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Price Reduction
Address
1203 Spruce Street Philadelphia, PA
Price
$ 1,850,000
Property Attributes
  • MLS#PAPH878942
  • TypeCommercial
  • CountyPHILADELPHIA
  • CityPhiladelphia
  • Area19107
  • NeighborhoodWASHINGTON SQ WEST
  • Zip19107
  • StyleApartment Building
  • Taxes13435
  • Price$ 1,850,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage5941
  • Lot Size2,614 SqFt
Listing Provided Courtesy Of:
New Age Realty Group, Inc
Property Description

The Raidman Estate (8/21/2020) A Generational offering of four apartment buildings (24 total apartments) in Center City Philadelphia are now available for purchase! Three of the buildings are located in the neighborhood known as Washington Square West and all on the same block: 1203-1221-1225 Spruce Street. The fourth property is located in Rittenhouse Square: 1818 Pine Street. This is an exceptional opportunity to buy four buildings with value add opportunities in A+ locations. 1203 Spruce Street is the first of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1203 Spruce consists of seven apartments, five of which are currently leased. With a monthly rent roll of $6,250, rents are currently below market and can be easily increased with no major improvements plus by leasing up the vacant units. It is estimated that the rent roll can be increased to $10,400 per month without major renovations. Further increases can be realized after renovating the building. 1221 Spruce Street is the second of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1221 Spruce consists of five apartments, four of which are currently leased. With a monthly rent roll of $5,300, rents are currently below market and can be easily increased with no major improvements plus by leasing up the vacant units. It is estimated that the rent roll can be increased to $7,615 per month without major renovations. Further increases can be realized after renovating the building. 1225 Spruce Street is the third of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1225 Spruce consists of six apartments, four of which are currently leased. With a monthly rent roll of $5,075, rents are currently below market and can be easily increased with no major improvements plus by leasing up the vacant unit. It is estimated that the rent roll can be increased to $8,095 per month without major renovations. Further increases can be realized after renovating the building. 1818 Pine Street is the fourth of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1818 Pine consists of six apartments and it is fully leased. With a monthly rent roll of $7,530, rents are currently below market and can be easily increased with no major improvements. It is estimated that the rent roll can be increased to $8,800 per month without major renovations. Further increases can be realized after renovating the building. Each property has one gas hot heater (boiler), one gas hot water heater one washer and dryer (coin-op machines) located in the basement for use by the Tenants. The Landlord currently pays for the heat and hot water and the cooking gas and cold water for all tenants. The Tenants pay for their own electricity usage. As the new owner, you can continue to operate them as apartment buildings and with improvements, increase rents even more. There is also a condo-conversion opportunity here. The one thing that is certain is that the location is very good and very attractive to renters and owner occupants. For tours and more information, please contact the listing agent.

Price History
3/5/2020 Listed $2,100,000
8/21/2020 12% - $1,850,000

General Features

Accessibility None
Business Type Apartment Building
Construction Materials Masonry
Cool Fuel None
Cooling None
County PHILADELPHIA
Heating Radiator
MLS Area 19107 (19107)
New Construction No
Ownership Fee Simple
Possession Subject to Existing Lease
Price Per Sq Ft 311.4
Property SubType Five Or More Units
Property Type Commercial Sale
Property Use Investment
Real Estate Owned Y/N No
Sewer Public Sewer
Tax Year 2020
Total Units 7
Vacation Rental Y/N No
Water Access Y/N No
Zoning CMX1

Interior Features

Central Air Y/N No
Heating Fuel Natural Gas
Heating Y/N Yes
Hot Water Natural Gas

Exterior Features

Building Area Total 5941.00
Lot Dimensions 21.60 x 117.70
Lot Size Acres 0.06
Lot Size Source Assessor
Lot Size Square Feet 2542.00
Navigable Water Y/N No
Type of Parking None
Water Oriented Y/N No
Water Source Public
Water View Y/N No
Waterfront Y/N No

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 19107

Price
AVG $410K
$1.85M
Taxes
AVG $16,382
$13,435
Visits
AVG 41
18

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