2214 W Ontario St
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2214 W Ontario St
63 Unit Apartment Building $2,100,000 ($33,333/Unit) Philadelphia, PA 19140
Investment Highlights
- Projected Gross Rent: $1,012,200 annually
- Average 1 bed ~575 sf and average 2 bed ~1100 sf
- Upon completion of construction and stabilization COC is 119% and ROI is 42.62%
- 64-unit property consisting of 1 & 2-bedroom apartments
- 40 Parking Spaces with No Low-Income Housing Requirement
Executive Summary
***SPECIAL OFFER***With full asking price, Seller will structure the contract by adding the initial cost to fund the first phase of construction. This dollar amount will be added to the sale price and Buyer will pay to difference in transfer tax, on top the customary 2.14%, from the base sale price and gross sale price. Example: [Gross sale price: $2,500,000] - [Base sale price: $2,100,000] = $400,000 credit to Buyer at closing. Buyer to pay the transfer tax on the $400,000 credit, in addition to the transfer tax on the base sale price.
Jump into your next development project which is truly shovel ready.
Projected Gross Rent: $1,012,200 annually with a solid 6%+ Cap rate. 64 Dwelling Units: 52 one bed one bath, 11 two bed one bath & 1 office space. 40 accessory surface parking spaces (including two (2) van-accessible spaces and three (3) electric vehicle parking spaces), and twenty-one (21) Class 1A bicycle parking spaces. No low-income housing requirement. An adaptive reuse project, with Completed Engineer Reports For Foundation & Facade
All necessary documents including plans, permits, reports, and surveys will be provided to the buyer upon a payment to the architect of $75,000 to release the plans. Don't miss this opportunity to invest in a lucrative real estate venture with minimal hassle.
Jump into your next development project which is truly shovel ready.
Projected Gross Rent: $1,012,200 annually with a solid 6%+ Cap rate. 64 Dwelling Units: 52 one bed one bath, 11 two bed one bath & 1 office space. 40 accessory surface parking spaces (including two (2) van-accessible spaces and three (3) electric vehicle parking spaces), and twenty-one (21) Class 1A bicycle parking spaces. No low-income housing requirement. An adaptive reuse project, with Completed Engineer Reports For Foundation & Facade
All necessary documents including plans, permits, reports, and surveys will be provided to the buyer upon a payment to the architect of $75,000 to release the plans. Don't miss this opportunity to invest in a lucrative real estate venture with minimal hassle.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,100,000 | Apartment Style | Low Rise |
| Price Per Unit | $33,333 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.91 AC |
| Sale Conditions | Building in Shell Condition | Building Size | 68,890 SF |
| No. Units | 63 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1915/2024 |
| Property Subtype | Apartment | Parking Ratio | 0.58/1,000 SF |
| Price | $2,100,000 |
| Price Per Unit | $33,333 |
| Sale Type | Investment |
| Sale Conditions | Building in Shell Condition |
| No. Units | 63 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.91 AC |
| Building Size | 68,890 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1915/2024 |
| Parking Ratio | 0.58/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
1 of 1
Transit Score ®
Excellent Transit (73)
PROPERTY TAXES
| Parcel Number | 884341857 | Total Assessment | $2,411,200 |
| Land Assessment | $723,360 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,687,840 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
884341857
Land Assessment
$723,360
Improvements Assessment
$1,687,840
Total Assessment
$2,411,200
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | I2 |
| I2 |
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2214 W Ontario St
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