Excellent mixed use investment opportunity! This 3505 sq. ft. property consists of a first floor retail space & apartments on the 2nd & 3rd floor. CMX-2 Zoning. The retail space was previously a corner bar & can be again. A liquor license is not included. Other potential uses by right include a restaurant, professional offices, medical, religious assembly & grocery store. Check Phila zoning CMX-2 for additional uses by right or by special exception. The first floor is 1169 sq ft. with his & her bathrooms & is finished nicely. See photos. The 2nd & 3rd floor apartments have a separate entrance & consists of 4 bedrooms & two full baths on each floor which can be developed into large apartments on each floor (1169 sq. ft.) or a boarding home type arrangement. The building exterior is in excellent condition with a 2-3 year old roof, updated fire alarm system, security system with cameras, automated roll down security gates for 1st floor doors and windows, basement walk in cooler, bilco doors & basement freezer. All electric heat with one meter for the fist floor & one for the 2nd & 3rd floors. Gas utility available. Pro-forma cap rate could exceed 20%. $360 per month per bedroom (8 bedrooms) and $1500 per month for retail space. See pro forma. Current income $2,040 per month. Property is priced to sell!
Fairhill is a neighborhood on the east side of the North Philadelphia section of Philadelphia, Pennsylvania, United States. Fairhill is bordered by Front Street to the east, Germantown Avenue to the west, Glenwood Avenue to the north and northwest, and York Street to the south.[1] The neighborhood serves as the center of the Hispanic community of Philadelphia, and is known for its "El Centro de Oro" commercial strip along North 5th Street. Fairhill is adjacent to Harrowgate and West Kensington to the east, Hartranft to the south, Glenwood to the west, and Hunting Park to the north.
