1917 E Letterly St, Philadelphia, PA, 19125

1917 E Letterly St, Philadelphia, PA, 19125 < >
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for sale
Square Feet:7242
Lot Size:0.06 Acres
Year Built:2019
MLS #:PAPH2291602
Date Updated:
For information contact:
MGC Real Estate Group
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BREAKING NEWS!!!!! For the first time in history, commercial loans for cash flowing properties are currently 7.25% and fluctuating only +/- 10 basis points. Snap up this incredible fully occupied, cash flowing 8-unit (all rented at market rates) building. Gross annual rental income is $144,600. Legally known as 1917-1921 E Letterly St. is 7,200 SF, lot size of 36’ X 75’ with 6 years of full tax abatement remaining.is 7,200 SF, lot size of 36’ X 75’ with 6 years of full tax abatement remaining. Annual taxes are based on land value only until the abatement ends. Expenses include taxes, private trash removal, fire suppression, common area cleaning, whole house electric meter, and insurance. The apartments are 1, 2, and 3 bedrooms. There is a bathroom for every bedroom. The 3-BR units (there are 3) have 3 bathrooms, the 2-BR units (there are 3) have 2 bathrooms. The 1-BR units (there are 2), of course, have 1 bathroom. Each unit has over-sized windows, hardwood floors, custom made cabinets and private, in unit laundry facilities. The building is all electric (no gas). Tenants are billed for electricity, water, and any renewals will be billed for private trash removal. Each unit was hard wired for cable during construction. East Kensington is a neighborhood bordering Olde Richmond, Fishtown, and Norris Square. Along Frankford Avenue and tucked in the neighborhood, are amenities such as: curated vintage stores, hip boutiques, wellness and fitness studios, salons, restaurants, bars, breweries, and friendly coffee shops. Proximity to the Market-Frankford line, several bus lines, I-95 exits make it easy for residents and commuters to get in and out of town. 10 MORE REASONS TO BUY THIS MULTI-UNIT NOW: 1! Construction costs are at an all-time high. According to a report on construction cost data tracking firm Gordian, cost of materials jumped an average of 19% since 2020. This property is cheaper to buy than to build. 2! The housing shortage. According to U.S. News, after hitting a 30-year high in December 2021, permit issuances for single-family homes declined steadily at an average drop of over 50%/year. 3! This location is experiencing rapid growth. Multifamily construction permits shot up to a 30-year high in December 2021. By April 2023, that figure plunged 75%. 4! There’s a tunicate on supply of single-family homes. The existing inventory, and the inventory currently under construction may be everything available to priced-out-buyers and new residents for some time. 5! Affordability. Philadelphia Magazine reported that 95% of all newly constructed Greater Center City units in 2021 were apartments, not homes. Multifamily housing construction is being driven by strong demand for rental apartments due to high borrowing costs. 6! New rentals large enough for families are rare. The perpetual single-family home shortage in Philadelphia is steadily getting worse, increasing the demand for high quality, and larger rental units. 7! It’s 4 years old and 100% to code. 8! Tax Abatement! 9! Fully occupied at market rates. 10! All licenses, zoning, expenses and leases are fully documented. A 2nd building identical to this is also available for $1,500,000.
Interior Details
Building Total SQFT: 7242.00Elevators Count: 0
Entry Floor Number: 2Flooring Type: Hardwood
Security Features: Carbon Monoxide Detector(s), Electric Alarm, Smoke DTotal Restrooms: 15

Exterior Details
Lot Size Acres: 0.06Lot Size Dimensions: 36x75
Lot SQFT: 2709.00Roof: Flat

Community Information
County: PHILADELPHIACross Street: Emerald
Municipality: PHILADELPHIASubdivision Name: FISHTOWN
Zoning: CA0

Property Information From MLS Data
Accessibility Features: NoneBusiness Type: Apartment Building
DOM: 7MLS Area: 19125 (19125)
New Construction YN: YProperty Sub Type: Five Or More Units
Building Level Count: 4Year Built: 2019

Cooling Type: Central A/CHeating Type: Forced Air
Sewer Septic: Public SewerWater Source: Public

Listing Information Courtesy of:
List Agent Full Name: Jeanne A Whipple
List Office Name: Elfant Wissahickon Realtors
List Office Phone: 2158660050

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Monthly Payment for 1917 E Letterly St
This is an estimated monthly mortgage payment. Your actual financing will vary depending on your lender, local taxes, credit score and other factors.
Down Payment:
Loan Amount:$1,080,000
Loan Type:30 year fixed at %
Principal & Interest:
Property Taxes: (1.5%)
Homeowner's Insurance:
Total Payment:
Listing courtesy of Jeanne A Whipple, Elfant Wissahickon Realtors

Information obtained from Bright MLS is current as of 12/8/2023 11:11 AM. Information provided by seller/other sources, not verified by broker. All interested persons should independently verify accuracy of all information. Information deemed reliable but not guaranteed. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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