1221 SPRUCE ST Philadelphia, PA 19107

Excellent five unit apartment building available NOW for purchase in wonderful Washington Square West! This is an exceptional opportunity to buy a value add building in an A+ location. 1221 Spruce Street consists of five apartments, all of which are currently leased. With a monthly rent roll of $6,645 ($79,740 per year), 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 ($91,380 per year) without major renovations. Further increases can be realized after renovating the building. The 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 it as an apartment building 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.