4614 Spruce Street
Philadelphia, PA, 19139 $ 599,000
Bedrooms6 Baths2.0 Sq 3,360 Monthly Estimate*
$ 3,981
for $599,000 with 6 bedrooms and 2 full baths. This 3,360 square foot home was built in 1904 on a lot size of 0.08.
8 unit approved !!!! Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, with the full 10-year tax abatement secured! The tax abatement can save approximately $470,000 in taxes over the next 10 years.* This sale includes the land, the existing structure, full plans, MEPs, geotech, phase 1, and approved building permits with a full 10-year tax abatement. This project has been designed to take full advantage of the rental potential in this neighborhood by maximizing the square footage and capitalizing on desirable floor plan configurations. Our other properties in the area are all renting around $3 a square foot. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The building and land alone appraised at $990k when we originally purchased it, and since then we have spent over $200k on architecture and other soft costs, but we need to sell so were are letting this go at a loss. The numbers: Estimated Cost of Construction ($150/sf): $1,425,000* Purchase Price: $599k - Estimated Project Cost: $2,450,000* Projected Gross Rents: $231,600* Estimated NOI: $187,997* The subject property is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is seeing a boom of high-end mid-rise developments. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork. Plans call for a large addition on the rear of the building to bring the completed project to approximately 9500 sqft, with a mix of 1 to 3 bedroom units. The unit layouts have been designed to optimize the achievable rents per square foot. Most units offer private outdoor space while the larger units feature multiple private outdoor spaces, large primary suites with tubs and showers, walk-in closets. One of the showpiece owners units boasts a large kitchen surrounded by sliding glass doors that lead to a large wrap-around terrace. *All calculations and figures are estimates and are not a guarantee of terms, values, or costs
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FeaturesInteriorHeating Fuel Natural Gas
Basement Poured Concrete
Hot Water Electric
Basement (Y/N) Y
Heating Y/N Y
Fireplace Y/N N
Above Grade Finished Area 3360
Full Baths 2
Street Suffix STREET
Central Air Y/N N
Total Bedrooms 6
Below Grade Finished Area 0
Main Level Bedrooms 0
Below Grade Finished Area Unit Type Square Feet
Below Grade Finished Area Source Assessor
Above Grade Finished Area Source Assessor
Above Grade Finished Area Unit Type Square Feet
Total Baths 2
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GeneralSewer Public Sewer
Heating Radiator
Cooling None
Possession Immediate
Zoning RM1
Pool Y/N No Pool
Architectural Style Other
Construction Materials Masonry
Year Built 1904
Levels 3
Tax Year 2022
Percent Ownership Fee Simple
Cool Fuel None
Municipality PHILADELPHIA
Accessibility None
County PHILADELPHIA
New Construction N
Property Type Residential
HOA / Comm Assn N
Subdivision Name WALNUT HILL
Garage Y/N N
Water Access Y/N N
Other Structures Above Grade Below Grade
Status ACTIVE UNDER CONTRACT
Directions 4614 spruce
City PHILADELPHIA
Buyer Agent Compensation 2.5
Senior Community Y/N N
MLS Area 19139 (19139)
Lot Size Square Feet 3413.00
Waterfront Y/N N
Street Name SPRUCE
Tax Annual Amount 6356.0
Structure Type Twin/Semi-Detached
Condo/Coop Association Y/N N
Bathrooms Full Main Level 0
Bathrooms Count Main Level 0.00
Price Per Sq Ft 178.27
Vacation Rental Y/N N
Days on Market 15
Standard Status Active Under Contract
Year Built Source Assessor
Tax Lot 50
Buyer Agent Compensation Type % Of Gross
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ExteriorWater Source Public
Type of Parking On Street
Foundation Details Slab
Water View Y/N N
Lot Dimensions 21.00 x 160.00
Lot Size Acres 0.08
Lot Size Units Square Feet
Lot Size Source Assessor
Land Assessed Value 90820.00
Navigable Water Y/N N
Water Oriented Y/N N
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* Excluded FeaturesList ByTesla Realty Group, LlcBroker
getpaidwithsteve@gmail.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $3,981
- Monthly Property Taxes
- $530
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbySingle family listings in Philadelphia, PA
Average List Price $454,596
Percent of Sale Price 24%
About Philadelphia, PA 1,588,239 Population
5% Since 2002
$ 42,223 Median Income
36 Median Age
24% Households with Children
Trends Information provided by ATTOM Data Solutions.
4488946 Elementary School
4488947 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
4/2/2024 | $599,000 | | Listed Price |