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623 N 32nd Street, Philadelphia, PA 19104
$419,900
623 N 32nd Street, Philadelphia, PA 19104View this property at 623 N 32nd Street, Philadelphia, PA 19104
623 N 32nd StreetPhiladelphiaPA19104
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Property Description
NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax). Attention Investors!! Don't wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed. Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price. Current tenant(s) are M2M tenants. All of the units are similar. Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.
Full Property Details
Full Property Details for 623 N 32nd St
General
- Price: $419,900
- Taxes: $11,446 (2023)
- Status: Under Contract
- Type: Triplex
- MLS ID: PAPH2313686
- Updated: 3/16/2024
- Added to Site: 124 day(s) ago
Interior
- Interior Features: Upgraded Countertops, Wood Floors, Floor Plan - Open, Dining Area
- Flooring: Hardwood
Additional Information
- Security/Safety: Fire Detection System
Parking
- Parking Type: On Street
Location
- Area: 19104 (19104)
- Municipality: PHILADELPHIA
- County: Philadelphia
- Cross Streets: Mt Vernon
- Driving Directions: Drive North on N 33rd Street to Right on Wallace Street. One block to N 32nd Street and turn Right. House on left at end of the block. or use GPS.
School Information
- School District: Philadelphia City
Heating & Cooling
- Cooling Type: Window Unit(s)
- Cooling Fuel: Electric
- Heating Type: Forced Air
- Heating Fuel: Natural Gas
- Water Heater: Natural Gas
Utilities
- Sewer: Public Sewer
- Water: Public
Structural Information
- Architectural Info: Straight Thru
- Architectural Style: Straight Thru
- Structure Type: Interior Row/Townhouse
- Construction: Masonry
- Basement: Yes
- Basement Desc.: Other
- Foundation: Brick/Mortar
- Walls/Ceilings: Dry Wall
- Stories/Levels: 0
- Square Feet: 2,667
- Sq. Ft. Source: Assessor
- Living Area: 2,667 Sq. Ft.
- Finished Above Grnd: 2,667 Sq. Ft.
- Year Built: 1935
- Year Built Source: Assessor
- Property Condition: Excellent
Unit Information
- Other Units: Unit 1, Unit 2, Unit 3
- 2 Bedroom Units: 3
Unit 1
- Unit Description: Unit 2
- Bedrooms: 2
Unit 2
- Unit Description: Unit 1
- Bedrooms: 2
Unit 3
- Unit Description: Unit 3
- Bedrooms: 2
Lot Features
- Lot Size (Acres): 0.04
- Lot Size (Sq. Ft.): 1,683
- Lot Size Source: Assessor
- Lot Dimensions: 17.00 x 99.00
- Zoning: RM1
Financial Considerations
- Price Per Sq. Ft.: $157.44
- Assessment Year: 2023
- School Tax: $6,280
- City/TownTax: $5,165
- City/TownTax Freq: Annually
- County Tax Freq: Annually
- Tax w/Assessment: $817,700
- Tax Amount: $11,446
- Tax Year: 2023
- Owner Pays: Water, Sewer, Taxes - Real Estate
- Landlord Pays: Water, Sewer, Taxes - Real Estate
- Tax Total Finished Sq. Ft.: 2667
Disclosures and Reports
- Buyer’s Brokerage Compensation: 3%
- Ownership: Fee Simple
- Exclusions: PERSONAL PROPERTY OF TENANTS AND ANY PROPERTY LEASED BY TENANTS AND/OR LANDLORD. SNOW BLOWER AND ALL LAWN MOWERS IN BASEMENT.
- Inclusions: ALL APPLIANCES IN "AS IS" CONDITION
- Lot Number: 43
Listed by Bainbridge Realty LLC, James J Hanning
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Schools
Schools serving 623 N 32nd St
School District:The School District Of Philadelphia
Rating | Name | Grades | Distance |
---|---|---|---|
3543 Fairmount Ave, Philadelphia, PA 19104 | K-8 | 0.3 mi | |
4901 Chestnut St, Philadelphia, PA 19139 | 9-12 | 1.7 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 623 N 32nd St
Date
Details
Price
Change
Source
1/20/2024
Listed
$419,900
33.3%
MLS
3/19/2015
Sold
$315,000
—
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 623 N 32nd St
Year
Property Taxes
Change
Tax Assessment
Change
2021
$7,835
-32%
-100%
2023
$11,446
46%
$817,700
46%
2020
$7,835
4%
$559,700
4%
2019
$7,541
154%
$538,700
154%
2018
$2,966
—
$211,900
—
2017
$2,966
—
$211,900
—
2016
$2,966
4%
$211,900
—
2015
$2,839
—
$211,900
—
2014
$2,839
—
$211,900
—
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 623 N 32nd St
623 N 32nd Street, Philadelphia, PA 19104 (MLS# PAPH2313686) is a Triplex property with 0 bedrooms and 0 full bathrooms. 623 N 32nd Street is currently listed for $419,900 and was received on January 20, 2024. Want to learn more about 623 N 32nd Street? Do you have questions about finding other Triplex real estate for sale in Philadelphia? You can browse all Philadelphia real estate or contact a Coldwell Banker agent to request more information.