Kara Brasure

Description

Excellent investment opportunity to own this turn-key, fully occupied, 5-unit building in desirable Keswick Village. This property consists of a commercial office and meeting room on the first floor, with (4) one bedroom apartments above, all with a great rental history and upward potential. There is also a rented 2 car garage in the rear of the property. The office space on the main level is in excellent condition with a long-term lease featuring annual rental increases, showing their commitment to the location. The space is well appointed with a large meeting area, private office, full kitchen, bath and rear fenced patio area. The office has separate gas heat, electric and has central air. Each apartment has received various updates under current ownership; such as kitchens, appliances, baths, flooring, and paint. The property is conveniently located in the heart of Glenside, Abington Township and in close proximity to neighboring shops, pubs, restaurants, a local market, the Keswick Theater and public transportation. The local bus route and the Glenside Train Station are just a short distance away. Apartment demand is extremely high in this desirable location and vacancies are always filled quickly. The apartments have hot water radiator and/or baseboard heat supplied by separate gas boilers in the basement. The heat is paid for by the tenants. Current ownership has maintained the roof and numerous other mechanical items such as water heaters and the boiler, greatly reducing future capital expense needs. Tenants are responsible for their individually metered electric and gas. There is a separate gas heater for each unit. The building has (2) large water heaters in the basement and is equipped with a hard-wired and monitored fire alarm system. The parking for this property is on street parking. While the building is currently fully occupied and profitable, a new owner could increase income by approximately $200 per month per residential unit (totaling $9,600 per year) by implementing various value-add strategies such as adding laundry and/or upgrading interior finishes to the next level. This is a perfect property for the first-time investor or a seasoned investor to add to their portfolio. Some photos are prior to tenant occupancy.

Features