1600 Ridge Ave, Philadelphia, PA 19130

Property Description

Investors, take notice! This 2023 new-construction 4-unit property offers the best of both worlds: the benefits of newer construction, time-tested over the past three years, plus approximately six years remaining on the full 10-year tax abatement. The property includes a commercial first-floor and basement space leased to a convenience store for $3,100/month NNN plus a $100/month flat water fee through October 2030, along with three spacious 2-bedroom, 2-bath residential apartments currently rented for $2,250, $2,250, and $2,350 per month. Designed with privacy and flexibility in mind, each residential unit features bedrooms positioned on opposite sides of the apartment, making the layout ideal for platonic roommates, couples, families with children or frequent guests, or those who work from home. The primary bedroom, with an ensuite bath, is located on the Ridge Avenue side, while the second bedroom and hall bath are on the 16th Street side. Each apartment features a spacious kitchen and living area, soft neutral finishes, central air, and its own laundry room. Residential tenants pay their own gas, electric, and water, while the owner pays water for the common areas, including the roof (with $100/month contributed by the commercial tenant), as well as common-area lighting, heating, maintenance, and maintenance within the residential units. The commercial tenant is responsible for its own repairs and pays a portion of the building's taxes and insurance. Two separate stairwells—one from Ridge Avenue and one from 16th Street—serve all the units and provide access to the shared roof deck, offering a unique outdoor amenity with space to relax, entertain, enjoy the sunset, or start the day with fresh air. The seller also provided furniture for the residential units, adding convenience for tenants. With easy access to local transportation, neighborhood shops, Fairmount Avenue, and Center City, this property combines modern construction, diversified income, desirable residential layouts, and a valuable tax abatement in one compelling investment.