5734 Old Second St, Philadelphia, PA 19120

Property Description

This shopping center boasts five laundromat and restaurant tenants with high visibility along Old 2nd Street and W Grange Ave. The total building area is 18,000 sqft with 5 units and parking lot for 120 cars. Strip center : Unit 1: restaurant , 6000 sf. Unit 2: ,2500 sf, Central air & heat . Unit 3: It was a pizza restaurant. Unit 4: meat business , 3800 sf Unit 5 : Coin Laundromat , 4500 Sf , 92 machines , lottery, 2 year old heating & cooling system, lots of potential, opened 2019. Financial summary: Gross Rental Income: $199,800. Tenant 1 $55,800; Tenant 2 $36,000; Tenant 3 $48,000; Tenant 4 $60,000. Vacant restaurant - Potential rent $96,000. Total Operating Expenses: $72,575. Expenses Breakdown: Real estate taxes $33,575. Common Area/Sanitation $3,000. Common Electricity $3,500. Water/Sewer $10,000. Snow Removal + Landscaping $3,500. Insurance $13,500. Repairs/maintenance $5,500. Net Operating Income (NOI): $127,225 Asking Price: $2,950,000. Current Cap Rate:4.31%. Pro Forma Cap Rate: 7.57%. In 2019, significant upgrades were made to the property, including all wall renovated ($60,000), the sidewalk fixed and replaced ($50,000.00), 5 poles($40,000.00) installed, other renovation on 2019($15,000) , a new roof( $55,000.00) , 2 meters in the property , 1 for at restaurant , another one for laundromat .