1342 Orthodox St

Φιλαδέλφεια, PA 19124

ATTENTION INVESTORS and FUTURE INVESTORS - 11% plus Cap Rate, 3 unit property with potential for 4 units with minor adjustments and a garage, plus driveway parking . Property is also equipped with a legal fire alarm required for any property with 3 units or more. This large triplex and potential quadraplex, in the Northwood section of Northeast Philly is directly across from Overington Park, a 4 Acre oasis of graceful lawns, shady trees plus flower gardens and right down the street from the Frankford Select Friends School. The building was previously a large estate, before being transformed into a multi-family home, but the original charm and character still exist today. The property has a front 3 car driveway and a garage in the rear with a parking spot in front of it. The home was lived in by the owner and his family for over a declared and is is currently partially vacant, while having almost 3,000 squares ft. of living space with 1 -1 bedroom apartment and and 2 potential owners unit, a 3 bedroom bi-level apartment with 1 full bathroom on the 2nd and 3rd floors, plus another bi-level apartment with 3 bedrooms, 2 living rooms, a laundry room and access to the full basement. This bottom floor, may be able to be converted to a 4th unit, as it was finished with the proper permits and a rear separate entryway was created. Roof was just maintained in 2022 and with the owner residing here for years you can see the pride in ownership. The property shows large positive cash flow, projected to gross over $45k annually As-Is and a +11% Cap Rap with a +26% Cash on Cash Return. With slight adjustments and a variance for a 4th unit, these numbers could jump to 12.5% Cap Rate and a 31% Cash on Cash Return after the needed upgrades. PAR agreements, no letters of intent.