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    1221 Spruce Street

    PHILADELPHIA, PA 19107
    • $1,550,000
    • STATUS: Active Under Contract
    • ON SITE: 328 days
    • ID#: PAPH880286
    Under Contract
    UPDATED: 55 min ago
    $1,550,000
    • 0
      BEDS
    • 0.04
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    County:

    School Ratings & Info

    Description

    The Raidman Estate (1/11/2021)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 is now under contract to be sold.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, all of which are currently leased. With a monthly rent roll of $6,645, 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 $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, all of which are currently leased. With a monthly rent roll of $6,845, 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 $8,095 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, five of which are currently leased. With a monthly rent roll of $6,410, rents are currently below market and can be easily increased with no major improvements and by leasing up the vacant unit. 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.

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    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-01-28T08:51:40.497.
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    1221 Spruce Street PHILADELPHIA, PA 19107

    • Price: $1,550,000
    • Status: Active Under Contract
    • Updated: 55 min ago
    • ID#: PAPH880286
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.04
    Acres
    Neighborhood:
    19107 (19107)
    County:
    Philadelphia
    Area:
    19107 (19107)
    School District:
    The School District Of Philadelphia
    Property Description
    The Raidman Estate (1/11/2021)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 is now under contract to be sold.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, all of which are currently leased. With a monthly rent roll of $6,645, 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 $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, all of which are currently leased. With a monthly rent roll of $6,845, 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 $8,095 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, five of which are currently leased. With a monthly rent roll of $6,410, rents are currently below market and can be easily increased with no major improvements and by leasing up the vacant unit. 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.
    Exterior Features

    Construction Materials Masonry Garage YN No Parking Types None Riparian Rights YN No Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 3295.00 Cooling None Heating Radiator Heating YN Yes Net Square Feet 3295.00

    Property Features

    Accessibility Features None Assessment Year 2020 Association YN No Business Type Apartment Building Central Air YN No Cooling Fuel None Heating Fuel Natural Gas Hot Water Natural Gas Incorporated City Name Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 5 Original MLSNumber 304050831992 Ownership Interest Fee Simple Possession Subject To Existing Lease Property Sub Type Five Or More Units Sale Type Other Sewer Public Sewer Tax Annual Amount 9659.00 Tax Assessment Amount 690000.00 Tax Lot 131 Vacation Rental YN No Water Source Public Zoning Cmx1

    Listing courtesy of New Age Realty Group Inc.


    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or LoCoMusings | Century 21 Redwood Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-01-28T08:51:40.497.
     
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