231-233 W Coulter Street

Description

Large Mix Use building in desirable West Germantown location on the boarder of East Falls operating at a 7.6% cap. The building consists of 5 apartment units featuring (4) two bedroom and (1) three bedroom units, a commercial space leased through 2024 and 12 leased storage garages. The building has a Use Permit that coincides with the use along with an active rental license. The residential units also feature separately metered utilities. A truly turn key investment opportunity in a neighborhood with an influx of new construction development taking place. All of the residential leases are now on month- to -month terms offering an immediate opportunity to increase the rental income. Many of the garages rental rates can be increased as well. Located near both Jefferson University and Drexel+GGs Medical school campus, and two blocks from the Queen Lane train station, there is no shortage of residents. New construction apartment units nearby are already appraising for $250,000/unit and an abundance of neighborhood amenities continue to be introduced. Once market rate leases are executed this building will operate at an 8.4% Cap with the expectation of continued appreciation as more development and neighborhood amenities continue to be introduced.