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977 Sqft Lot
$ 1,495,000
Est. payment | /mo
977 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2468406
Originating Board BRIGHT
Year Built 1915
Available Date 2025-04-15
Annual Tax Amount $4,640
Tax Year 2024
Lot Size 977 Sqft
Acres 0.02
Lot Dimensions 18.00 x 54.00
Property Sub-Type Five Or More Units
Property Description
Incredible investment opportunity in the heart of Pennsport, this fully occupied three-building portfolio features seven residential units across 1228 S 2nd St, 1230 S 2nd St, and 1231 S Philip St. The unit mix includes five 2-bedroom / 1-bath units and two 1-bedroom / 1-bath units, ideal for renters seeking space and location. One of the 1-bedroom units is a large lofted space perfect for extra office or storage. Several units have been upgraded, including a fully renovated first-floor unit at 1230 S 2nd featuring a modern kitchen, new flooring, and a waterproofed basement. Other units offer private outdoor amenities such as backyards and basement access. In-unit laundry and recent seller upgrades such as new roofs, upgraded HVAC systems, and finish updates throughout enhance tenant appeal and reduce long-term maintenance costs. The portfolio is currently producing stable income (roughly $88K of in-place NOI), with room to increase rents through targeted updates and aligning with market rates (projected $106K market-rate NOI). The 7-unit portfolio includes 1228 S 2nd St (021384000), 1230 S 2nd St (021384110), and 1231 S Philip St (021385310). The total building square footage of the three properties is approximately 5,625. Situated just steps from Dickinson Square Park and the vibrant 2nd Street commercial corridor, tenants enjoy a highly walkable neighborhood with quick access to I-95, public transit, and Center City. This is a rare chance to acquire a stabilized, income-producing asset with long-term upside in one of South Philadelphia's most desirable and appreciating neighborhoods.
Location
State PA
County Philadelphia
Area 19147 (19147)
Zoning RSA5
Interior
Hot Water None
Heating Central
Cooling Central A/C
Heat Source Electric
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 021384110
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
Listed by Michael D Phillips • Compass Pennsylvania, LLC