651 N 33RD STREET

PHILADELPHIA, PA 19104

Welcome to 651 N 33rd Street. An exceptional triplex opportunity for investors, owner occupants or college parents seeking to house their student while building equity and generating income. With proximity to Drexel & UPenn, parents can provide secure housing for their child in one unit while the remaining units cover the mortgage and expenses. Unit 1 and 2 are both 2 bedroom, 1 bath each occupied on yearly leases at $1450 a month . Unit 3 is a spacious 5 bedroom, 3 bathroom unit currently owner-occupied with individual room rentals. This versatile unit includes a self-contained efficiency with its own mini kitchen and private bath, ideal for maximizing rental income. Historic room rental rates have been $900, $800, $700, $700, and $650 per month, providing a monthly income of $3,750 from this unit alone. The owner will be relocating upon sale and Unit 3 can be delivered vacant at settlement, giving the new owner complete flexibility to continue the room rental model or lease the entire unit. Comprehensively renovated in 2017, this turnkey property combines immediate cash flow with significant tax savings. Historic gross annual income is $79,800. Annual operating expenses total approximately $13,602. Net Operating Income (NOI): $66,175, representing an attractive return for investors seeking cash-flowing real estate with minimal management required. The remaining tax abatement period provides substantial cost savings over the next two years, further enhancing returns.

Listing courtesy of Iron Valley Real Estate Exton



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