4942 Chestnut St
Renovated Quad in University City
Marketing description
Welcome to 4942 Chestnut St, an exceptional three-story building perfectly situated near public transportation and University City. This fully occupied property boasts four diverse units: a bi-level 4-bedroom, 2-bathroom apartment with a private deck and yard, a light filled studio with bay windows, a spacious 1-bedroom unit, and a charming 2-bedroom apartment with a private third floor deck. All units feature beautiful hardwood floors, sleek finishes and great natural light throughout. The building offers air conditioning for comfortable cooling and shared coin operated laundry facilities for added convenience and income. Residents will appreciate the ease of being just blocks from the Market-Frankford Subway line, Malcom X Park, and the bustling shops and restaurants along Baltimore Avenue. With easy access to local universities and hospitals, 4942 Chestnut St offers an ideal blend of urban living and community charm. Don’t miss this fantastic opportunity—schedule a viewing today!
Investment highlights
10 Year Tax Abatement, starting 2020
Completely renovated, including new roof and new systems
Spacious and light filled units
Private outdoor space with new decks on two units
Fully occupied with paying tenants
Fully electric for ease of management
Coin operated basement laundry for tenant convenience and additional owner income
Quick access to Market-Frankford subway, trolley, and major bus lines for excellent connectivity throughout Philadelphia.
Opportunities
This unique opportunity provides the immediate value of a fully renovated and leased turnkey property along with excellent long term upside.
• Increase Rents
Possible increases available at lease turnovers as area populations continue to increase. Also opportunity to increase rents by $10k/year under current HCV rent rates at lease renewals.
• Neighborhood Appreciation
Perfectly situated for substantial appreciation in the path of continued investment and development throughout University City.
• Owner Occupant Financing
Within the 4 unit loan amount allowed by new Fannie Mae 5% owner occupant loan product for this purchase or future resale.
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