Property Listing No Longer Available for Sale

744 W. Ritner Street, Philadelphia, PA

Others for Sale - $379,000 - 1,440 Sq. Ft.


Property Info

CIMLS#1143538
Location
  744 W. Ritner Street
  Philadelphia PA 19148
UpdatedJuly 5th, 2023
TypeOthers
Price$379,000
Building1,440 Sq. Ft.

Property Description

Large corner mixed use property with commercial grocery store on first floor and basement for storage, 2nd floor with 2 bedrooms residential unit. Same tenant for both floors. Great cash flow. Building was completely renovated in 2021 with upgrades in exterior wall, roof, interior wall, kitchen, electricity, plumbing and sewerage. First floor grocery store tenant occupies the second floor unit which is a newly renovated 2 bedroom 1 full bathroom unit with separate entrance from the street. laundry area in hallway consists newer washer, dryer and cabinet. Large open living, dining area connected to the kitchen with new granite countertop and mable cabinet. Gas cooking. Hardwood floor. Access to the rear deck with outdoor space. New bathroom with cultured marble vanity, new toilet, bathtub and ceramic tile floor. Separate central heating and air conditioning system by electricity locates in the closet next to the deck. Electric hot water heater locates next to the first floor laundry room. Gas cooking. Tenant pays for all utilities. Rent is $1,300 per month starting Jan 20-Jan 31, 2023 and now on a month to month lease. First floor is a grocery store with basement for storage. Laminate floor. Tenant owns all the equipment, and shelves. Store opens daily 2:30pm-12am. Starting rent $1,500 with 3% increase each year started 12/1/2021 and expected to end on 11/30/2026 with 5 years option to renew(current rent is $1,545). tenant pays $50 water which is included in the lease amount. Tenant has the first right of refusal if house is sold. However current tenant hasn't showed any intention to purchase. Central heating and sir conditional system by natural gas and electricity. Electric hot water heater. Year 2: From Dec 1 2022 to Nov 30. 2023 $1,545/month; Year 3: From Dec 1 2023 to Nov 30, 2024 $1,591/month; Year 4:From Dec 1 2024 to Nov 30, 2025 $1,639/month; Year 5: From Dec 1 2025 to Nov 30, 2026 $1,688/month. The first floor tenant pays the following: 1/2 of real estate tax annually, $50 water fee per month, its own gas and electricity and use and occupancy tax to city. The landlord is only responsible for main sewer. water pipe and HVAC maintenance and repairs. Full basement with ceramic tile floor and and newly parged walls. Basement equipped with stairs access to the sidewalk for loading and storage. Great location close to public transportation and shopping. Great income with stable tenant.


Financials



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