Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
Philadelphia, PA 19139,5038 SPRUCE ST
29
$810,000
$845,000
4.1%
Est.Price: ?

For more information regarding the value of a property, please contact us for a free consultation.

6,400 SqFt

5038 SPRUCE ST Philadelphia, PA 19139

Est. payment /mo
SOLD DATE : 10/21/2022

Want to know what your home might be worth? Contact us for a FREE valuation!

Submit

Our team is ready to help you sell your home for the highest possible price ASAP

Key Details

Sold Price $810,000

Property Type Multi-Family

Sub Type Detached

Listing Status Sold

Purchase Type For Sale

Square Footage 6,400 sqft

Price per Sqft $126

Subdivision University City

MLS Listing ID PAPH2141148

Sold Date 10/21/22

Style Other

Abv Grd Liv Area 6,400

Originating Board BRIGHT

Year Built 2010

Annual Tax Amount $9,307

Tax Year 2022

Lot Size 2,616 Sqft

Acres 0.06

Lot Dimensions 24.00 x 109.00

Property Description

Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500 residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home, yet offering single floor living. So easy to rent. The 1st floor offers 3 bedrooms, 2 full baths, and a very large rear yard. The 2nd floor offers 3 bedrooms, 2 full baths, and a rear deck. The 3rd and 4th floors each offer 2 full bedrooms, 1.5 baths, huge living spaces, and rear decks. Super convenient location with a 93 WalkScore and tons of SEPTA options to Center City, Penn, Drexel, HUP, 30th Street, etc. This building currently brings in $71,000+/year with very low expenses. While the list price reflects these numbers, the building is significantly under-rented with three leases expiring in March 2023 and one is currently month-to-month. Just ideal, as new owner is set up to seamlessly bring rents up to our projected rents of $2,000+ per unit (for first two floors)and $1,800+ per unit (for upper two floors) or $91,000+/year. Additional bonus potential: Other quads on the block have successfully applied for variance for 5th unit in lower level. This building has lower level just waiting to be finished. Potentially add another $1,200-$1,500/month to your rent roll. All utilities and mechanicals are separated (except for cold water). A superb investment opportunity in a red-hot neighborhood.

Location

State PA

County Philadelphia

Area 19139 (19139)

Zoning RSA3

Interior

Hot Water Natural Gas

Heating Forced Air, Zoned

Cooling Central A/C, Zoned

Heat Source Natural Gas

Exterior

Water Access N

Accessibility None

Garage N

Building

Lot Description Rear Yard

Foundation Concrete Perimeter

Sewer Public Sewer

Water Public

Architectural Style Other

Additional Building Above Grade, Below Grade

New Construction N

Schools

School District The School District Of Philadelphia

Others

Tax ID 602108800

Ownership Fee Simple

SqFt Source Assessor

Special Listing Condition Standard

Read Less


Bright MLS (BMLS)
Listed by Jeffrey Block • Compass RE
Bought with Jermaine Parker • Coldwell Banker Realty

GET MORE INFORMATION

agent

Skip Tolley

Agent | License ID: 528296

+1(410) 935-7500

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.