000 sq. ft., with approximately 1,000 sq. ft. on each level, offering a versatile layout for various uses.
  • The first floor is currently rented to a long-standing salon, providing immediate rental income with potential for diverse commercial use.
  • The 2nd and 3rd floors feature large 1-bedroom apartments with hardwood floors, updated kitchens and bathrooms, and in-unit washers and dryers.
  • The entire building was extensively renovated in 2019-2020, including new flooring, roof, electrical, plumbing, and mini-split AC units.
  • All utilities are separate, and electric systems have been upgraded, offering efficiency and reduced management hassles.

OVERVIEW

Excellent opportunity located in the thriving Francisville/ Fairmont area section just off of North Broad Street near intersection of Ridge and 16th. This three-story brick/ stucco building is just under 3,000 sq. ft. with around 1,000 sq. ft. on each level and 3 tenants in place. The first floor has been a salon for over 30 years and currently rented to a salon until December. The storefront has 3 sinks but can accommodate 5 in a large open area with kitchen/ break area, access to basement and to backyard/ alley for separate entrance. The 2nd and 3rd floor are both large 1-bedroom apartments with hardwood floors, updated bathrooms & kitchens, washer and dryers, very clean-living space. The entire building was redone in 2019-2020 from top to bottom with new flooring, sheet rock, bathrooms, kitchens, roof , sewer/ electric, brick pointing & mini-split air conditioning units. All utilities are separate, electric has been upgraded throughout, and landlord pays taxes and insurance. Major development in the neighborhood with new construction all around this property in a vibrant area with plenty of upside. Rental income is below market value for the area and size of apartments making this a great add value investment or owner/ user looking to utilize the space and rent out the units. Call for complete details and tours

FOR SALE DETAILS

PRICE

$739,000 USD

PRICE/SF

$92 USD /SF

# OF UNITS

2

PRICE/UNIT

$369,500

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Three-unit Investment property

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.03 AC

LAND SF

1,307 SF

ZONING

CMX-2.5

APN/PARCEL ID

871088150

ASK ABOUT THIS PROPERTY

Dawn VaralloBerkshire Hathaway Fox & Roach - Devon-WayneMore Info
856-810-5714

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Dawn VaralloBerkshire Hathaway Fox & Roach - Devon-WayneMore Info
856-810-5714

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.