237 S 49th St

Property Description

Fantastic investment opportunity in University City: This fully-rented four-unit building has great cash flow, bringing in $3,125/month in rent, with lots of potential to increase that figure significantly. The corner property with separate utilities is in a great location convenient to universities, parks, shopping/dining, SEPTA and is within the Lea elementary school catchment area and across the street from the Croydon apartments, which were renovated by Orens Brothers into a high-end rental building with a concierge and shuttles to universities. The ground floor unit is a spacious one bedroom with 1.5 baths and its own entrance facing Locust St. with a long-term (12 years!) tenant on a month-to-month lease. The first-floor apartment is a large two-bedroom with hardwood floors throughout and nice original details; it also has exclusive use of the detached garage and deck above–this would make a great owner’s unit (and in fact formerly served as one); currently it’s rented through August 30, 2015. The second-floor unit, a large one bedroom plus den, also has nice hardwood floors as well as a sleeping porch and is rented through April 30, 2015. The third-floor unit is a light-filled two bedroom with private deck and its own hot air heating system (the rest of the building has radiator heat), rented through September 15, 2015. There is an exterior landlord’s entrance to the partial basement, which houses the utilities and some storage space. This is a solid investment to add to your portfolio.

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