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$1,650,000
429 Days Online

1225 Spruce Street
Philadelphia, PA 19107

For Sale|Multi-Family|Pending
Subdivision:
Washington Sq West
County:
Philadelphia

Due to the health concerns created by Coronavirus we are offering personal 1-1 online video walkthough tours where possible.

1225 Spruce Street1225 Spruce Street1225 Spruce Street1225 Spruce Street
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The Raidman Estate (1/11/2021) A Generational offering of four apartment buildings (24 total apartments) in Center City Philadelphia are now available for purchase! Three of the buildings are located in the neighborhood known as Washington Square West and all on the same block: 1203-1221-1225 Spruce Street. The fourth property is located in Rittenhouse Square: 1818 Pine Street. This is an exceptional opportunity to buy four buildings with value add opportunities in A+ locations. 1203 Spruce Street is the first of four exceptionally located buildings in Center City Philadelphia that is now under contract to be sold. 1221 Spruce Street is the second of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1221 Spruce consists of five apartments, all of which are currently leased. With a monthly rent roll of $6,645, rents are currently below market and can be easily increased with no major improvements. It is estimated that the rent roll can be increased to $7,615 per month without major renovations. Further increases can be realized after renovating the building. 1225 Spruce Street is the third of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1225 Spruce consists of six apartments, all of which are currently leased. With a monthly rent roll of $6,845, rents are currently below market and can be easily increased with no major improvements. It is estimated that the rent roll can be increased to $8,095 per month without major renovations. Further increases can be realized after renovating the building. 1818 Pine Street is the fourth of four exceptionally located buildings in Center City Philadelphia that can be bought either individually or part of a package. 1818 Pine consists of six apartments, five of which are currently leased. With a monthly rent roll of $6,410, rents are currently below market and can be easily increased with no major improvements and by leasing up the vacant unit. It is estimated that the rent roll can be increased to $8,800 per month without major renovations. Further increases can be realized after renovating the building. Each property has one gas hot heater (boiler), one gas hot water heater one washer and dryer (coin-op machines) located in the basement for use by the Tenants. The Landlord currently pays for the heat and hot water and the cooking gas and cold water for all tenants. The Tenants pay for their own electricity usage. As the new owner, you can continue to operate them as apartment buildings and with improvements, increase rents even more. There is also a condo-conversion opportunity here. The one thing that is certain is that the location is very good and very attractive to renters and owner occupants. For tours and more information, please contact the listing agent.

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Listing Snapshot
Price
$1,650,000
Days Online
429 Days
Bedrooms
N/A
Inside Area (SqFt)
4,165 sqft
Total Baths
N/A
Full Baths
N/A
Partial Baths
N/A
Lot Size
0.04 Acres
Year Built
1880
MLS Number
PAPH880792
Status
Pending
Property Tax
$11,547
HOA/Condo/Coop Fees
N/A
Sq Ft Source
Assessor
Friends & Family
Recent Activity
yesterdayListing updated with changes from the MLS
yesterdayStatus changed to Pending
4 months agoStatus changed to Active Under Contract
4 months agoPrice changed to $1,650,000
5 months agoStatus changed to Active
See 2 more
General Features
Style
Other
Water
Public
Sewer
Public Sewer
Garage
No
Other Structures
Above GradeBelow Grade
Construction Materials
Masonry
Zoning
CMX1
Interior Features
Heating
Radiator
Cooling
None
Central Air
No
Basement
Yes
Basement Description
Full
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Community Features
Accessibility Features
None
Schools
School District
THE SCHOOL DISTRICT OF PHILADELPHIA
Elementary School
Unknown
Middle School
Unknown
High School
Unknown
Listing courtesy of New Age Realty Group Inc



The real estate listing information is provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale or lease referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. This web site references real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties in listings may have been sold or may no longer be available. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized collection or dissemination of this information is in violation of copyright laws and is strictly prohibited. Copyright © 2020 Bright MLS. All rights reserved.

Neighborhood & Commute
Source: Walkscore
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