PA
PHILADELPHIA
PHILADELPHIA
19139
4614 SPRUCE STREET
4614 SPRUCE STREET, PHILADELPHIA, PA 19139
Listing Type
commercial/industrial
Listing Status
contingent
33
$599,000

Home Details for 4614 SPRUCE STREET

Price
$599,000
Type
Commercial Sale
Bedrooms
0
Bathrooms
0.0
Square feet
9500
Year built
1904
Lot size acres
0.08
County
PHILADELPHIA
Garage
Days on site
81
MLS Listing#
PAPH2337220
Listing courtesy: Tesla Realty Group, LLC - 8448375274
Property Description

This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, 8-unit building in a prime location, with the full 10-year tax abatement secured! The tax abatement can save approximately $470,000 in taxes over the next 10 years.* This sale includes the land, the existing structure, full plans, MEPs, geotech, phase 1, and approved building permits with a full 10-year tax abatement. This project has been designed to take full advantage of the rental potential in this neighborhood by maximizing the square footage and capitalizing on desirable floor plan configurations. Our other properties in the area are all renting around $3 a square foot. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The building and land alone appraised at $990k when we originally purchased it, and since then we have spent over $200k on architecture and other soft costs, but we need to sell so were are letting this go at a loss. The numbers: Estimated Cost of Construction ($150/sf): $1,425,000* Purchase Price: $599k ———————————————————————- Estimated Project Cost: $2,450,000* Projected Gross Rents: $231,600* Estimated NOI: $187,997* The subject property is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is seeing a boom of high-end mid-rise developments. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork. Plans call for a large addition on the rear of the building to bring the completed project to approximately 9500 sqft, with a mix of 1 to 3 bedroom units. The unit layouts have been designed to optimize the achievable rents per square foot. Most units offer private outdoor space while the larger units feature multiple private outdoor spaces, large primary suites with tubs and showers, walk-in closets. One of the showpiece ‘owner’s units’ boasts a large kitchen surrounded by sliding glass doors that lead to a large wrap-around terrace. *All calculations and figures are estimates and are not a guarantee of terms, values, or costs

Property Features
  • Heating Information
    • Hot Water
    • Radiator
  • Cooling Information
    • None
  • Water Features
    • Public
IDX listing information is from various brokers who participate in IDX and provided courtesy of Bright MLS. Property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Information contained on this website provided by MRIS is deemed reliable but not guaranteed ©2024 Bright, All Rights Reserved.
Last Updated: 2024-06-10 15:19:16
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EXIT ELEVATE REALTY
1450 Grays Ferry Ave. 1st Floor, Philadelphia, PA 19143
Office
215 623 6000
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