Opportunity Knocks!! This circa 1845, massive stone mansion with over 5100 Square feet was originally built for a prominent Philadelphian, and than meticulously converted into Nine apartments and two garages. The grounds boast sumptuous plantings, and the property sits on a huge 11,300 square foot lot. There are multiple porches, decks and outside areas. All apartments are rented, and there is an almost $82,000.00 gross yearly income. Currently, the owners pay all utilities, but this allows for a massive upside for a new owner. Heat is fed via a newer gas heater, and there is also an oil heater, whichever is less expensive to run. Currently, the expense are $20,584.00 per year, so this handsome abode provides a true 8 cap. Germantown is one of the oldest settlements with a relaxed, backyard feel that complements it's many historic attractions. In town is the Clarkson-Watson House, Trinity Lutheran Church (where America's first bible was printed) and Grumblethorp (the home of the Wister family, one of Germantown's first families, and a central site in the Battle of Germantown in the Revolutionary War)--all noted as historic on the National Register of Historic Buildings. Public transportation is extremely well-served in this area. LaSalle University and a multitude of shops are within a mile. Twenty minutes from Center City, where you are lucky to get a 5 cap, with a little bit of sweat equity and creativity, this building could easily net you a 12 percent recapture rate. Do not hesitate, inventory is LOW!! 2018-10-19
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
