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Three-unit Investment property 1604 Ridge Ave

2 Unit Apartment Building $739,000 ($369,500/Unit) Philadelphia, PA 19130

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Investment Highlights

Situated in the vibrant Francisville/Fairmount area, just off North Broad Street, near the intersection of Ridge and 16th.
The first floor is currently rented to a long-standing salon, providing immediate rental income with potential for diverse commercial use.
The entire building was extensively renovated in 2019-2020, including new flooring, roof, electrical, plumbing, and mini-split AC units.

Just under 3,000 sq. ft., with approximately 1,000 sq. ft. on each level, offering a versatile layout for various uses.
The 2nd and 3rd floors feature large 1-bedroom apartments with hardwood floors, updated kitchens and bathrooms, and in-unit washers and dryers.
All utilities are separate, and electric systems have been upgraded, offering efficiency and reduced management hassles.

Executive Summary

Excellent opportunity located in the thriving Francisville/ Fairmont area section just off of North Broad Street near intersection of Ridge and 16th. This three-story brick/ stucco building is just under 3,000 sq. ft. with around 1,000 sq. ft. on each level and 3 tenants in place. The first floor has been a salon for over 30 years and currently rented to a salon until December. The storefront has 3 sinks but can accommodate 5 in a large open area with kitchen/ break area, access to basement and to backyard/ alley for separate entrance. The 2nd and 3rd floor are both large 1-bedroom apartments with hardwood floors, updated bathrooms & kitchens, washer and dryers, very clean-living space.
The entire building was redone in 2019-2020 from top to bottom with new flooring, sheet rock, bathrooms, kitchens, roof , sewer/ electric, brick pointing & mini-split air conditioning units. All utilities are separate, electric has been upgraded throughout, and landlord pays taxes and insurance. Major development in the neighborhood with new construction all around this property in a vibrant area with plenty of upside. Rental income is below market value for the area and size of apartments making this a great add value investment or owner/ user looking to utilize the space and rent out the units.
Call for complete details and tours

Property Facts

Price	$739,000	Building Class	C
Price Per Unit	$369,500	Lot Size	0.03 AC
Sale Type	Investment or Owner User	Building Size	8,060 SF
No. Units	2	No. Stories	3
Property Type	Multifamily	Year Built/Renovated	1920/2020
Property Subtype	Apartment General Retail Storefront General Retail Storefront Retail/Office	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$739,000
Price Per Unit	$369,500
Sale Type	Investment or Owner User
No. Units	2
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront General Retail Storefront Retail/Office
Building Class	C
Lot Size	0.03 AC
Building Size	8,060 SF
No. Stories	3
Year Built/Renovated	1920/2020
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

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map

1604 Ridge Ave, Philadelphia, PA - aerial map view

Walk Score ®

Very Walkable (86)

Transit Score ®

Excellent Transit (82)

Bike Score ®

Very Bikeable (85)

What is a Walk Score®, Transit Score® & Bike Score®?

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Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

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, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

measures bikeability of a location.®

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PROPERTY TAXES

Parcel Number	871088150	Improvements Assessment	$312,240
Land Assessment	$78,060	Total Assessment	$390,300

PROPERTY TAXES

Parcel Number

871088150

Land Assessment

$78,060

Improvements Assessment

$312,240

Total Assessment

$390,300

zoning

Zoning Code	CMX-2.5 (primarily intended to accommodate active, pedestrian-friendly retail and service uses in commercial nodes and along commercial corridors)
CMX-2.5 (primarily intended to accommodate active, pedestrian-friendly retail and service uses in commercial nodes and along commercial corridors)