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416 W Olney Avenue, Philadelphia, PA 19120
$450,000
416 W Olney Avenue, Philadelphia, PA 19120View this property at 416 W Olney Avenue, Philadelphia, PA 19120
416 W Olney AvenuePhiladelphiaPA19120
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Property Description
MULTIFAMILY INVESTOR ALERT: Solid Mixed-Use 3,627 SF FivePlex Investment Opportunity offering substantial value-added space. Zoning CMX1. || This property is composed of a 24' x 112' or 2,744 SF lot that contains two brick buildings: a two-story main building 21.7'x64', and a nicely proportioned one-story building facing Lawrence St. This building is an undeveloped vacant masonry shell constructed slab on grade 24' x 40'. The main building contains one commercial space, plus three modest-sized apartments. Separate heat, hot water, gas, and electric. Furthermore, a side-set on the main building permits windows on all four sides. The vacant accessory building offers an opportunity to add a fourth large apartment or, consider adding a second level to make the property a legal six-plex, by right. || The owners purchased this property 15+ years ago. They have enjoyed 100% occupancy as a steady-reliable source of income. The occupants are responsible long-term tenants. || The commercial unit is under lease at $1,300/M until 08/01/2024. The two-bedroom unit on the second floor is under lease at $800/M until 02/01/2024. All tenants prefer to stay. As a courtesy to the Buyer, the owners temporarily have not renewed the other two residential leases and are holding them on a month-month basis to give the Buyer more control and a free hand to plan and carry out their upgrades and use of the property. || Residential tenants are month-month with below-market rent which has been the same for ten years. There have been no structural or mechanical concerns throughout the sellers' ownership. Dry basement, a dry roof, and good bones. Handsome commanding presence, with modest curb appeal. || The market-rate financial metrics demonstrate that this offering is a solid investment opportunity for a new owner who upgrades the residential apartments to keep pace with recent lifestyle preferences and builds out the ground level of the accessory building. || Market Rate Proforma Financial Metrics: GPI: $66,600, Vacancy 5%, NNN $1,832 Additional Income, GAI TTL $64,202, EXPENSES: 19.3%, NOI $51,802, CAP 10.04%. A leveraged project investment of 25% or $128.951 for a 75% LTV mortgage that includes both acquisition and construction costs yields an annual 15% cash-cash ROI with a DSCR of 1.60. Ask to see the complete Financial Worksheet. || Gobble up this workhorse opportunity and grow your real estate portfolio with this solid product. Review the photos, plan view, property details, financial metrics, and give us a call. Feel free to contact us with any questions or your expression of interest. Motivated Seller. Strong opportunity to grow. Go For It!.
Full Property Details
Full Property Details for 416 W Olney Ave
General
- Price: $450,000
- Taxes: $3,582 (2023)
- Status: Active
- Type: Apartment
- MLS ID: PAPH2012458
- Updated: 1/11/2024
- Added to Site: 956 day(s) ago
Business
- Business Type: Apartment Building, Hair Salon and Spa
Interior
- Flooring: Wood
Parking
- Parking Features: Public
- Parking Type: On Street
Location
- Area: 19120 (19120)
- Municipality: PHILADELPHIA
- County: Philadelphia
- Development Name: Olney
- Subdivision: Olney
- Cross Streets: Lawrence
- Driving Directions: SE Corner of Lawrence & Olney
- Location Details: Suburban
Heating & Cooling
- Cooling Type: Window Unit(s)
- Cooling Fuel: Electric
- Heating Type: Radiator
- Heating Fuel: Natural Gas, Electric
- Water Heater: Natural Gas
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Electric Available, Natural Gas Available, Cable TV Available, Sewer Available, Water Available
Structural Information
- Construction: Brick
- Roof: Flat
- Stories/Levels: 0
- Year Built: 1930
- Year Built Source: Assessor
- Property Condition: Average
Unit Information
- # Tenants: Multiple
Lot Features
- Lot Size (Acres): 0.06
- Lot Size (Sq. Ft.): 2,613
- Lot Size Source: Estimated
- Lot Dimensions: 24.50 x 112.00
- Street/Road Desc.: US Highway/Interstate
- Zoning: CMX1
Financial Considerations
- Price Per Sq. Ft.: $124.07
- Assessment Year: 2023
- School Tax: $1,965
- City/TownTax: $1,616
- City/TownTax Freq: Annually
- Tax w/Assessment: $255,900
- Tax Amount: $3,582
- Tax Year: 2023
Disclosures and Reports
- Buyer’s Brokerage Compensation: 3%
- Ownership: Fee Simple
- Investment: Yes
- Lot Number: 93
Listed by KW Empower, Charles Balducci
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Schools
Schools serving 416 W Olney Ave
School District:The School District Of Philadelphia
Rating | Name | Grades | Distance |
---|---|---|---|
450 W Nedro Ave, Philadelphia, PA 19120 | K-4 | 0.3 mi | |
201 E Olney Ave, Philadelphia, PA 19120 | 5-8 | 0.6 mi | |
5500 Langdon St, Philadelphia, PA 19124 | 9-12 | 1.9 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 416 W Olney Ave
Date
Details
Price
Change
Source
9/20/2021
Listed
$450,000
87.5%
MLS
8/08/2006
Sold
$240,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 416 W Olney Ave
Year
Property Taxes
Change
Tax Assessment
Change
2021
$4,282
20%
-100%
2023
$3,582
-16%
$255,900
-16%
2020
$4,282
1%
$305,900
1%
2019
$4,240
3%
$302,900
3%
2018
$4,117
26%
$294,100
26%
2017
$3,264
—
$233,200
—
2016
$3,264
4%
$233,200
—
2015
$3,125
—
$233,200
—
2014
$3,125
12%
$233,200
715%
2013
$2,795
—
$28,608
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 416 W Olney Ave
416 W Olney Avenue, Philadelphia, PA 19120 (MLS# PAPH2012458) is a Apartment property. 416 W Olney Avenue is currently listed for $450,000 and was received on September 20, 2021. Want to learn more about 416 W Olney Avenue? Do you have questions about finding other Apartment real estate for sale in Philadelphia? You can browse all Philadelphia real estate or contact a Coldwell Banker agent to request more information.