531 East Indiana Avenue
Philadelphia, PA 19134
$334,500
Price
4
Beds
5
Baths
2,322 Sq. Ft.
$144 / Sq. Ft.
2,322
Sq. Ft.
$144
per Sq. Ft.
Description
It is my distinguished honor to present to you Kensington Quarters, located in the Heart of Kensington, close to Fishtown, Norris Square, Olde Kensington, and other subsections of the Riverwards along the Delaware River. Situated at the intersecting sections between Kensington Ave, Lehigh Ave, & E. Allegheny Ave, this 5 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 4...It is my distinguished honor to present to you Kensington Quarters, located in the Heart of Kensington, close to Fishtown, Norris Square, Olde Kensington, and other subsections of the Riverwards along the Delaware River. Situated at the intersecting sections between Kensington Ave, Lehigh Ave, & E. Allegheny Ave, this 5 unit building nestled in between public transportation infrastructure, medical institutions, new construction, and commercial mixed use corridors with a multitude of amenities. 4 of the 5 units are occupied and we are interviewing tenants for the 5th unit. The pro-forma and other financial analysis are available for review. The lease agreements are month-to-month and we project rental income could be increased. Unit 1 [1st Floor]: Studio: $600/month | Unit 2 [1st Floor]: 1 Bed/1 Bath: $600/month | Unit 3 [2nd Floor]: Studio: $750/month | Unit 4 [2nd Floor]: 1 Bed/1 Bath: $700/month | Unit 5 [3rd Floor]: 2 Bed/1 Bath: $950/month CAPITALIZATION RATE: Kensington Quarters has a capitalization rate of 9.86% with current rental income of $3,130 per month. The cap rate could increase to 9.36% if rental income was increased by $370/month to $3,600/month with minor increases on each rental unit. Cap rates could increase to 10.51% if you reduce the monthly gas operating expense by installing electric baseboards or allocate utility costs to the tenants. PACKAGE DEAL: This property is to be sold separately or together in a package deal with 626 E. Allegheny Ave., a duplex listed for $175,000. Together, there are 7 units in 2 buildings for sale. DEVELOPMENT: There are major development projects occurring nearby, including commercial mixed use corridor revitalization of Kensington Ave, which has commercial storefronts underneath the Blue Train line. There are also block developments of major projects that range from 15 unit development to 200 unit development nearby. Investors also acquire shells, factories, storage facilities, warehouses, and other industrial hubs that have laid vacant since the Industrial Revolution of Philadelphia and transform these buildings into multi-unit dwellings and apartment complexes. The combination of public transportation infrastructure meets commercial mixed use corridors allow for tenants to access amenities that makes this multi-unit building a highly desirable and easy to rent building. Projects such as the Hagert Block development, Kensington Courts, Allegheny Ave. commercial development, and other major projects will lead the way to a new Kensington. QUALIFIED OPPORTUNITY ZONE: This property is located within a Qualified Opportunity Zone, allowing investor capital gains tax advantages, which will exacerbate development and investments in these areas. Additional features include: - Easy Parking - Close to trolley, bus stops, the thoroughfares, L Blue Train - Multicultural cuisine & food establishment - Close proximity to Fishtown, Norris Square, Olde Kensington, Port Richmond, and other subsections of the Riverwards. Invest in the City of Brotherly Love & Sisterly Affection, from monstrous skyscrapers, to the stadiums, to the Delaware River, & surrounding landscape of the great City of Philadelphia. The property is close to trolley and bus stops, and less than 10 minutes from the Philadelphia International Airport. and close to multi-modal public transportation, 1-95 highway, and highways to New Jersey and other parts of the Tri-State Counties. We thank you for your consideration and we look forward to doing business with you. We will ensure a professional and respectful transaction for all parties and we wish you luck in the search for your new home in the City of Brotherly Love & Sisterly Affection.
- Listed by Minh Nguyen-Rivera • KW EmpowerP: (267)-628-8062 winwithminhphilly@gmail.com
Property Details for 531 East Indiana Avenue
Tax ID Number
871511630
OwnershipFee Simple
Structure TypeOther
StyleDwelling with Rental, Traditional
WaterfrontNo
GarageNo
MunicipalityPHILADELPHIA
Total Parking Spaces0
LISTING UPDATED: 10/23/2024 10:35 AM
Property Details for 531 East Indiana Avenue
| Status | Active |
|---|---|
| MLS # | PAPH2320188 |
| Days on Market | 283 |
| Taxes | $1,350 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Multi-Family / Fee Simple |
| Year Built | 1920 |
| Lot Size | 0.02 AC / 918 SF |
| County | Philadelphia County |
Building Information for 531 East Indiana Avenue
Stories-Residences2Year Built1920Building Size-Lot Size0.02 AC / 918 SF
Property Information for 531 East Indiana Avenue
Location
Location
- Transportation: Airport less than 10 miles, Bus Stop less than 1 mile, Metro/Subway Station less than 1 mile, Commuter Rail Station less than 1 mile
- School District Name: THE SCHOOL DISTRICT OF PHILADELPHIA
- School District County ID: 300200397108
- SchoolDistrictSource: Listing Agent
- County: PHILADELPHIA
- MLS Area: 19134 (19134)
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: 2022
- Tax Assessed Value: $96,500
- Year Assessed: 2022
- County Tax: $0
- Improvement Assessed Value: $77,200
- City Town Tax: $609
- Land Assessed Value: $19,300
- Clean Green Assessed: No
- Land Use Code: S50
- Agricultural Tax Due: No
- Historic: No
- Zoning: CMX1
- Zoning Dscrp: Variance - 5 Unit Building - Zoning Adjudication has been completed.
- Tax Lot: 97
- School Tax: $741
- Automatically Update Tax Values Y/N: No
Lease Information
Lease Information
- Owner Pays: Gas, Water
Unit Information
Unit Information
- Single Room Units Count: 2
- One Bedroom Units Count: 2
- Two Bedroom Units Count: 1
- Three Bedroom Units Count: 0
- Other Units: Unit 1,Unit 2,Unit 4,Unit 5,Unit 3
- Rent Control: No
Multi Family
Unit 1
- Type: Unit 2
- Unit Type Occupied YN: Yes
- Level: 1
- Unit Type Lease Type: Month to Month
- Beds Total: 1
- Full Baths Count: 1
Unit 2
- Type: Unit 3
- Unit Type Occupied YN: Yes
- Level: 2
- Unit Type Lease Type: Month to Month
- Beds Total: 0
- Full Baths Count: 1
Unit 3
- Type: Unit 4
- Unit Type Occupied YN: Yes
- Unit Type Lease Type: Month to Month
- Beds Total: 1
- Full Baths Count: 1
Unit 4
- Type: Unit 1
- Unit Type Occupied YN: Yes
- Level: 1
- Unit Type Lease Type: Month to Month
- Beds Total: 0
- Full Baths Count: 1
Unit 5
- Type: Unit 5
- Unit Type Occupied YN: Yes
- Level: 3
- Unit Type Lease Type: Yearly
- Beds Total: 2
- Full Baths Count: 1
Financial Information
Expenses
- Trash Expense: $300
Financial Information
- Gross Income: $42,000
- Gross Scheduled Income: $42,000
- Annual Rental Income: $42,000
- Income Includes: Apartment Rentals
- Cap Rate: 13.15
- Existing Lease Type: Yearly
Building Info
Building Info
- Building Units Total: 2
- Total Finished SQFT: 2,322.00
- Total Finished SQFT Source: Estimated
- Total SQFT: 2,322.00
- Total SQFT Source: Estimated
- Construction Materials: Masonry
- Roof: Rubber
- Basement Type: Unfinished
Lot / Land Information
Lot / Land Information
- Lot Size Source: Estimated
- Lot Size Dimensions: 18.00 x 51.00
- Lot Dimensions Source: Estimated
- Parcel ID: 917322
Parking
Parking
- Type Of Parking: None
Interior Features
Interior Features
- Fireplace: No
- Accessibility Features: None
Exterior Features
Exterior Features
- Spa: No
- Pool: No Pool
- Other Structures: Above Grade, Below Grade
Utilities
Utilities
- Utilities: Natural Gas Available
- Heating: Yes
- Cooling Type: Window Unit(s)
- Cooling Fuel: Natural Gas
- Heating Type: Radiator
- Heating Fuel: Natural Gas
- Hot Water: Natural Gas
- Water Source: Public
- Sewer Septic: Public Sewer
Confidential Data
Listing Office
- List Agent AOR: Greater Philadelphia Association of REALTORS
Property History for 531 East Indiana Avenue
| 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 531 East Indiana Avenue
Taxable ValueLand$26,140Additions$104,560Total$130,700
Tax Record2023$1,830 ($152 / month)
Home Facts
Total Finished SqFt2,322 SqFtAbove Grade Finished SqFt2,322 SqFtStories3Lot Size918 SqFtStyleOffice BuildingYear Built1920ZoningCMX1CountyPHILADELPHIAAPN87-1-5116-30
Schools near 531 East Indiana Avenue
This home is within The School District of Philadelphia.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 4 | |||
| Public - | 5 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 5 to 8 |
Rating | School | Distance |
|---|---|---|
Elkin Lewis School PublicK to 4 | ||
Conwell Russell Middle School Public5 to 8 | ||
Edison Hs/Fareira Skills Public9 to 12 | ||
JOHN B STETSON MS Public5 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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Listing Courtesy of KW Empower
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.