• 1527 W WESTMORELAND ST, PHILADELPHIA, Pennsylvania, 19140

  • $125,000
This full rehab project in the booming University Med Campus area has the potential to be a 11-12 cap rate rental with 5 residential units. It consists of a 2,200 square foot structure with a full basement and enough space to build an addition on the 3rd floor. Utilizing the basement space would allow for two bi-level units on the first floor and basement. The sale also includes the adjacent lot (1529 W Westmoreland Street) which leaves the option of a second exit on the side of the building leading to a large community courtyard or designated parking area. The property's close proximity to prominent University owned buildings such as the Lewis Katz School of Medicine, Hospital, University Hearing Services, as well as Schools of Pharmacy, Dentistry and Health Professions will draw interest from graduate students, faculty members, and medical staff. Within two blocks of the property, you will find two subway stations leading to Center City, as well as a Starbucks, Rite Aid and PNC Bank. It's proximity to commercial businesses, eateries, shops, and center city will generate interest from tenants who may commute to Center City or the nearby Fairmount area. It takes 19 minutes on the subway or a 17 minute drive to reach the city center. The street is well-lit and heavily traveled with several other redevelopment projects already underway. Two newly renovated triplexes recently sold at cap rates of 8 on the same block. A shell of similar size recently sold for 180,000 just two blocks away and did not include a second lot. As other new developments arise and are in high demand, now is the perfect time to renovate this strategically placed investment property.
(215) 278 - 2873
PostedJanuary 08, 2018