3937 Terrace Street, Philadelphia, PA 19128

$1,100,000
List Price
$1,100,000
Days On Market
2
Status
ACTIVE
MLS#
PAPH870664
Lot Size (Acres)
0.03
Year Built
1940
County
Philadelphia

Property Description

Check out this incredible low-maintenance, newly built over the existing 1 story existing garages and store front 11 years ago. This 4-story investment opportunity in Manayunk is walkable to artsy Main Street and train station, minutes away from Center City Philadelphia! Hotel, Air B&B, or private 4 floor Mansion, this versatile property has been used as all. Zoned Commercial and Residential, and Completely Renovated 12 years ago, the owners first lived on the top two floors with a chef's kitchen with all Viking appliances, wine refrigerator, Brazilian Cherry hardwood floors, master bedroom suite, balcony and enclosed and outdoor rooftop deck, and did extended-stay rentals on the 1st and 2nd floor. After they moved out, they continued to rent out the entire 3 residence property for both short-term and long-term stays at an incredible 9.5% cap rate. Currently rented out to a corporation for their use with their high-end executives and clients, their long-term lease ends in May, and the owner wants to retire from the business. As the only hotel in Manayunk, with 4 garages (truly a luxury in this area), the income potential is enormous. There is a walk-up entrance with coded separate entrance doors to all 3 floors. There is an elevator that will take you up to enter each unit on each level that is accessed from the owner's private entrance, attached to the office foyer. One of the 4 garages is completely finished and currently used as an office, but could also be used as a store entrance. The possibilities are endless as this is zoned Commercial Mixed use for a Residential District. This is truly a rare gem!

Additional Information

Area
19128 (19128)
Subdivision
Manayunk
Taxes
$5837
Flooring
Hardwood, Carpet
Heating
Zoned, Forced Air
Heating Fuel
Natural Gas
Cooling
Central A/C
Water
Public
Sewer
Public Sewer

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Compass RE.