School District: The School District Of Philadelphia
Address: 1631 WALLACE ST
Neighborhood: Art Museum Area
Rare opportunity to own an income producing mixed-use building in the heart of the Spring Garden - Art Museum Area with 2-CAR PARKING and a private garden. Just two blocks south of bustling Fairmount Ave; the primary retail & restaurant corridor in the neighborhood. Located on the corner of 17th and Wallace Street. Three exposures and soaring 11 ft plus ceilings (original plaster moldings and tile) provide an abundance of natural light. This property consists of two residential apartments and one commercial space all with central A/C. The commercial and residential tenants each have their own entrance. All units are separately metered. Access to the 2-car parking and garden are through an exterior gated entrance on 17th Street or through the rear exit of the commercial unit. Spectacular first floor commercial space with half bath. Most recently occupied by a barbershop/salon and cafe prior to that. Exceptional potential to customize this space to your aesthetic or allow a new tenant to outfit for their needs. The commercial tenant has in-unit access to the unfinished basement providing an additional 1,200 sq ft of storage space. Residential tenants enter through a private entrance on 17th Street. Unit #2 (currently owner occupied) is a spacious 1 bedroom, 1 bath flat with in-unit washer/dryer and an amazing open living concept. An additional bedroom could be added to create a 2 bed, 1 bath apartment increasing the rent (projected rent as-is: $1,650/mo). Enter unit #3 on the second floor into a private foyer and up one flight of steps awaits another generously sized apartment. This 2 bed, 1 bath residence spans the entire third floor and overlooks the private garden from the living and dining area and has Center City skyline views from the larger southern facing bedroom. In-unit washer/dryer. Unit #3 is rented significantly under market value at $1,700/mo. Projected rent for this unit is $2,150/mo. Prime location. A short walk to restaurants, retail, cafes, and much more. 5 minute drive to Rittenhouse Square. Convenient transit options including the Broad Street Line.
Courtesy of: Compass Pennsylvania, LLC Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 22nd October, 2021 10:18 PM
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