5038 Spruce Street
$810,000
10
6
6,400
6,400
$127
Closed 10/21/22
Description
Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500’ residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home,...Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500’ residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home, yet offering single floor living. So easy to rent. The 1st floor offers 3 bedrooms, 2 full baths, and a very large rear yard. The 2nd floor offers 3 bedrooms, 2 full baths, and a rear deck. The 3rd and 4th floors each offer 2 full bedrooms, 1.5 baths, huge living spaces, and rear decks. Super convenient location with a 93 WalkScore and tons of SEPTA options to Center City, Penn, Drexel, HUP, 30th Street, etc. This building currently brings in $71,000+/year with very low expenses. While the list price reflects these numbers, the building is significantly under-rented with three leases expiring in March 2023 and one is currently month-to-month. Just ideal, as new owner is set up to seamlessly bring rents up to our projected rents of $2,000+ per unit (for first two floors)and $1,800+ per unit (for upper two floors) or $91,000+/year. Additional bonus potential: Other quads on the block have successfully applied for variance for 5th unit in lower level. This building has lower level just waiting to be finished. Potentially add another $1,200-$1,500/month to your rent roll. All utilities and mechanicals are separated (except for cold water). A superb investment opportunity in a red-hot neighborhood.
Listing Agent
Property Details for 5038 Spruce Street
Tax ID Number
602108800
OwnershipFee Simple
Structure TypeDetached
StyleOther
WaterfrontNo
GarageNo
Expected On Market Date07-29-2022
SubdivisionUNIVERSITY CITY
LISTING UPDATED: 10/21/2022 03:47 PM
Property Details for 5038 Spruce Street
Status | Closed |
---|---|
MLS # | PAPH2141148 |
Days on Market | 59 |
Taxes | $9,307 / year |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Multi-Family / Fee Simple |
Year Built | 2010 |
Lot Size | 0.06 AC / 2,616 SF |
County | Philadelphia County |
Virtual Tour
Building Information for 5038 Spruce Street
Stories-Residences4Year Built2010Building Size-Lot Size0.06 AC / 2,616 SF
Property Information for 5038 Spruce Street
Property History for 5038 Spruce Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 5038 Spruce Street
Taxable ValueLand$203,980Additions$815,920Total$1,019,900
Tax Record2024$14,277 ($1,190 / month)
Home Facts
Total Finished SqFt6,400 SqFtAbove Grade Finished SqFt6,400 SqFtStories4Lot Size2,616 SqFtStyleMulti-Family Dwelling (2-4)Year Built2015ZoningRSA3CountyPHILADELPHIAAPN60-2-1088-00
Schools near 5038 Spruce Street
This home is within The School District of Philadelphia.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Charter - | K to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 | |||
Public - | 6 to 8 |
Rating | School | Distance |
---|---|---|
Global Leadership Academy Charter Southwest A CharterK to 8 | ||
Sayre William L Middle School Public9 to 12 | ||
The Workshop School Public9 to 12 | ||
Middle Years Alternative School Public6 to 8 |
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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