623 North 32nd Street
623 North 32nd Street
$419,900
6
3
2,667
2,667
$157
Active Under Contract
Description
NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax). Attention Investors! Don’t wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the...NOTE: Property is hugely over Assessed. The assessment has been appealed and we're awaiting agreement and adjustment by the city...call listing agent for any questions. Example: if the new 2014 assessment should be set at the current list price, the real estate tax amount might be: $419,900 (sales price) X .013998 (2024 City and SD tax rate) = $5,877.76 annual tax). Attention Investors! Don’t wait! 2015 renovated legal Triplex in the Mantua/University City area; just blocks from UPenn, Drexel, the Zoo, Mann Music Center and Art Museum. Easy to get to/ from with I76, Vine Street Expwy with MLK Drive immediately contiguous and public transportation steps away. All units in the building are similar including: unit layout, color scheme, kitchen amenities, appliances, granite countertops, hardwood floors, etc. Each is a 2bd/1bath units and all renovated from the studs out in 2015 including all new electrical, HWH, appliances, one or more of the forced air Heating units replaced, Fire Alarm system (recent inspection), etc; keep your maintenance costs at a minimum! All utilities separate and paid by the tenants except water/sewer. Common area Washer/Dryer in basement. Buyers' agent responsible for confirmation of real estate taxes given recent Phila re-assessment and current Tax Appeal. Pro Forma numbers reflective of property taxes at approximate sale price as listed. Remaining tenant is long term and under rented at $1,000/month, the difference available to significantly impact future cap rate. Units should rent closer to $1350/mo. Cap Rate based on pro forma projected annual rents @ $1350/mo and 2024 real estate tax rates assuming adjustment by appeal based on sales price. Current tenant(s) are M2M tenants. All of the units are similar. Cap Rate Calc Example: Projected rental income: $1350 x 3 x 12 = $48600. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542. Projected Expenses: $5,877 (Est Taxes after Appeal) + 2350 (Est Ins) + 165 (Ann Rent Lic Fee) + 350 (Ann Trash Fee) + 600 (CAM/util) + 1200 (Water & Sewer) = $10,542 $48,600 - $10,542 = Est $38,058 (NOI) / $419,900 (List price) = 9.06% Cap Rate.
- Listed by James J Hanning • Bainbridge Realty LLCP: 6106628715 hanningesq@comcast.net
Property Details for 623 North 32nd Street
Tax ID Number
242130400
OwnershipFee Simple
Structure TypeInterior Row/Townhouse
StyleStraight Thru
WaterfrontNo
GarageNo
Cross StreetMt Vernon
MunicipalityPHILADELPHIA
Location
LISTING UPDATED: 04/22/2024 09:17 AM
Property Details for 623 North 32nd Street
Status | Active Under Contract |
---|---|
MLS # | PAPH2313686 |
Days on Market | 57 |
Taxes | $11,446 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi-Family / Fee Simple |
Year Built | 1935 |
Lot Size | 0.04 AC / 1,683 SF |
County | Philadelphia County |
Location
Building Information for 623 North 32nd Street
Stories-Residences3Year Built1935Building Size-Lot Size0.04 AC / 1,683 SF
Payment Calculator
$3,245 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 623 North 32nd Street
Property History for 623 North 32nd Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 623 North 32nd Street
Taxable ValueLand$163,540Additions$654,160Total$817,700
Tax Record2023$11,446 ($954 / month)
Home Facts
Total Finished SqFt2,667 SqFtAbove Grade Finished SqFt2,667 SqFtStories3Lot Size1,683 SqFtStyleMulti-Family Res (5+ Units)Year Built1935ZoningRM1CountyPHILADELPHIAAPN24-2-1304-00
Schools near 623 North 32nd Street
This home is within Philadelphia City School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Mcmichael Morton School PublicPK to 8 | ||
West Philadelphia High School Public9 to 12 | ||
School Of The Future Public9 to 12 | ||
Paul Robeson High School For Human Services Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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