SHELLY TORBERT

Description

Stunning turn key, fully leased and legal Triplex in the heart of booming Fishtown is now available with a whopping 9 years left on the tax abatement. Calling all investor or owner occupants looking to build or start your portfolio (one upcoming vacancy, June 2025). Live in one unit and generate revenue from the others, or purchase as a turn-key investment in an area with high demand and low vacancy. All other units have extended another year with a yearly rental increase of 1.9%. Appraised for $700k in 2022. All of the units offer newly installed central air and heat. Tenants pay all utilities (electrical, water, and gas). The triplex has maintained a low vacancy rate every year demonstrating consistent tenant demand and reliable rental income. The units have rented in less than 14 days once listed. 1529 E Berks is in a sought after pocket of Fishtown on a quiet residential block just steps away from ReAnimator Coffee, Cedar Point Bar and Kitchen, Loco Pez, and the trendiest new attraction Anna and Bel boutique hotel restaurant and lounge. This is an ideal location for commuting. You are a 5 minute walk to the El and bus routes and a short drive to I-95/ I-76. Vibrant Frankford Ave is within walking distance to enjoy concerts at the Fillmore, a comedy show at Punchline, a casual shopping date with a friend and experiencing some of the top rated restaurants in Philly. Take your bike for a quick ride to Penn Treaty Park for a picnic or take a run through the newly finished Delaware River Trail. This neighborhood is a hot ticket for any investor/owner occupant. Enter the common foyer where you have exposed brick throughout the hallway adding to the personality of this boutique Triplex. The basement door will be to your right that is fully equipped with a french drain system and sump pump with washer and dryer. Make your way down the hall to Unit 1 (2 bed /1 bath at $1829 and extended another year to $1864) with high ceilings and big windows plus a private backyard oasis. As you make your way up the stairs you enter Unit 2 (1 bed/1 bath at $1525 extended another year to $1554) with a generous size bedroom equipped with large windows overlooking a picturesque street. Continue your way up to the third floor and you enter Unit 3 (1 bed/1 bath at $1320) with a large kitchen and sizable bedroom at the front of the building- rounding out this unique Triplex exuding with warmth and character —definitely not the kind of cookie-cutter apartment complex you see everywhere else. There is a video included to view a tour of the Triplex. Annual operating expenses is $13,379/yr and annual income is $56,088/yr with projection to go up with annual rental increases. Current cap at 5.85%. Please reach out to Erin Larkin for any inquiries or questions.

Features