NEW AND IMPROVED PRICE!
Unique opportunity to acquire a rare, legally-zoned 4-unit building in Cedar Park, just steps from University City on the gorgeous, tree-lined 4700 Block of Hazel Avenue. The building is fully occupied (no vacancy in the 2.5 years of operation!). The kitchens and some building systems were upgraded in 2020 and include new countertops, cabinets, appliances, vanities, plumbing fixtures, original flooring refinished, roof (the owner recently replaced the entire pole gutter system along the perimeter of the building and the main roof was replaced in 2020), 4 new boilers, along with light fixtures throughout.
The apartments are all different sizes: on the first floor there is a large, three bedroom unit that takes up the entire building footprint, with access to a well maintained back yard (tenants moving out in the summer). The second floor has two units, a large one bedroom with beautiful bay windows with a view of green in all directions, and a studio equipped with new windows, a large bathroom, and new hardwood flooring. (tenant moving out at the end of Feburary) The third floor is arguably the best unit, a huge two-bedroom with original details throughout (just signed a 2.5 year lease extension). The rear yard and front terrace are common, and there are two laundry towers in the basement, which also provides additional storage for tenants and/or the building owner.
Rents in the building (current rent is $67k/year) can be increased by the new owner ? these apartments are easy to rent because of the location and idyllic views on the block. It is truly a great place to live. The building is close to University of Pennsylvania, Clark Park, and University of the Sciences. Tenants will enjoy the popular neighborhood restaurants bars and access to Baltimore Ave, one of the best commercial corridors in the city that offers easy access to Center City. In addition, the building is located in the Hendry C Lea catchment area. Tenants or an owner occupant will be able to take advantage of the University of Pennsylvania?s investment into the school and the area!
