For Sale

Listed by Daniel Kim from Keller Williams Philly

Source: Bright MLS #PAPH2152806

423 North 40th Street, Philadelphia, PA, 19104

$1,450,000

2
7303 sq. ft.
2875 sq. ft.

Other

•

30+ days on the market

What's around 423 North 40th Street

About this property

Introducing 423 N 40th Street- a Five (5) Unit, Multi-Family property in the heart of West Powelton; walking distance to the University of Pennsylvania, Drexel University and just a block and a half away from the bustling commercial corridor of Lancaster Avenue. This is a fully occupied building, catering to an expansive base of students from UPenn and Drexel, as well as young professionals working in the surrounding area. The building is comprised of Seventeen (17) total bedrooms and Twelve (12) full bathrooms. Unit A is a bi-level unit w/ 4 beds/2 baths, and normally rents for $2,400/M, but is currently only getting $1,200/M as two bedrooms are vacant. Unit B is also a bi-level unit w/ exclusive backyard access. This unit also has 4 beds/2 baths and is getting $2,400/M, but these tenants are moving out by the end of August. Unit C is a full-floor unit and consists of 5 beds/4 baths and has a new tenant that recently moved in, paying $3,500/M, which is a $500 increase from last year. Units D and E share the third floor and are both 2 bed/2 bath units. Unit D is leased for $1,800/M and Unit E is rented for $1,500/M. Tenants are responsible for all utilities. This is a perfect opportunity for a 1031 Exchange or for an investor looking for a great, cash-flowing asset in West Powelton/University City. The Tax Abatement is effective until 2024.

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