MLS® ID: PADE437934
730 14TH AVENUE
PROSPECT PARK, Pennsylvania, 19076 $295,000
Active Under Contract
Attention seasoned investors and first-time owner occupants! Shade trees and a large front porch welcome you to this meticulously maintained 4-unit dwelling, with garage and off-street parking for four. This quiet and desirable neighborhood is walking distance to parks, convenience stores, a library and the train to Center City. Tenants and guests can enter through a shared lobby, or through back-door entrances from the off-street parking area. First floor Unit 1 is a bright and sunny space with living room, dining room, full kitchen, 2 bedrooms, bath, central air conditioning, plentiful windows, and wall-to-wall carpeting. It would be ideal for an owner occupant. Currently vacant, it was last rented for $925 month. The second floor landing provides access to Units 2, 3 and 4, each are one bedroom/studio units with long term tenants who consistently pay on time. Income from the 3 occupied units and the garage is $2050 a month. The four units and garage have updated electrical service and are metered individually. Heating for units 2, 3 and 4 is electric baseboard heat. Owner pays for tenant water and common area electric. Tenants have access to the basement which offers storage and coin-operated laundry, which generates another $300-400 income annually. Gross annual income for the property is $35,700 (including laundry), or $24,600 annually without Unit 1 and laundry income. An owner occupant borrower can count 75% of this amount as income when applying for a home loan. The monthly income will be paying most if not all of your mortgage. When fully occupied, this property is an excellent investment. As a landlord myself, I can tell you that multi-family dwellings with sound mechanical systems, separate utilities, on site laundry and off street parking in a great location are hard to come by. So make your appointment today before this opportunity is gone.