Philadelphia, PA 19146,2943-47 REED ST

$480,000

$500,000

4.0%
Est.Price: ?

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Est. payment /mo

3,100 SqFt


SOLD DATE : 11/15/2024

Key Details

Sold Price $480,000

Property Type Commercial

Sub Type Services

Listing Status Sold

Purchase Type For Sale

Square Footage 3,100 sqft

Price per Sqft $154

Subdivision Grays Ferry

MLS Listing ID PAPH2393148

Sold Date 11/15/24

Originating Board BRIGHT

Year Built 1940

Annual Tax Amount $3,817

Tax Year 2024

Lot Size 3,100 Sqft

Acres 0.07

Lot Dimensions 50.00 x 62.00

Property Description

Discover a prime investment opportunity in the vibrant Grays Ferry neighborhood! This versatile corner property, currently utilized as a Child Learning Center and Day Care Facility, offers a wealth of potential. Ideal for investors looking to add a cash flowing property to their rental portfolio with tons of upside.

The property is currently occupied by a tenant on a 5 year triple net lease which started in April of 2024. The monthly rent for the 1st year is $5,564 ($66,768/year) with a 3% increase each year of the lease.

The property is zoned CMX-2 which can be a development opportunity turning this into a mixed use multi-family property by right. The building sits on 100% of the lot which is 3,100 Sq/Ft.

Featuring spacious rooms, modern amenities, and a flexible layout, this corner property has a ton of options for what it can be used for once the current lease expires. Its prominent location in a thriving community adds additional value, making it an excellent choice for a development project. Don't miss out on this chance to capitalize on a property with a proven track record in a growing area. Schedule your visit today and envision the possibilities!

Location

State PA

County Philadelphia

Area 19146 (19146)

Zoning CMX2

Interior

Hot Water Natural Gas

Heating Central

Cooling Central A/C

Heat Source Natural Gas

Exterior

Water Access N

View Street

Accessibility None

Garage N

Building

Lot Description Corner

Sewer Public Sewer

Water Public

New Construction N

Schools

School District The School District Of Philadelphia

Others

Tax ID 882060070

Ownership Fee Simple

SqFt Source Assessor

Acceptable Financing Cash, Other

Listing Terms Cash, Other

Financing Cash,Other

Special Listing Condition Standard

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Bright MLS (BMLS)
Listed by Maria Maria Quattrone Quattrone • RE/MAX @ HOME
Bought with Jesse Vandeboe • OCF Realty LLC - Philadelphia
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