Excellent investment opportunity in the heart of Elkins Park! This spacious three-story Colonial offers three residential units, a detached two-car garage, and significant potential for additional rental income. Currently configured as a triplex, the property features a generously sized first-floor apartment that may offer the opportunity for conversion into two separate one-bedroom units, creating a potential four-unit investment property, subject to township approvals. With existing rents below market levels, this property presents an attractive opportunity for investors looking to increase income or owner-occupants seeking to offset their living expenses.
Each of the three apartments offers two bedrooms and its own distinct layout. The expansive first-floor residence features a bright living room with a bay window, original hardwood flooring, beautiful wood trim, pocket doors, and a spacious dining room. The kitchen includes white cabinetry, neutral countertops, and a comfortable dining area. This unit also offers a full bathroom and in-unit laundry. The second-floor apartment includes a large living area, two bedrooms, a full bathroom, and an oversized eat-in kitchen with hardwood floors, white cabinetry, a dedicated laundry room, and pantry storage. The third-floor apartment provides two bedrooms, a living room, kitchen, full bathroom, and an additional room suitable for a home office.
Current monthly rents are $1,100 for the first floor, $1,150 for the second floor, and $900 for the third floor, representing $3,150 in potential monthly residential rental income based on the stated rents. The first-floor unit is currently owner-occupied, with the owner willing to remain on a month-to-month basis while searching for a new home. Additional income potential exists through the detached two-car garage. Separate electric service, original architectural details, refinished hardwood floors in select areas, fresh interior paint, and a history of consistent rental income further enhance the property's appeal. Notable improvements include heating equipment installed in 2005 and roof work completed in 2014 and 2017.
Location is another major advantage, with the property situated directly across from Elkins Park Station, providing convenient rail access to Center City Philadelphia, surrounding suburbs, and connections to Philadelphia International Airport. The surrounding neighborhood offers tree-lined streets, nearby restaurants, shopping, and everyday conveniences, with Trader Joe's and Whole Foods approximately five minutes away. Residents also enjoy access to Cheltenham Township's parks, walking trails, libraries, recreational facilities, dog parks, and community attractions, including summer concerts at Curtis Park.
Whether you're seeking an income-producing multifamily investment with value-add potential or a spacious owner-occupied property with supplemental rental income, this Elkins Park triplex offers flexibility, character, and an exceptionally convenient location.
