Remarks

Excellent investment opportunity to own this turn-key, fully occupied, 5-unit building in desirable Keswick Village. This property consists of a commercial beauty salon tenant and (4) one bedroom apartments, all with a great rental history and upward potential. The salon tenant on the main level has invested into their fit-out and is in the middle of a multi-year lease, showing their commitment to the location. The salon is well appointed and has central air and gas heat. Each apartment has received various updates under current ownership; such as kitchens, appliances, baths, flooring, and paint. The property is conveniently located in the heart of Glenside, Abington Township and in close proximity to neighboring shops, pubs, restaurants, a local market, the Keswick Theater and public transportation. The local bus route and the Glenside Train Station are just a short distance away. Apartment demand is extremely high in this desirable location and vacancies are always filled quickly. The apartments have radiator heat by a gas boiler in the basement, controlled and paid for by owner. Current ownership has replaced the roof and numerous other mechanical items such as water heaters and the boiler, greatly reducing future capital expense needs. Tenants are responsible for their individually metered electric and gas. The building has (2) large water heaters in the basement and is equipped with a hard-wired and monitored fire alarm system. There is some parking in the rear of the property and also on street parking. While the building is currently fully occupied and profitable, a new owner could increase income by approximately $100-$200 per month per residential unit ($5,000-$10,000 per year) by implementing various value-add strategies such as adding laundry, charging for reserved parking, and/or upgrading interior finishes to the next level. This is a perfect property for the first-time investor or a seasoned investor to add to their portfolio. Some photos are prior to tenant occupancy.

Details

MLS#: PAMC2119924
Price: $975,000

Year Built: 1935

County: MONTGOMERY
Tax Fee: 7040.0