2031 E Susquehanna Avenue, Philadelphia, PA 19125

Property Description

Inquire about the 3D walkthrough of the whole building! Price improvement, and now 2 of the 3 units renewed through Summer 2027! The top floor unit can be delivered vacant on August 1 for an owner-occupant or rented out if the buyer is an investor. A rare opportunity to acquire a fully renovated triplex in one of Philadelphia's most desirable markets. All three 2-bed/1-bath units have been updated with new kitchens, hardwood floors, central AC and heat, in-unit washer/dryer, and updated plumbing, electric, and mechanicals, making this a true turnkey asset with strong tenant demand from day one. The property currently generates $55,020 in annual gross rental income which would put it at 11.18x GRM which is better than the area average of 11.55x, even though two of the three units were leased $100 to $150 below market during the off-season in September & November. Lease expirations are in June, July, and August which align perfectly with peak rental season, giving the new owner a clear path to capture that upside without any construction. There is also a meaningful tax opportunity. The city slapped a huge $10,800 annual tax bill on the property which is based on a city's 750k assessment. An appeal at the $615K purchase price would bring taxes down to approximately $9,000, saving roughly $1,800 per year. Combined with the rent increases, that is over $4,200 in additional annual income achievable through leasing and paperwork alone, pushing the projected CAP rate to 6.6% and GRM to 10.62x with conservative rents, which is exceptional for this submarket. For the owner-occupant, this is truly turnkey. Move in, skip the leasing process, and start collecting rent on day one in a natural house-hack setup where the other two units cover your carrying costs while you settle in. All current tenants are highly qualified and maintain the property well. All the units are beautifuly furnished & taken care of. A mortgage broker is available to consult on monthly payments and how to acquire this asset with as little money down as possible. Leases, applications, and full rent history available upon request.

Property Features

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