3214-16 FRANKFORD AVE Philadelphia, PA 19134

This is a great opportunity to take over an income producing property with $4,875 in ACTUAL monthly revenue. The entire property is comprised of 8 residential units, 1 store front and 1 office. 10 TOTAL UNITS. The office and store front are currently used by the owner but are projected to bring in $700/month each! That would make you total monthly revenue $6275. Tenants are on month to month leases and pay all utilities except water. The current rental rates are under market value and due to be increased. This is a great value ad opportunity for a smart investor. Currently the property has a gross annual rental income of $58,500. Taxes are $3,667/year, insurance is $4200/year and owner pays water ESTIMATED $2,880/year. This gives you a 8.6% CAP rate at the current asking price. With modest $50 increases in rents and the filled vacancies of the commercial spaces this property should be grossing $80,000+ annually giving you a projected CAP rate of 12% at the current asking price. All offers will be considered but this property will not last long! All 8 residential units are occupied. Showings will be by appointment only and listing agent will be present 48 hours notice is required minimum.