$387,500
$394,900
1.9%For more information regarding the value of a property, please contact us for a free consultation.
7000 FORREST AVE Philadelphia, PA 19138
1,872 SqFt
Key Details
Sold Price $387,500
Property Type Multi-Family
Sub Type End of Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 1,872 sqft
Price per Sqft $206
MLS Listing ID PAPH2321418
Sold Date 04/01/24
Style Traditional
Abv Grd Liv Area 1,872
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $3,729
Tax Year 2024
Lot Size 1,973 Sqft
Acres 0.05
Lot Dimensions 21.00 x 93.00
Property Description
This is a unique opportunity for a turnkey rental property in West Oak Lane for either an owner-occupant investor (3rd floor tenant just moved out) or someone simply looking for positive cash flows. All three units are 2 bedrooms, relatively similar in size, and all fully renovated/updated in 2015. Units #1 & #2 are occupied by long-term tenants, though their rents are slightly below the current market values based on my rental comps. All current and projected rents are included in the listing details. Even at the current rents the property has a 6.5% cap rate, but projects at a 7.57% cap rate at the market value rents of $1,000/mo, $1,250/mo, and $1,200/mo. A pro-forma P&L is included in the document section of the listing. In addition to this being a sunny corner property, the location has an 83 WalkScore so most errands can be accomplished on foot. In addition to all of the conveniences located on nearby Ogontz Ave, there are also several close by local favorites such as Dubu, Jamil's Cafe, and Le Onde Ristorante.
Location
State PA
County Philadelphia
Area 19138 (19138)
Zoning RSA5
Interior
Hot Water Electric
Heating Baseboard - Electric
Cooling Window Unit(s)
Heat Source Electric
Exterior
Exterior Feature Deck(s)
Waterfront N
Water Access N
Accessibility None
Porch Deck(s)
Parking Type None
Garage N
Building
Lot Description Corner
Foundation Stone
Sewer Public Sewer
Water Public
Architectural Style Traditional
Additional Building Above Grade
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 102519500
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing VA, FHA, Conventional, Cash
Listing Terms VA, FHA, Conventional, Cash
Financing VA,FHA,Conventional,Cash
Special Listing Condition Standard
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Bought with Victor Adeola King • BHHS Fox & Roach-Jenkintown