Property

Philadelphia, PA 19125 1842 E Harold Street

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Presented By: Elfant Wissahickon Realtors
  • MLS# PAPH2421320
  • 11/18/2024
  • Request Tour
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  • SQFT • 6,232

Home Details

Snap up this incredible fully occupied, cash flowing portfolio. $4,500,000 includes three self-sufficient buildings comprised of 22 units total. Two are identical, 5 year old, 8-unit buildings, one is a 2 year old 6-unit building. Total gross annual rental income is $405,540. 1918-20 E Cumberland and 1917-1921 E Letterly St. are each 7,200 SF with 5 years of full tax abatement remaining. 1842 E Harold St is comprised of six, unique bi-level units. Each includes its own private outdoor space, hardwood floors, in-unit laundry, and a bathroom for every bedroom. Each unit has its own individual security system, and the building has a high-tech camera system for buzzing in guests. Located in the East Kensington section of Fishtown, easily accessible by the El, youll be an easy walk to restaurants, bars, shopping, and recreation. Tenants are individually billed directly by the utility company for electric, cable and internet. Tenants are also responsible for water billed by the property manager. Connecting the individual units security system directly to police and fire is an additional fee. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, rental licenses, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments are 1, 2, and 3 bedrooms. There is a bathroom for every bedroom. The 3-BR units (there are 3) have 3 bathrooms, the 2-BR units (there are 3) have 2 bathrooms. The 1-BR units (there are 2), of course, have 1 bathroom. Each unit has over-sized windows, hardwood floors, custom made cabinets and private, in unit laundry facilities. The building is all electric (no gas). Tenants are billed for electricity, water, and any renewals will be billed for private trash removal. Each unit was hard wired for cable during construction. East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked into the neighborhood are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town. 10 MORE REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction costs are at an all-time high. According to a report on construction cost data tracking firm Gordian, cost of materials jumped an average of 19% since 2020. This property is cheaper to buy than to build. 2! The housing shortage. According to U.S. News, after hitting a 30-year high in December 2021, permit issuances for single-family homes declined steadily at an average drop of over 50%/year. 3! This location is experiencing rapid growth. Multifamily construction permits shot up to a 30-year high in December 2021. By April 2023, that figure plunged 75%. 4! Theres a tunicate on supply of single-family homes. The existing inventory, and the inventory currently under construction may be everything available to priced-out-buyers and new residents for some time. 5! Affordability. Philadelphia Magazine reported that 95% of all newly constructed Greater Center City units in 2021 were apartments, not homes. Multifamily housing construction is being driven by strong demand for rental apartments due to high borrowing costs. 6! New rentals large enough for families are rare. The perpetual single-family home shortage in Philadelphia is steadily getting worse, increasing the demand for high quality, and larger rental units. 7! Its 2 years old and 100% to code. 8! Tax Abatement! 9! Fully occupied at market rates. 10! All licenses, zoning, expenses and leases are fully documented.
Presented By: Elfant Wissahickon Realtors

Interior Features for 1842 E Harold Street

Bathrooms

Total Restrooms10

Other Interior Features

Central Air Y/NYes
FlooringHardwood
Heating FuelElectric
Heating Y/NYes
Hot WaterElectric
Number of Elevators
Total Stories4

Other Rooms

Entry Level1

General for 1842 E Harold Street

AccessibilityNone
Building NameNONE AVAILABLE
Business TypeApartment Building
Cap Rate5.40
CityPHILADELPHIA
Construction MaterialsMixed
Cool FuelElectric
CoolingCentral A/C
CountyPHILADELPHIA
DirectionsE. Harold is a one-way street traveling East. Enter from Front St, or park on the corner of Jasper and Harold if you're coming from Fishtown.
DisclosuresAgent has Financial Interest
Electric Expense628.00
FULLFee Simple
Gross Income8750.00
HeatingCentral
Historic Y/NNo
Insurance Expense4005.00
Location TypeUrban
Lot Size Square Feet2979.50
Lot Size UnitsSquare Feet
MLS Area19125 (19125)
ModificationTimestamp2024-11-20T15:21:36
MunicipalityPHILADELPHIA
Net Operating Income81117.00
New ConstructionNo
NumberOfUnitsTotal6
Operating Expense2235.00
OwnerPaysCommon Area Maintenance, Taxes - Real Estate, Trash Collection
PossessionSettlement
Price Per Sq Ft Total AG240.69
Property ConditionExcellent
Property SubtypeFive Or More Units
Property TypeCommercial Sale
RoofRubber
Security FeaturesIntercom
SewerPublic Sewer
Standard StatusActive
StatusACTIVE
Subdivision NameEAST KENSINGTON
Tax Annual Amount135.0
Tax Assessed Value9700.0
Tax Lot139
Tax Year2025
Total Actual Rent105000.00
TransportationCommuter Rail Station less than 1 mile, Bus Stop less than 1 mile
Trash Expense2820.00
Vacation Rental Y/NNo
ViewCity
Water Access Y/NNo
Waterfront Y/NNo
Year Built2022
Year Built SourceEstimated
ZoningRM1

Exterior for 1842 E Harold Street

Building Area Total6232.00
Car Parking Spaces
Fencing Y/NY
Inclusions6 refrigerators, 6 washers, 6 dryers
Land Assessed Value9700.00
Land Use CodeSI
Lot Dimensions59' X 50.5'
Lot Size Acres0.07
Lot Size SourceEstimated
LotDimensionsSourceEstimated
Navigable Water Y/NNo
Total Loading Docks0
Total Parking Spaces0
Type of ParkingOn Street
Water Oriented Y/NNo
Water SourcePublic
Water View Y/NNo

Additional Details

Price History

Tina Torres

Broker/Owner
Price $1,500,000
MLS#PAPH2421320
List Date 11/18/2024
Property Type Commercial
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