599 Summit StKing of Prussia, PA 19406

Property Details for 599 Summit St

Year built

1900

Lot size

0.12 AC

Property size (Sq ft)

2,280 SF

Zone code

C1

Property type

Investment properties

Property subtype

Live-work space

APN

58-00-18379-00-4

APU

580018379004

Description

This exceptional mixed-use property, located at 599 Summit Street in King of Prussia, Pennsylvania, presents a unique investment opportunity. The 2,280 square foot, two-story building, constructed in 1900, sits on a 5,515 square foot lot and is zoned VC. Currently vacant since May 1, 2023, this property offers a turnkey restaurant space with all furniture, fixtures, and equipment included. The building features a full walk-out basement, gas radiant heat, and separate meters for the first and second floors. The second floor comprises a residential apartment, adding to the property's versatility. Exterior features include a one-vehicle carport and a shed. The property's corner location provides excellent visibility and accessibility. Annual property taxes are $2,471. The asking price is $330,000, translating to $144.74 per square foot. This is an owner/user investment opportunity in a desirable King of Prussia location, offering immediate potential for a new business or continued operation of a restaurant. The property consists of two units within a single building.

• CAP approach

  CAP return

  Valuation

  6%

  $574,252

  6.5%

  $530,078

  7%

  $492,216

• Comparable approach

  Method

  Valuation

  Relative Method

  $292,614

  Geo Method

  $297,905

• Alternative Use

  Use

  Valuation

  Residential

  $657,297

  Hospitality

  $602,081

  Educational

  $500,924

  Medical

  $518,152

  Retail

  $779,215

Location Insight

City

King Of Prussia

County

Montgomery

State

Pennsylvania

Latitude

40.0862

Longitude

-75.3302

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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