Address
4614 Spruce Street, Philadelphia, PA
Price
$ 599,000
Property Attributes
- MLS#PAPH2338530
- TypeContingent
- CountyPHILADELPHIA
- CityPhiladelphia
- Area19139
- NeighborhoodWalnut Hill
- Zip19139
- Style
- Year Built1904
- Taxes$ 6356
- Price$ 599,000
- Bedrooms6
- Full Bathrooms2
- Half Bathrooms0
- Sqr Footage3360
- Lot Size3,485 SqFt
Data Source:
Bright MLS
Property Description
8 unit approved !!!! Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, with the full 10-year tax abatement secured! The tax abatement can save approximately $470,000 in taxes over the next 10 years.* This sale includes the land, the existing structure, full plans, MEPs, geotech, phase 1, and approved building permits with a full 10-year tax abatement. This project has been designed to take full advantage of the rental potential in this neighborhood by maximizing the square footage and capitalizing on desirable floor plan configurations. Our other properties in the area are all renting around $3 a square foot. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The building and land alone appraised at $990k when we originally purchased it, and since then we have spent over $200k on architecture and other soft costs, but we need to sell so were are letting this go at a loss. The numbers: Estimated Cost of Construction ($150/sf): $1,425,000* Purchase Price: $599k - Estimated Project Cost: $2,450,000* Projected Gross Rents: $231,600* Estimated NOI: $187,997* The subject property is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is seeing a boom of high-end mid-rise developments. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork. Plans call for a large addition on the rear of the building to bring the completed project to approximately 9500 sqft, with a mix of 1 to 3 bedroom units. The unit layouts have been designed to optimize the achievable rents per square foot. Most units offer private outdoor space while the larger units feature multiple private outdoor spaces, large primary suites with tubs and showers, walk-in closets. One of the showpiece owners units boasts a large kitchen surrounded by sliding glass doors that lead to a large wrap-around terrace. *All calculations and figures are estimates and are not a guarantee of terms, values, or costs
| Price History | |
|---|---|
| 4/2/2024 | Listed $599,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Radiator |
| Cooling | None |
| Possession | Immediate |
| Zoning | RM1 |
| Pool Y/N | No Pool |
| Architectural Style | Other |
| Construction Materials | Masonry |
| Year Built | 1904 |
| Levels | 3 |
| Tax Year | 2022 |
| Percent Ownership | Fee Simple |
| Cool Fuel | None |
| Accessibility | None |
| County | PHILADELPHIA |
| New Construction | No |
| Property Type | Residential |
| HOA / Comm Assn | No |
| Subdivision Name | WALNUT HILL |
| Garage Y/N | No |
| Water Access Y/N | No |
| Other Structures | Above Grade,Below Grade |
| Status | ACTIVE UNDER CONTRACT |
| Directions | 4614 spruce |
| ModificationTimestamp | 2024-04-16T16:01:44 |
| City | PHILADELPHIA |
| Buyer Agent Compensation | 2.5 |
| Senior Community Y/N | No |
| MLS Area | 19139 (19139) |
| Lot Size Square Feet | 3413.00 |
| Tax Assessed Value | 454100.0 |
| Waterfront Y/N | No |
| Street Name | SPRUCE |
| Tax Annual Amount | 6356.0 |
| Structure Type | Twin/Semi-Detached |
| Condo/Coop Association Y/N | No |
| Bathrooms Count Main Level | 0.00 |
| Price Per Sq Ft | 178.27 |
| Vacation Rental Y/N | No |
| Total SQFT | 3360 |
| Days on Market | 15 |
| Standard Status | Active Under Contract |
| Year Built Source | Assessor |
| Tax Lot | 50 |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Natural Gas |
|---|---|
| Basement | Poured Concrete |
| Hot Water | Electric |
| Basement (Y/N) | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Above Grade Finished Area | 3360 |
| Full Baths | 2 |
| Street Suffix | STREET |
| Central Air Y/N | No |
| Total Bedrooms | 6 |
| Below Grade Finished Area Unit Type | Square Feet |
| LivingAreaSource | Assessor |
| Below Grade Unfin Area Units | Square Feet |
| Below Grade Unfin SQFT Source | Assessor |
| Below Grade Finished Area Source | Assessor |
| Bedrooms Count All Upper Levels | 6 |
| Bedrooms Count Upper Level 1 | 3 |
| Bedrooms Count Upper Level 2 | 3 |
| Bathrooms Full Upper Level 2 | 1 |
| Bathrooms Full Upper Level 1 | 1 |
| Bathrooms Full All Upper Levels | 2 |
| Bathrooms Count Upper Level 2 | 1.00 |
| Bathrooms Count Upper Level 1 | 1.00 |
| Bathrooms Count All Upper Levels | 2 |
| Above Grade Finished Area Source | Assessor |
| Above Grade Finished Area Unit Type | Square Feet |
| Total Baths | 2 |
Exterior Features
| Water Source | Public |
|---|---|
| Type of Parking | On Street |
| Land Use Code | N70 |
| Foundation Details | Slab |
| Water View Y/N | No |
| Lot Dimensions | 21.00 x 160.00 |
| Lot Size Acres | 0.08 |
| Lot Size Units | Square Feet |
| Lot Size Source | Assessor |
| Land Assessed Value | 90820.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| LotDimensionsSource | Assessor |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Contingent Average in 19139
Price
Taxes
Visits
Year Built
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