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.
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 28th September, 2023 1:14 PM (UTC)
Listing Agent: Emily Qing Hui Wang
Listing Office: Century 21 Advantage Gold-South Philadelphia