501-9 W NORRIS ST, Philadelphia, Pennsylvania
501-9 W NORRIS ST, Philadelphia, Pennsylvania 19122 - Incredible development opportunity in South Kensington with ZONING PERMITS APPROVED for 4 Duplexes. This corner property is 64 X 57 feet in dimension and has zoning permits and subdivision plans approved for a total of 4 Duplexes and as a bonus includes the required geotech report and soil samples required for building permits. Each duplex is designed as a 16 x 45 footprint with bilevel units: 3bd/2ba lower units with rear yards and 3bd/3ba upper units with private roof decks. These units can be sold as condos or held for a long term rental portfolio. Each building has projected rents of approximately 3,800/month or 45,600/annual. The total package would generate 182,400 per year giving it a value of 2.3 mil at an 8% cap rate. This area is exploding with development and some large projects have recently been announced within a few block radius. Purchase now before prices continue to increase quickly.
Listing Courtesy of Copper Hill Real Estate, LLC
“Chris did a terrific job helping me to find just the right home and holding my hand all through the process of buying a home. Chris was always avaiable on the momentary notice to address any issue, large or small; and many times i had to wonder if he ever takes a break. I would recommend Chris for any real estate needs in a heartbeat!!! Thank you The Somers Team!”