615 56Th StPhiladelphia, PA 19143

Property Details for 615 56Th St

Year built

1925

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.03 AC

Property size (Sq ft)

2,208 SF

Zone code

CMX2

Property type

Investment properties

Property subtype

Live-work space

APN

87-1-2172-50

APU

871217250

Description

This exceptional mixed-use property located at 615 S 56th Street in Philadelphia, Pennsylvania presents a compelling investment opportunity. The building boasts a total of 2,208 square feet situated on a 0.03-acre lot. The ground floor currently houses a grocery store, generating a stable monthly rental income of $1200. Above the commercial space, the property features three residential units: two studio apartments and a two-bedroom apartment on the second floor. The property also includes a detached, single-car garage, adding further value and utility. This corner lot location offers excellent visibility and accessibility, enhancing the property's appeal to both tenants and customers. The strong rental income from the existing tenants, combined with the potential to increase rental rates or further develop the property, makes this a highly attractive investment for those seeking a solid return. The property's multi-unit configuration and diverse income streams provide a degree of resilience against market fluctuations. This is a rare opportunity to acquire a well-maintained, income-producing property in a desirable Philadelphia neighborhood. The combination of commercial and residential space offers significant flexibility and potential for future growth. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $621,735

  6.5%

  $573,909

  7%

  $532,916

• Comparable approach

  Method

  Valuation

  Relative Method

  $288,497

  Geo Method

  $288,497

• Alternative Use

  Use

  Valuation

  Residential

  $711,648

  Hospitality

  $651,865

  Educational

  $542,344

  Medical

  $560,996

  Retail

  $843,647

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.951

Longitude

-75.2347

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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