“Buy ’Em by the Sack” in South Kensington for $800K
Ever dreamed of being a landlord instead of dealing with one? Here's your chance to make that dream come true.
We’re not sure what’s going on here, but every other trinity that’s currently on the market in Philadelphia and is worth featuring, we’ve featured already. Maybe it’s the red-hot local real estate market, or maybe everyone currently living in a trinity loves their home and isn’t ready to sell it or move right now.
But before we begin our winter reruns, we thought we’d throw out another buying opportunity.
This one’s a package deal aimed at anyone who’d like to become a real estate investor or already is one. If you’re a renter who’s longed to show your landlord how it should be done, you might want to follow along as well.
What you’re looking at above is a row of five trinities on Thompson Street in South Kensington. All of them were remodeled several years ago and feature updated kitchens and bathrooms. Good tenants occupy all of these units and have kept them in more or less decent shape.
They all have a living-dining area on the first floor, with a kitchen with newer cabinets and granite-topped counters in the rear ell. Upstairs there are two bedrooms, and the bathroom is on the second floor. The unfinished basement can be used as storage space or laundry.
The hardwood floors vary in type and age, but they’re all in good condition. When your tenants move out, you should have only minimal repairs to perform, but you will probably want to spiff up the units a little more, for they’re in an area that’s much in demand right now. They’re right around the corner from the burgeoning Front Street restaurant and nightclub row and only a little further away from Frankford Avenue’s shops and restaurants.
That means you should get a nice return on your investment, especially when you consider what you will invest up front. It’s not all that much, given that you’re buying five rental residences all at once. You might even be able to afford sending one tenant packing and moving in yourself, the price is that low. Use the money you’ll save to give the units another refresh as tenants move on.
Please note that the photos below are representative of the occupied units as they currently appear.
THE FINE PRINT
BEDS: 10 (2 per unit)
BATHS: 5 (1 per unit)
SQUARE FEET: 591 (per unit)
SALE PRICE: $799,995
OTHER STUFF: One water meter covers service to all five units. The owner is offering this property in “as is” condition. The house lots are zoned for mixed-use commercial development.
107-15 W. Thompson St., Philadelphia, Pa. 19122 [William Pfeffer | BHHS Prime Real Estate]