Homes for sale - 2566 CORAL ST, Philadelphia, PA 19125

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$699,900

Est. payment - /mo

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2,109 SqFt

Active

2566 CORAL ST Philadelphia, PA 19125

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Matt Kilmer

matt@movewithmatt.net +1(540) 931-6089

UPDATED:

11/20/2024 10:49 PM

Key Details

Property Type Multi-Family, Townhouse

Sub Type End of Row/Townhouse

Listing Status Active

Purchase Type For Sale

Square Footage 2,109 sqft

Price per Sqft $331

MLS Listing ID PAPH2325290

Style Traditional

Abv Grd Liv Area 2,109

Originating Board BRIGHT

Year Built 1875

Annual Tax Amount $3,219

Tax Year 2024

Lot Size 900 Sqft

Acres 0.02

Lot Dimensions 18.00 x 50.00

Property Description

Introducing an incredible investment opportunity: a newly renovated (2022) Triplex with a short-term rental business included. This turnkey property is perfect for savvy investors seeking excellent cash flow. No experience is necessary - the owner has a long-term and established management team in place (cleaners, contractors, property manager) and spends about 1 hour a month in the business. The owner is relocating, opening the door for you to take advantage of this amazing deal. With a conservative pro forma NOI of $75,150 and an 8.0 Cap rate, the property's value is estimated at $939,000. However, you can secure it at just $699,900, enjoying a substantial discount of over 200K. Imagine the potential in today's competitive real estate market! Purchasing this property with cash guarantees a 10% return. But here's where it gets even better: by taking out a loan, you can achieve a remarkable 15% return on equity. Enhance the ROE to an impressive 20% by assuming the existing FHA primary loan of $340,000 at an incredibly low 2.25% interest rate and securing a second loan for the remaining 80% of the purchase price. Inquire for the proforma. This property has recently undergone significant upgrades to its main systems, ensuring low capital expenditures in the foreseeable future. With a new roof, central plumbing line, fortified foundation, a fire alarm system with an active certificate, and HVAC mini splits in each unit, you can rest assured that the property is in excellent condition. Additionally, each unit has been meticulously remodeled in 2022, featuring luxury finishes such as beautifully tiled bathrooms with semi-frameless showers. The kitchens are stunning, boasting white quartz countertops, new cabinets with brass accents, and stylish tile backsplashes complemented by stainless steel appliances. The units are also equipped with recessed lighting and durable luxury vinyl plank flooring throughout. Plus, it has a 10 YEAR TAX ABATEMENT starting in 2022!

As an added bonus, the sale includes an impressive short-term rental business. Over the past 12 months, the property has maintained an outstanding 85.5% occupancy rate, with guests staying an average of 2.3 days and paying a daily rate of $99.80. Don't worry if you're new to the short-term rental industry—the current owner is willing to provide 30 days of guidance at no additional cost to ensure a seamless transition. Every unit in this property is beautifully decorated and fully furnished. The kitchens come fully stocked with pots, pans, plates, and silverware, while the bedrooms are supplied with linens and towels—everything you need to continue running the successful short-term rental operation. The entire property is monitored by a state-of-the-art Vivint security system, enabling remote property monitoring and convenient remote check-ins for guests. Additionally, there's a convenient supply shed at the back of the property containing washers, dryers, and cleaning supplies, facilitating efficient turnover between guests. The property has already secured bookings well in advance, and these future booking receivables are included in the sale. The owner currently resides in the first-floor unit but is flexible with showings. Serious buyers will have access to view the second and third-floor units. Don't miss out on this exceptional opportunity—it's truly one-of-a-kind and won't be available for long. Contact us now to secure your future in the thriving real estate market.

Location

State PA

County Philadelphia

Area 19125 (19125)

Zoning TRIPLEX

Rooms

Basement Unfinished

Interior

Hot Water Electric

Heating Baseboard - Electric

Cooling Central A/C

Flooring Laminate Plank

Inclusions Air BnB Furniture for entire home, Beds tables kitchenware etc.... First floor unit has an office setup in one bedroom but it will be replaced with a Bed at settlement

Equipment Dryer - Front Loading, Washer - Front Loading

Fireplace N

Appliance Dryer - Front Loading, Washer - Front Loading

Heat Source Electric

Exterior

Utilities Available Cable TV Available, Water Available, Sewer Available, Electric Available, Natural Gas Available

Waterfront N

Water Access N

Roof Type Flat

Accessibility None

Garage N

Building

Lot Description Corner

Foundation Stone

Sewer Public Sewer

Water Public

Architectural Style Traditional

Additional Building Above Grade

Structure Type Dry Wall

New Construction N

Schools

Elementary Schools Brown Henry

High Schools Kensington

School District The School District Of Philadelphia

Others

Tax ID 311106300

Ownership Fee Simple

SqFt Source Assessor

Acceptable Financing Assumption, Cash, Conventional, FHA, Negotiable, Seller Financing, Other

Listing Terms Assumption, Cash, Conventional, FHA, Negotiable, Seller Financing, Other

Financing Assumption,Cash,Conventional,FHA,Negotiable,Seller Financing,Other

Special Listing Condition Standard

Listed by Michael L Mita • Integrity Real Estate Associates LLC

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Matt Kilmer

Agent | (VA)0225238026 (WV)WVS2003010

+1(540) 931-6089