16 E Springer St, Philadelphia, PA 19119

Property Description

Beautiful, unique 1880's grain mill building fully renovated and converted into three (3) spacious two-bedroom, one bath apartments with a huge adjoining/attached workshop/warehouse/studio space with driveway. Located in the desirable Mt. Airy neighborhood of Philadelphia, all three apartments are thoughtfully and fully renovated, each featuring the unique exposed original wood beams from the grain mill and many large windows in each unit that give great natural light in every area of the space. Each apartment is approximately 1,200 SF with open floor plans, in excellently maintained condition, with central HVAC, in-unit private laundry, and wood plank flooring. All utilities are separated - tenants pay HVAC, electric, gas, hot water. The bonus large commercial-grade (owner-occupied) workshop space has massive potential, with an estimated projected rent of at least $1,500/month. The workspace has a concrete slab floor, high 13' ceiling height, and a large overhead garage door and is very secure. Gross yearly rental income ($72,000) includes projected garage/studio space rent of $1,500 per month, making this a fabulous investment or even potentially a mixture of an owner-occupied situation. This is a cash-flow positive property that is in great condition, with all systems (plumbing, electric, etc.) fully replaced and modernized, low maintenance, and easy renting in a top neighborhood with high demand from an excellent rental pool. The perfect opportunity for both new and seasoned investors seeking a stable, income-generating multifamily property in a prime location near a popular commercial strip with a grocery store, restaurant, cafe, retail, and a bakery just a half block away. Truly unlike any other triplex in the area with its original charm that has been lovingly maintained during the current owners' 40+ years of ownership. 24 HOUR NOTICE required for showings due to the property being fully occupied by excellent tenants. All showings through agent.