1422 W Diamond Street

Description

Discover an exceptional investment opportunity with this prime 5-unit corner multi-family building, ideally located just steps from Broad Street and Temple Universities Main Campus. With proven rental income ranging from $4,700 to $5,750 per month, and potential to exceed $6,500 with updates, this property is a standout choice for investors. Currently vacant for easy showings, the building features three stories, five units, and an unfinished basement offering further potential.The property is well-maintained, with three of the five units recently updated and the remaining two upgraded within the past five years. The unfinished basement offers potential for additional expansion or customization. The building benefits from hot water radiator heating, with common water and gas, and each unit has its own electric meter. A single rental license covers all five units.The unit breakdown is as follows: Unit 1 is a 1 bed, 1 bath and was previously rented for $750; Unit 2, also a 1 bed, 1 bath, previously rented for $1,000; Unit 3, a 2 bed, 1 bath, previously rented for $1,000; Unit 4, a studio, previously rented for $900; and Unit 5, a 3 bed, 2 bath, previously rented for $1,800 to $2,000. This rare corner location and the propertys attractive features make it a standout investment opportunity. The buyer needs to do their own due diligence to verify the zoning. Investors can also take advantage of Philadelphia's Housing Choice Voucher Program which will guarantee rents and maintain cashflow. The Housing Choice voucher rents can go for $8,172/month and $98,064 gross rent yearly. See the brochure located in the documents section of the listing.With a Walk Score of 87, daily errands can be completed without a car. The property features a Transit Score of 83, offering excellent transit options for most trips, and a Bike Score of 66, indicating good biking infrastructure.Dining options nearby include Philly Style Pizza and Grill, Master Wok, Playa Bowls, Maxi's Pizza Subs and Bar, and more. Educational institutions in the area are Duckrey Tanner School, Temple University Newman Center, Carver High School, and Philadelphia Military Academy at Elverson.Grocery shopping is convenient with Cecil B Moore's Farmer Market, North Dauphin Grocery Store, The Fresh Grocer, Medina Mini Market, and other local options. The property is just four minutes from the BSL NRG Station, providing quick access to Fern Rock TC via the Susquehanna Dauphin Station - BSL stop. Nearby parks include Fotterall Square, Reyburn Park, and Connie Mack Stadium. With its prime location, attractive features, and favorable zoning, this property is a smart choice for any savvy investor. Act quickly to secure this valuable asset!