BEDS0
BATHS
SQUARE FEET3,294
MLS#PAPH2662056
STATUSACTIVE
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONFITLER SQUARE
SCHOOLTHE SCHOOL DISTRICT OF PHILADELPHIA
Property Description
Located at 24th & Spruce in highly desirable Fitler Square, this property is a 6-unit multifamily asset consisting of three studio apartments and three one-bedroom/one-bath apartments. The building contains approximately 3,294 SF, five units have already been renovated and one unit is actively being renovated, which will be completed within the next couple of weeks. This asset provides an investor with a well-located, stabilized Center City asset with limited near-term capital requirements. The location is one of the property's strongest investment attributes. Residents are within blocks of Fitler Square, Schuylkill River Park and the Schuylkill River Trail, while also enjoying convenient access to Rittenhouse Square, University City, the University of Pennsylvania, Penn Medicine, Children's Hospital of Philadelphia, 30th Street Station, restaurants, retail, cafés and Center City's major employment centers. The combination of walkability, access to employment and institutional anchors, neighborhood amenities and limited multifamily inventory makes this section of the 19103 ZIP code particularly attractive to renters and long-term investors. 2402 Spruce is offered at $1,350,000, with current gross rents of approximately $100,572 and NOI of approximately $69,721, equating to an approximately 5.16% cap rate. With the other two properties in the original portfolio already under contract, 2402 Spruce represents the final opportunity to acquire a renovated small multifamily asset in one of Center City's most sought-after residential neighborhoods.
Property Features
Property Type: Multi Unit - Multiple
Cooling: Central A/C, Window Unit(s)
Fuel Type: Electric
Heating: Baseboard - Electric
Home Style: Unit/Flat
Lot Size: 0.03 Acres
Taxes: $12,903
Year Built: 1910
Feature Descriptions
Additional Structures: Above Grade, Below Grade
Days on Site: 11
Exterior: Masonry
Lot Dimensions: 0.03 Acre(S)
Municipality: PHILADELPHIA
One Bedroom Units: 3
Sewer: Public Sewer
Structure Type: Interior Row/Townhouse
Studio Efficiency Units: 3
Total Garage/Parking Spaces: 0
Units: 4
Water: Public
Local Schools
School District: THE SCHOOL DISTRICT OF PHILADELPHIA
Listed By / Shown By
Listed By
Agency Name: KW Commercial
Agency Phone: 2156641091
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0040
Estimate Your Payment
Estimated Payment
$ 4,473.51 per month $3,004.51 Principal & Interest $1,075.25 Property Tax $393.75 Homeowner's InsuranceChange Payment Information
2402 Spruce Street | MLS# PAPH2662056
This multi-family property located at 2402 Spruce Street, Philadelphia, PA 19103 is currently listed for sale with an asking price of $1,350,000. Spruce Street is located within the THE SCHOOL DISTRICT OF PHILADELPHIA school district. Search Philadelphia real estate on www.realtymarkllc.com today.