UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 24,585 sqft
Price per Sqft $87
MLS Listing ID PAPH2449988
Originating Board BRIGHT
Year Built 1958
Annual Tax Amount $18,138
Tax Year 2024
Lot Size 8,347 Sqft
Acres 0.19
Lot Dimensions 74.00 x 117.00
Property Sub-Type Mixed Use
Property Description
Frederick Douglas Apartments, located at 5600-5606 Germantown Ave, is a 24,585 square-foot property consisting of 16 residential units over two commercial units. The property offers five studios, five one-bedroom, one-bathroom units, and six two-bedroom, one-bathroom units. The average monthly rent is $786 for studios, $775 for one-bedroom units, and $1,020 for the two-bedroom units, resulting in an overall average rent of $870 per unit. New ownership can raise rents to meet the market as is for a 25 percent upside. Additionally, renovating unit interiors could allow for a further 38 percent rent growth.
The commercial unit 5604-5606 is also leased out until 2029 with personal guarantees in place. There is about another $60,000 of upside if the other commercial unit is leased. 5600-02 offers about 3,300 square feet of commercial and 5604-06 offers about 3,700 square feet.
Location
State PA
County Philadelphia
Area 19144 (19144)
Zoning CMX3
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer, Public Septic
Water Public
New Construction N
Schools
High Schools Germantown
School District Philadelphia City
Others
Tax ID 881097326
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Pelin Basiliko
Agent | License ID: MD:5003181 VA: 0225249748
Agent License ID: MD:5003181 VA: 0225249748