School District: The School District Of Philadelphia
Address: 5562 CHANCELLOR ST
Neighborhood: West Philadelphia
Welcome to 5562 Chancellor Street in the heart of WEST PHILLY. This historic neighborhood staple is zoned CMX2 (Commercial Mixed Use) and has a variety of uses. The building has been used as a convenience store for many years and doesn't appear to be changing any time soon. This building has long time tenants who use the main floor as their business and reside in 2nd floor 2 bedroom apartment with separate entrance. The first floor consists of a convenience store that is open 7 days a week with access to the basement. The second floor consist of an updated 2 bedroom apartment with 1 bathroom, a full kitchen with pantry and a modest sized living room with exposed brick chimney. Between the tenants and the owner this building is in great shape and is the true definition of a turnkey investment property. You can't go wrong with property taxes less than $1,000 for 2021 further minimizing the operational costs. Located in between Locust Street and Walnut Street it is conveniently located along the G Bus Route and the 21 Bus Routes located on Walnut and Chestnut Streets and is no more than 3 blocks away from the 56th Street Terminal to the Market-Frankford train line. 2.5 miles from 30th Street station and I-76; super easy access to Center City. About 10-15 minutes from Delaware County and about 20 minutes from Philadelphia International Airport. It only makes sense to come and take a tour of the property while it's still available!
Tenant pays $1,350 per month and occupies both units. There are 7 years remaining on the tenants lease. Each year the tenants rent increases $50.00 so in the final year tenant will be paying $1,650. Tenant pays Gas, Electric and Water per the leases agreement. Owner pays Taxes and for building insurance.
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Courtesy of: United Real Estate 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: 1st August, 2021 11:13 PM
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