724 S 16TH ST Coming Soon Save Request In-Person Tour Request Virtual Tour
Philadelphia,PA 19146
Key Details
Property Type Multi-Family, Townhouse
Sub Type Interior Row/Townhouse
Listing Status Coming Soon
Purchase Type For Sale
Square Footage 2,832 sqft
Price per Sqft $316
MLS Listing ID PAPH2435874
Style Other
Abv Grd Liv Area 2,444
Originating Board BRIGHT
Year Built 1915
Annual Tax Amount $8,626
Tax Year 2024
Lot Size 1,120 Sqft
Acres 0.03
Lot Dimensions 16.00 x 70.00
Property Description
Rare investment opportunity in the Graduate Neighborhood! This legal quadplex with a garage and parking offers significant potential for owner-occupants and investors alike, with options for rental income, value-add improvements, or condo conversion. The property underwent a complete gut rehab in 1989 with modernized building systems and is situated on a street-to-street lot offering garage space and parking for two compact cars. Located steps from public transit and Center City amenities, the property boasts a Walk Score of 95, Transit Score of 97, and Bike Score of 87. Each unit features separate utilities (tenants pay except for water), central air and heat, dishwasher, garbage disposal, refrigerator, intercom, and recessed lighting. On-site coin-operated laundry generates additional revenue. The building consists of Unit 1: a 1-bedroom, 1-bath bilevel with a jetted tub and separate standup shower; Unit 2F and Unit 2R: studio apartments; and Unit 3: a 2-bedroom, 1-bath with wood and tile floors, large skylights, and all-new windows on the third floor. With a 99% occupancy rate over 24 years, this tenant-occupied property provides immediate income for the buyer. The garage/workshop is currently vacant, offering additional income potential. Current rents are below market value, presenting opportunities for rental increases and added property value. This is a true value-add opportunity with significant upside potential. The property is located near Rittenhouse Square, Center City business and retail districts, and South Street, with grocery stores, restaurants, and the Marian Anderson Recreation Center (featuring a public pool) all within walking distance. This quadplex qualifies for Fannie Mae/Freddie Mac's new 5% down owner-occupied multifamily program and offers strong appreciation and rental growth potential. Whether you are looking to expand your portfolio, secure a cash-flowing asset, or explore condo conversion possibilities, this property has it all. Being sold AS-IS. Proof of funds or pre-approval required before scheduling showings. Owner is a licensed PA salesperson.
Location
State PA
County Philadelphia
Area 19146 (19146)
Zoning RM1
Rooms
Basement Front Entrance,Full,Garage Access,Partially Finished,Workshop,Poured Concrete
Interior
Interior Features Bathroom - Jetted Tub,Bathroom - Stall Shower,Bathroom - Tub Shower,Breakfast Area,Carpet,Intercom,Skylight(s),Studio,Wood Floors,Other
Hot Water Electric
Heating Forced Air
Cooling Central A/C
Flooring Carpet,Ceramic Tile,Wood
Inclusions Washer & Dryer, Workshop Bench, Refrigerators
Equipment Dishwasher,Disposal,Dryer,Intercom,Oven/Range - Gas,Refrigerator,Washer,Water Heater
Fireplace N
Window Features Double Hung,Skylights
Appliance Dishwasher,Disposal,Dryer,Intercom,Oven/Range - Gas,Refrigerator,Washer,Water Heater
Heat Source Natural Gas
Exterior
Parking Features Inside Access,Garage Door Opener,Garage - Rear Entry,Additional Storage Area
Garage Spaces 3.0
Water Access N
View City
Roof Type Flat
Accessibility None
Attached Garage 1
Total Parking Spaces 3
Garage Y
Building
Lot Description Road Frontage,Other
Foundation Stone
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade,Below Grade
Structure Type Dry Wall
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 301302500
Ownership Fee Simple
SqFt Source Assessor
Security Features Carbon Monoxide Detector(s),Fire Detection System,Intercom,Smoke Detector
Acceptable Financing Conventional,Cash,FHA
Listing Terms Conventional,Cash,FHA
Financing Conventional,Cash,FHA
Special Listing Condition Standard