Investors, take note of this rare opportunity to own a 7-unit value-add building in the heart of East Kensington, Philadelphia! Located at 2633 Kensington Ave, this 3-story property features 5 apartments and 2 commercial spaces, all within walking distance to the Market-Frankford subway line.
This 4,360 sq. ft. property is zoned CMX 2.5, offering a range of potential uses for the right buyer. Featuring 2 units in shell condition and 3 units currently vacant, this property is being presented as a value-add opportunity with significant upside potential. The other 2 units are leased at $1350 and $975 respectively. The projected rent roll after renovations is $93,300/year, making this an excellent income-generating investment. You will be able to perform the renovations while the current tenants are in place, so there will be income during the construction period. Approved plans and drawings are available (STRUCTURAL REPORT IS UPLOADED, 2'X3''s are only avail in person).
With a list price of just $690,000, this property offers tremendous value for the right buyer. After-repair value is estimated to be $1,035,000, providing ample opportunity for a lucrative return on investment.
Located on the outskirts of East Kensington, this property is just minutes from all the best that Philadelphia has to offer. With easy access to major highways, public transportation, and a host of local amenities, this property is perfectly positioned for long-term success. Don't miss out on this incredible opportunity to own a valuable piece of Philadelphia real estate. Contact us today to schedule a showing and see for yourself what makes this property so special!