1509 W ALLEGHENY AVENUE, Philadelphia, Philadelphia County, PA 19132

For Sale

Listed by Richard Cassell with Keller Williams Philly
$455,000 USD
  • 3,412 Sqft
  • 0.1 ac Lot Size
  • MultiFamily
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Property Summary for 1509 W ALLEGHENY AVENUE

Type
MultiFamily
Sub-Type
Single Family Detached
Style
New Traditional, Traditional
Lot Size
0.1 Ac
MLS Number
PAPH926358
Year Built
1925
Neighborhood
Tioga
Zip
19132
School District
Philadelphia City School District
Schools Information

Description for 1509 W ALLEGHENY AVENUE

Rare opportunity to own a large income producing 6 unit building in the booming section of North Philly's hottest developmental corridor. There is massive upside potential for this building through Opportunity Zone development! Real estate investments made by individuals through special funds in these new zones can defer or eliminate federal taxes on capital gains and avoid future tax penalties often associated with real estate investing. One hundred billion dollars in capital are expected to spur development in these zones. Over 1.8M SF are planned in this area alone, spurred by the Amtrak North Philadelphia redevelopment led by HFZ Capital of NYC. Tenants are the family of the owner so rent has been below market rates. Going amounts for 1 bed are $900 per month making this a 14 cap for an investor looking to update and rent out. Medical students have flooded the area as renters. All surrounding this 5 block development surge. New construction multi families are selling for 600k+. There is a major 100 million dollar plus expansion project planned for the septa station nearby and over 400 units for construction have been approved and are in the queue. Now... to sweeten the deal this legal 6 unit sits right next to a vacant lot that through proper zoning can be packaged together and creates a 28-32 unit rental building with parking!!! There have been preliminary meetings for the development and there is support for the project from the neighbors and community. Consolidate both parcels and make a serious addition to your portfolio. ??Even as a separate purchase this building is a slam dunk for an investor with some work and re-renting. All occupants have agreed to move out prior to the sale or stay if desired. Contact Rich Cassell for more information: (cell) 609-217-1577 or (office) 215-607-6007.
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Features for 1509 W ALLEGHENY AVENUE

Heating
  • Forced Air
Interior Features
  • Basement
Exterior Finish
  • Masonry
Listing provided by TREND
Copyright © 2020 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Listed by:

Richard Cassell

Keller Williams Philly

Demographics in 19132top

Population

Total population 32,196
Male population 14,847
Female population 17,349
Median age 37.20

Households

Total households 13,756
Average people per household 2.31

Housing

Total housing units 18,439
Owner occupied 6,759
Renter occupied 6,997
Median year built 0

Income

Median household income 20,955
Average household income 31,880

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Disclaimer


Demographic data shown in this section was gathered from the 2018 American Community Survey and is deemed reliable but is not guaranteed.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.

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