2566 Coral Street
Philadelphia, PA 19125
$699,000
Price
5
Beds
3
Baths
2,109 Sq. Ft.
$331 / Sq. Ft.
2,109
Sq. Ft.
$331
per Sq. Ft.
Description
Introducing an incredible investment opportunity: a newly renovated (2022) Triplex with a short-term rental business included. This turnkey property is perfect for savvy investors seeking excellent cash flow. No experience is necessary - the owner has a long-term and established management team in place (cleaners, contractors, property manager) and spends about 1 hour a month in the business. The owner is relocating, opening the door for you to take advantage of this amazing deal. With a conservative...Introducing an incredible investment opportunity: a newly renovated (2022) Triplex with a short-term rental business included. This turnkey property is perfect for savvy investors seeking excellent cash flow. No experience is necessary - the owner has a long-term and established management team in place (cleaners, contractors, property manager) and spends about 1 hour a month in the business. The owner is relocating, opening the door for you to take advantage of this amazing deal. With a conservative pro forma NOI of $75,150 and an 8.0 Cap rate, the property's value is estimated at $939,000. However, you can secure it at just $699,900, enjoying a substantial discount of over 200K. Imagine the potential in today's competitive real estate market! Purchasing this property with cash guarantees a 10% return. But here's where it gets even better: by taking out a loan, you can achieve a remarkable 15% return on equity. Enhance the ROE to an impressive 20% by assuming the existing FHA primary loan of $340,000 at an incredibly low 2.25% interest rate and securing a second loan for the remaining 80% of the purchase price. Inquire for the proforma. This property has recently undergone significant upgrades to its main systems, ensuring low capital expenditures in the foreseeable future. With a new roof, central plumbing line, fortified foundation, a fire alarm system with an active certificate, and HVAC mini splits in each unit, you can rest assured that the property is in excellent condition. Additionally, each unit has been meticulously remodeled in 2022, featuring luxury finishes such as beautifully tiled bathrooms with semi-frameless showers. The kitchens are stunning, boasting white quartz countertops, new cabinets with brass accents, and stylish tile backsplashes complemented by stainless steel appliances. The units are also equipped with recessed lighting and durable luxury vinyl plank flooring throughout. Plus, it has a 10 YEAR TAX ABATEMENT starting in 2022! As an added bonus, the sale includes an impressive short-term rental business. Over the past 12 months, the property has maintained an outstanding 85.5% occupancy rate, with guests staying an average of 2.3 days and paying a daily rate of $99.80. Don't worry if you're new to the short-term rental industry—the current owner is willing to provide 30 days of guidance at no additional cost to ensure a seamless transition. Every unit in this property is beautifully decorated and fully furnished. The kitchens come fully stocked with pots, pans, plates, and silverware, while the bedrooms are supplied with linens and towels—everything you need to continue running the successful short-term rental operation. The entire property is monitored by a state-of-the-art Vivint security system, enabling remote property monitoring and convenient remote check-ins for guests. Additionally, there's a convenient supply shed at the back of the property containing washers, dryers, and cleaning supplies, facilitating efficient turnover between guests. The property has already secured bookings well in advance, and these future booking receivables are included in the sale. The owner currently resides in the first-floor unit but is flexible with showings. Serious buyers will have access to view the second and third-floor units. Don't miss out on this exceptional opportunity—it's truly one-of-a-kind and won't be available for long. Contact us now to secure your future in the thriving real estate market.
- Listed by Michael L Mita • Integrity Real Estate Associates LLCP: (215)-880-5819 mm281049@gmail.com
Property Details for 2566 Coral Street
Tax ID Number
311106300
OwnershipFee Simple
Structure TypeEnd of Row/Townhouse
StyleTraditional
WaterfrontNo
GarageNo
MunicipalityPHILADELPHIA
Total Parking Spaces0
LISTING UPDATED: 12/07/2024 01:45 PM
Property Details for 2566 Coral Street
| Status | Active |
|---|---|
| MLS # | PAPH2325290 |
| Days on Market | 48 |
| Taxes | $3,219 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Multi-Family / Fee Simple |
| Year Built | 1875 |
| Lot Size | 0.02 AC / 900 SF |
| County | Philadelphia County |
Building Information for 2566 Coral Street
Stories-Residences3Year Built1875Building Size-Lot Size0.02 AC / 900 SF
Property Information for 2566 Coral Street
Location
Location
- School District Name: THE SCHOOL DISTRICT OF PHILADELPHIA
- School District County ID: 300200397108
- SchoolDistrictSource: Listing Agent
- Elementary School: BROWN HENRY (PHILADELPHIA PA)
- ElementarySchoolSource: Listing Agent
- High School: KENSINGTON (PHILADELPHIA PA)
- HighSchoolSource: Listing Agent
- County: PHILADELPHIA
- MLS Area: 19125 (19125)
Waterfront / Water Access
Waterfront / Water Access
- Water View: No
- Water Access: No
- Water Oriented: No
- Navigable Water: No
- Tidal Water: No
- Riparian Rights Y/N: No
Association / Community Info
Association / Community Info
- Association Recreation Fee Y/N: No
Taxes and Assessment
Taxes and Assessment
- Tax Year: 2024
- Tax Assessed Value: $230,000
- Year Assessed: 2024
- Improvement Assessed Value: $132,380
- City Town Tax: $1,416
- Land Assessed Value: $97,620
- Municipal Trash: Yes
- Zoning: TRIPLEX
- School Tax: $1,802
- Automatically Update Tax Values Y/N: Yes
- TaxDataUpdatedYN: No
Lease Information
Lease Information
- Owner Pays: Advertising/Licenses and Permits, All Utilities, Cable TV, Common Area Maintenance, Electricity, Gas, Heater Maintenance Contract, Insurance, Reserves for Replacement, Sewer, Snow Removal, Supplies, Taxes - Real Estate, Trash Collection, Water
Unit Information
Unit Information
- Single Room Units Count: 0
- One Bedroom Units Count: 1
- Two Bedroom Units Count: 2
- Three Bedroom Units Count: 0
- Other Units: Unit 1,Unit 2,Unit 3
- Units Furnished: All
- Units Leased Count: 3
- Vacancy Allowance Rate: 14.50%
- Rent Control: No
Multi Family
Unit 1
- Type: Unit 1
- Unit Type Occupied YN: No
- Level: 1
- Beds Total: 2
- Full Baths Count: 1
- Unit Type Features: Living room - 10x14 Den / Spare room 10x9 Bedroom 14x7.5'
Unit 2
- Type: Unit 2
- Unit Type Occupied YN: Yes
- Level: 2
- Beds Total: 2
- Full Baths Count: 1
- Unit Type Features: 1st bedroom - Approx 14x8' Living Room - Approx 12x10' 2nd bedroom 14x7'
Unit 3
- Type: Unit 3
- Unit Type Occupied YN: Yes
- Level: 3
- Beds Total: 1
- Full Baths Count: 1
- Unit Type Features: 3rd Floor Living Room/Studio/Bedroom - 14x16' Storage Shed -18x7'
Financial Information
Expenses
- Operating Expense: $24,360
- Operating Expense Includes: Advertising, Cable TV, Insurance, Snow Removal, Trash
- Insurance Expense: $1,404
- Trash Expense: $500
- Maintenance Expense: $996
Financial Information
- Gross Income: $99,516
- Gross Scheduled Income: $99,516
- Net Operating Income: $75,340
- Income Includes: Apartment Rentals
- Cap Rate: 10.05
- Existing Lease Type: Net
Building Info
Building Info
- Year Major Reno Remodel: 2022
- Building Units Total: 3
- Total Finished SQFT: 2,109.00
- Total Finished SQFT Source: Assessor
- Total SQFT: 2,109.00
- Total SQFT Source: Assessor
- Construction Materials: Masonry
- Roof: Flat
- Wall and Ceiling Types: Dry Wall
- Flooring Type: Laminate Plank
- Basement Type: Unfinished
- Foundation Details: Stone
Lot / Land Information
Lot / Land Information
- Lot Size Source: Assessor
- Lot Size Dimensions: 18.00 x 50.00
- Lot Dimensions Source: Assessor
- Lot Features: Corner
- Parcel ID: 1065932
- Ground Rent Exists: No
Parking
Parking
- Type Of Parking: None
Interior Features
Interior Features
- Fireplace: No
- Appliances: Dryer - Front Loading, Washer - Front Loading
- Accessibility Features: None
- Virtual Tour URL Unbranded: https://powelton-digital-media-group.aryeo.com/sites/2566-coral-st-philadelphia-pa-19125-5772557/branded
Exterior Features
Exterior Features
- Spa: No
- Pool: No Pool
- Other Structures: Above Grade
Utilities
Utilities
- Utilities: Cable TV Available, Water Available, Sewer Available, Electric Available, Natural Gas Available
- Heating: Yes
- Cooling Type: Central A/C
- Cooling Fuel: Electric
- Heating Type: Baseboard - Electric
- Heating Fuel: Electric
- Hot Water: Electric
- Water Source: Public
- Sewer Septic: Public Sewer
- Internet Services: Cable
Confidential Data
Listing Office
- List Agent AOR: TriState REALTORS Commercial Alliance
Property History for 2566 Coral Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 2566 Coral Street
Taxable ValueLand-Additions-Total-
Tax Record2024$3,219 ($268 / month)
Home Facts
Total Finished SqFt2,109 SqFtAbove Grade Finished SqFt2,109 SqFtStories3Lot Size900 SqFtStyleMulti-Family Res (5+ Units)Year Built1875ZoningRSA5CountyPHILADELPHIAAPN31-1-1063-00
Schools near 2566 Coral Street
This home is within The School District of Philadelphia.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Brown Henry A School PublicPK to 8 | ||
Kensington Culinary Arts Public9 to 12 | ||
Kensington Creative & Performing Arts High School Public9 to 12 | ||
Kensington HS Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Integrity Real Estate Associates LLC
Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.