810 N 40th Street, PHILADELPHIA, PA

810 N 40th Street, PHILADELPHIA, PA, USA

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447 m²

Location

Pennsylvania

Description

This duplex zoned RM1 in Philadelphia's Mantua section offers a prime opportunity for investors looking to renovate and potentially expand a multi-unit property. This is an As-is Sale. Property is in need of a total rehab. Located in the West Philadelphia Promise Zone, which could enhance long-term value appreciation. Mantua is experiencing significant revitalization, driven by its inclusion in the West Philadelphia Promise Zone, a federal initiative aimed at reducing poverty and boosting development. A notable $60-million project by Lomax Real Estate Partners is set to bring a grocery store and medical center nearby, potentially increasing local appeal. This 1,490-square-foot duplex at 810 N 40th Street, Philadelphia, PA 19104, is situated in the vibrant Mantua neighborhood. Zoned RM1 for multi-unit residential use, it seems well-suited for investors seeking to capitalize on the area’s growth. multifamily properties in Philadelphia typically achieve cap rates of 5-6%. For a duplex like 810 N 40th Street, assuming a purchase price of $250,000-$350,000 (based on area trends and comparable properties), investors could expect competitive returns. 2-bedroom apartments in Mantua generally rent for $1,800-$2,000 per month. For a duplex with two 2-bedroom units, this could translate to a total annual rental income of approximately $43,200-$48,000. Located near Drexel University and the University of Pennsylvania, Mantua benefits from consistent demand for rental housing from students, faculty, and staff. Drexel’s expansion, including the Schuylkill Yards complex and community programs like the Dornsife Center, further drives interest in the area. Schedule a Private Showing