$ 720,000
-
$720,000
Price -
3
Bed -
9
Bath -
3,592
SqFt -
0.03
Acre
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About the Listing KELWLMW - 3180966,3401836
GREAT INVESTMENT OPPORTUNITY WITH RENTAL UPSIDE! Introducing 1604 N. Willington St., a modern three-unit multifamily building in Philadelphia, constructed in 2018. ALL THREE APARTMENTS ARE CURRENTLY OCCUPIED, generating $6,339 in monthly rental income, totaling $76,068 annually. Offered at a 7.87% cap rate, this property combines established rental income with the potential to increase rents upon future re-leasing. THREE APARTMENTS FEATURING 14 BEDROOMS AND NINE FULL BATHROOMS! The building includes one FIVE-BEDROOM, THREE-BATHROOM apartment, one THREE-BEDROOM, TWO-BATHROOM apartment, and one SIX-BEDROOM, FOUR-BATHROOM apartment. This varied unit mix offers generous bedroom capacity across three residences, making the property an appealing option for investors seeking a multifamily asset with larger apartment configurations. Each apartment features its own IN-UNIT WASHER AND DRYER, individual water heater, and dedicated HVAC system providing CENTRAL HEAT AND CENTRAL AIR CONDITIONING. These appliances and systems operate on electricity. Individual heating and cooling systems allow residents to control their own apartment’s temperature, while private laundry adds everyday convenience. KEYPAD ENTRY AND SECURITY CAMERAS complement the building’s modern amenities. Coded keypad locks provide convenient access, while cameras offer additional monitoring of the property. SIGNIFICANT POTENTIAL TO GROW RENTAL INCOME! Ownership estimates that total monthly rental income could approach $8,800 upon re-leasing, equivalent to $105,600 annually. This represents a potential increase of $2,461 per month, or $29,532 annually, over current rents. At this projected income, the property could achieve an estimated 11.97% CAP RATE, based on a $720,000 purchase price and unchanged operating expenses. The estimated rental upside provides an opportunity for a future owner to improve income as existing leases expire and apartments are re-leased at achievable market rates. Projected rents and returns are estimates, subject to market conditions and independent verification, and are not guaranteed. Built in 2018, this fully occupied property brings together modern construction, individual apartment systems, in-unit laundry, and a substantial bedroom count. With current rental income and potential for future growth, 1604 N. Willington St. offers a compelling opportunity to establish or expand a Philadelphia multifamily portfolio. AT LEAST 24 HOURS’ ADVANCE NOTICE IS REQUIRED FOR ALL SHOWINGS. Please coordinate appointments in advance to accommodate the occupied apartments. All information, including unit configuration, bedroom and bathroom counts, occupancy, lease terms, current and projected rental income, expenses, current and projected cap rates, construction year, utilities, and property features, must be independently verified by the buyer and buyer’s representatives. One listing agent is related to the owner of the building.
Listing Highlights for 1604 N Willington St
Status
Active
Days on Site
0
Property Type
Multi-Family
MLS ®
PAPH2678078
Year Built
2016
Total Square Footage
3,592
Lot/Acreage
0.03
County
Philadelphia
Neighborhood
Temple University
Area
19121 (19121)
School District
Philadelphia City
Interior Details
- Bedrooms: 3
- Bathrooms: 9 Full
- Appliances: Dishwasher, Washer, Dryer
- Air Cond: Central A/C
- Heating: Central
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 3592
- Basement: Fully Finished
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No
- Garage Capacity: N/A
- Lot Dimensions: 16.00 x 73.00
- Zoning: RM1
- Roof:
- Others: Excellent
- Sewer: Public Sewer
- Parking Features: On Street
Financial Details
- Tax Amount: $7,782
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2027
Payment Calculator
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Listing Location
Questions About..
1604 N Willington St Philadelphia, PA 19121
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