625 S 23rd St Local commercial 331 m² À vendre Philadelphia, PA 19146 610 370 € (1 843,42 €/m²)

MPN Realty is proud to offer for sale 625 S 23rd Street in the “Graduate Hospital” neighborhood of Philadelphia, PA 19146. The property consists of 3 apartment units and 1 retail space, located at the intersection of S. 23rd Street, Bainbridge Street, and Grays Ferry Avenue.
The Retail space is currently being sub-leased and operated as an H&K Beauty Salon. The original Master Lease for the Salon runs until August 31st of 2028. There is a utility room next to Apartment #1 of about 180 sq. ft., which houses electric meters, gas meters, gas hot water boilers, and three gas water heaters. There is a basement underneath the retail space, which houses a Bilco door to the street, an electric meter, a gas meter, a gas furnace, and a gas water heater. The apartments are equipped with hot water radiator heat, while the retail space uses a mini-split system for heat and air-conditioning.
Two of the apartments are 1-bedroom units, and one apartment is a Bi-Level 1-bedroom unit, however, the Bi-Level unit is currently in “shell” condition. Only one of the two operating apartments is occupied, and that lease addendum expires on 8/31/2025. The other vacant apartment is not being leased to any new tenants. A new Buyer could therefore have all three apartments empty on 9/1/2025, and be able to begin renovations as soon as permits are obtained.
Based on the current comparable rent of newly renovated apartments in the area, we have created a projected Pro-Form Rent Roll of rents that we believe should be obtainable for each apartment once a renovation has been completed on the units.
We have also created a Projected Pro-forma Operating Statement, which we believe would reflect the new owner’s annual Income and Expenses for a building of the size
and type.