Skip To Content

4614 Spruce Street

PHILADELPHIA, PA 19139
  • $599,000
  • STATUS: Active Under Contract
  • ON SITE: 49 Days
  • ID#: PAPH2338530
Under Contract
UPDATED: 125 min ago
$599,000
  • 6
    BEDS
  • 0.08
    ACRES
  • 2
    BATHS
  • 0
    1/2 BATHS
  • 3,360
    SQFT
  • $178
    $/SQFT
Neighborhood:
Type:
Townhouse
Built:
1904
County:

School Ratings & Info

School District:

Description

8 unit approved !!!!Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, 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 owners 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

Monthly Payment Calculator



©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Crews Real Estate | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-22T12:54:42.07.
www.crewsrealestate.com/homes/149128366
Print Image

4614 Spruce Street PHILADELPHIA, PA 19139

  • Price: $599,000
  • Status: Active Under Contract
  • On Site: 49 Days
  • Updated: 125 min ago
  • ID#: PAPH2338530
6
Beds
2
Baths
0
½ Baths
0.08
Acres
3,360
SQFT
$178
$/SQFT
1904
Built
Neighborhood:
Walnut Hill
County:
Philadelphia
Area:
19139 (19139)
School District:
Philadelphia City
Property Description
8 unit approved !!!!Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, 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 owners 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
Exterior Features

Architectural Style Other Construction Materials Masonry Garage YN No Parking Types On Street Pool No Pool Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 3360 Basement Poured Concrete Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 0 Cooling None Fireplace YN No Heating Radiator Heating YN Yes Levels 3 Main Level Bedrooms 0 Upper Level1 Bedrooms 3

Property Features

Accessibility Features None Association YN No Central Air YN No Condo YN No Cooling Fuel None Foundation Details Slab Heating Fuel Natural Gas Hot Water Electric Municipality PHILADELPHIA Navigable Water YN N New Construction YN No Original MLSNumber 802965123576 Ownership Interest Fee Simple Sale Type Standard Senior Community YN No Sewer Public Sewer Structure Design Type Twin/Semi-Detached Tax Annual Amount 6356.00 Tax Lot 50 Vacation Rental YN No Water Source Public Zoning RM1

Listing courtesy of Tesla Realty Group, LLC: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and 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 may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Crews Real Estate | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-22T12:54:42.07.
 
https://bt-photos.global.ssl.fastly.net/brightmls/orig_boomver_1_802965123576-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/orig_boomver_1_802965123576-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/orig_boomver_1_802965123576-2.jpg
Logo
Crews Real Estate | EXP Realty
1320 Central Park Blvd, #200
Fredericksburg VA, 22401