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705 W MARKET ST West Chester, PA 19382
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Key Details
Sold Price $1,150,000
Property Type Multi-Family
Sub Type Detached
Listing Status Sold
Purchase Type For Sale
Square Footage 4,800 sqft
Price per Sqft $239
Subdivision West Chester
MLS Listing ID PACT2065946
Sold Date 07/01/24
Style Victorian
Abv Grd Liv Area 4,800
Originating Board BRIGHT
Year Built 1875
Annual Tax Amount $8,321
Tax Year 2023
Lot Size 0.971 Acres
Acres 0.97
Lot Dimensions 0.00 x 0.00
Property Description
House hackers and Investor alert! Welcome to this fantastic 4-unit multifamily home in the heart of West Chester, Pennsylvania! This property can be used as a student rental as it is located in East Bradford Township just across the street from the borough of West Chester. Rents for student rentals average in the $850-$1000 range per student. Staying within per unit occupancy limits and renting to students could increase rental revenues by more than double current rent rates. Each unit offers comfortable living spaces, and the property is ideal for investors or owner-occupants seeking rental income. For owner occupants, this property could be purchased as a primary residence and the rents could significantly reduce your monthly expense. This parcel is located on a 1 acre lot at the corner of S. Bradford Avenue and W. Market Street in East Bradford Township. The larger lot also provides for possible development potential in the future and is located in East Bradford Township which is just across the street from West Chester borough also providing additional flexibility for renting to students who can easily and safely walk to West Chester University and downtown West Chester. Three spacious units and one efficiency all have a mix of updates and original features. Apartment 1 makes up the lower level and is a spacious 3 bedroom unit with high ceilings, a large central living room, large bedrooms, eat-in kitchen and 1 full bath currently rented for $1650. Apartment 2 is a 2nd floor efficiency with high ceilings, a kitchenette and 1 full bath currently rented for $800. Apartment 3 also on the second floor is a spacious 2 bedroom unit with more high ceilings, a large living room, dining area, kitchen and 1 bath currently rented for $1250. Apartment 4, located on the third floor is another spacious 2 bedroom unit with living room, full kitchen and 1 bath currently rented for $1450. All rents are under market rates. Modest improvements could provide higher rent values. Additional features include a massive front covered porch for entertaining friends and relaxing, separate off street parking for all tenants, incredible corner larger yard, coin-op laundry room with 2 washers and 2 dryers with separate locked door access. Additional storage in basement including a locked owners storage and systems room. Prime location in West Chester, just steps away from the downtown town center area, charming parks, trendy boutiques, delectable dining options, an array of year-round activities to keep you entertained. Whether you're walking to campus or strolling through the scenic streets or enjoying a leisurely afternoon in the nearby parks, you'll appreciate the unparalleled walkability and convenience that this prime location offers. Whether you're looking to invest or live in one unit while renting out the others, this multifamily property offers a great opportunity for significant income. All units have individual meters for electric and gas. Landlord pays water and sewer $3385 annually averaging $282 per month. Common area electricity $1063 annually, averaging $89 per month. Annual waste removal-dumpster $1443, averaging $120/month. Annual insurance Philadelphia Contributorship $2178, averaging $182 per month. Annual landscaping $1250, averaging $104 per month.
Location
State PA
County Chester
Area East Bradford Twp (10351)
Zoning MULTIFAMILY 4 UNIT
Interior
Hot Water Natural Gas
Heating Hot Water
Cooling Central A/C, Multi Units
Fireplaces Number 1
Fireplace Y
Heat Source Electric
Exterior
Garage Spaces 12.0
Water Access N
Roof Type Asphalt,Architectural Shingle
Accessibility None
Total Parking Spaces 12
Garage N
Building
Foundation Stone
Sewer Public Sewer
Water Public
Architectural Style Victorian
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District West Chester Area
Others
Tax ID 51-05 -0095
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Bought with Margot N Mohr Teetor • RE/MAX Preferred - Newtown Square