Description
Seven unit apartment building built circa 1900. 3 story frame twin in the Queen Anne
style, listed on the National Register Historic District as a contributing property. The
property was converted into 7 apartments, providing approximately 7,100 sq. ft. of living
space, and consisting of 4- 2BR, LR, 1BA units, 2- 1BR, LR, 1BA units, 1 unit has 1BR,
LR, DR, 1BA and enclosed porch. Rents for the 2 BR units are slightly below market,
rents for the 1 BR units have potential for 10% + rent increases. The current rent role is
$6,985 per month. There is a coin operated laundry in the basement generates an additional $100+ per
month. With some renovation the 1 BR with LR & DR has 20% more rent potential.
One gas fired boiler serves entire building, the A-frame roof was replaced in 2019. The
entire property exterior was re-painted in 2021 and the driveway and parking lot was re-
paved in 2021. There is a two car garage plus parking for five vehicles in the parking
area. Coin operated laundry generates additional $1,200/year. Convenient location close to train and shopping. Lansdowne is 15 minutes to Center City by train. Gross Annual Rent is $83,820. Annual Expenses: Utilities 9,458; Maintenance 2,492; Insurance 4,053; Taxes 20,376 (includes Trash & Sewer). NOI is $47,441.
