$ 799,000
-
$799,000
Price -
4
Bed -
0
Bath -
2,969
SqFt
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About the Listing IVREE - 3382314
Exceptional investment opportunity in Philadelphia! This fully renovated triplex at 651 N 33rd Street offers strong cash flow with 2 years remaining on a 10-year tax abatement. The property features three units providing multiple income streams and flexibility for investors. Unit 1 is a 2 bedroom, 1 bathroom apartment currently leased at $1,450 per month through May 31, 2026. Unit 2 is also a 2 bedroom, 1 bathroom apartment leased at $1,450 per month through June 30, 2026. Both units provide stable, secure income with leases already in place. Unit 3 is a spacious 5 bedroom, 3 bathroom unit currently owner-occupied with individual room rentals. This versatile unit includes a self-contained efficiency with its own mini kitchen and private bath, ideal for maximizing rental income. Historic room rental rates have been $900, $800, $700, $700, and $650 per month, providing potential monthly income of $3,750 from this unit alone. The owner will be relocating upon sale and Unit 3 can be delivered vacant at settlement, giving the new owner complete flexibility to continue the room rental model or lease the entire unit. Comprehensively renovated in 2017, this turnkey property combines immediate cash flow with significant tax savings. Total potential gross annual income is $79,800 with strong fundamentals. Annual operating expenses include property taxes ($2,423), insurance ($3,000), fire monitoring/sprinkler/backflow testing ($612), common utilities ($3,600), and repairs estimated at 5% of gross income ($3,990), totaling approximately $13,602 annually. Net Operating Income (NOI): $66,175, representing an attractive return for investors seeking cash-flowing real estate with minimal management required. The remaining tax abatement period provides substantial cost savings over the next two years, further enhancing returns.
Listing Highlights
Status
Active
Days on Site
7
Property Type
Multi-Family
MLS ®
PAPH2576796
Year Built
1935
Total Square Footage
2,969
Lot/Acreage
0.04
Interior Details
- Bedrooms: 4
- Bathrooms: 0 Full
- Appliances:
- Air Cond: Central A/C
- Heating: Forced Air,Heat Pump(s)
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 2315
- Below Ground Sq Ft: 654
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No
- Garage Capacity: N/A
- Lot Dimensions: 15.00 x 101.00
- Zoning: 3-unit triplex
- Roof:
- Others:
- Sewer: Public Sewer
- Parking Features: On Street
Financial Details
- Tax Amount: $2,423
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2025
Payment Calculator
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Questions About..
651 N 33rd St Philadelphia, PA 19104
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