2720 and 2722 West 3rd Street, Chester, PA 19013
Investment opportunity with excellent capital appreciation potential when rehabbed
Large character brick building with two nice front bay windows overlooking the street.
Strong demand: Located in a convenient and accessible location, just 12 miles from Wilmington Delaware and 17 miles from Downtown Philadelphia and just over 100 miles from New York and Washington DC.
High rental rates- Excellent income potential: $3,030/ month ($36,360)
Ideal investment property: 7 Bedrooms and 3 bathrooms
Large property: Two story brick property of about 7,000 SF currently consisting of 2 large Multifamily units with 7 bedrooms and 6 bathrooms, most of the rooms are of a decent size and there are several built in closets. The front doors are accessed through a locked gate that leads to a grassy side yard with separate entrances.
The property includes two parcels. Total lot area about 5,600 SF
2720 W 3rd Street
1st Floor apartment
- 2 Bedroom
- 2 Bathroom
- Large entry way and Living Room
- Kitchen
- Dining Room
- Front Door-Street access and side door
2722 W 3rd Street
2 Floor Apartment
Top Floor
- 4 Bedrooms (1 Master with Bay windows)
- Kitchen
- Foyer
- 2.5 bathrooms
- Long Hallway
- Back Door
First Floor
- Living Room
- Bedroom with .5 Bathroom
- Door to side of building
The property is large and can be easily subdivided to more units (subject to zoning). The property has 4 external doors along the side walk, three at first floor level and one up the stairs at second floor level. The street side of 2720 used to be the front window of a store and can be converted again to a store if needed. The property was previously used as a restaurant / storefront /apartments.
The property can be easily subdivided again into:
1 store front
4 apartments: 2 Two bedroom and two One bedroom apartments
(subject to zoning)
The property is currently fenced and secure.
The property has been vacant for a while and now needs a full rehab, but once completed the property has tremendous potential.
Pleasant and quite location:
The house is located on a quiet street with a mix of residential and small businesses, within a short walking distance from town and local amenities. The property is accessible and very conveniently located being just 2.7 miles from Downtown Chester and within 17.5 miles from Downtown Philadelphia and close to several major cities:
Downtown Chester 2.7 miles
Downtown Wilmington DE 12.9 miles
Downtown Philadelphia 17.5 miles
Trenton NJ 51 miles
Baltimore, MD 86 miles
New York, NY 114 miles
Washington, DC 119 miles
The property is close to local facilities and amenities:
Restaurants
Shugar Shack Soul Food LLC (.01mi, Humdiggidy's (.06mi), Wrap It Up (.1mi), Two J's Sandwich Shop (.2mi), Heisley Mechanical Ltd (.3mi), Chester, Pa 19013 (.3mi), Yun Xiang Chinese & American Food (.3mi), Just Pizza (.3mi), April's Kitchen (.3mi), Momma Mia's Breakfast/Soul food Restaurant (.3mi), Ginos Pizza Store (.3mi), Casa Di Amichi LLC (.4mi), New York Fried Chicken & Grill (W9th St&BoothSt) ???? Halal (.4mi), B & S Sandwich Shop (.4mi), No 7 (.4mi), Trainer's Wholesale (.4mi), Hoagie's R Us (.5mi), Good & Pure (.5mi), Hot Dog Nation (.7mi), Karolina Kitchen (.7mi), Charlie B's Texas Bar-B-Que (.7mi), Boots & Bonnets (.9mi), 7th Street Minimarket (.9mi), Chang Jiang Chinese Restaurant (.9mi), B & C Restaurant (1.1mi), Ob's Jamaican Restaurant (1.2mi), Happy House (1.4mi), Ginn's Restaurant & Bar (1.4mi), Menus-On-Line (1.4mi), Lee Seafood (1.5mi), Checkers (1.5mi), Smiley's City Grille (1.5mi), Furillo's Sandwich Shop (1.5mi), Ming House (1.6mi), Event Designers (1.6mi), Beijing House Restaurant (1.6mi), N Y Fried Chicken (1.6mi), Chicken Hot & Pizza (1.6mi), New English Style Pizza (1.6mi), China Garden (1.6mi), Frank's Sandwich Shop (1.6mi), Il Napoli Pizza (1.6mi), Lefty's Irish Pub & Restaurant (1.6mi), Italiano's (1.6mi), Sungate Diner (1.7mi), Di Costanza Sandwich (1.7mi), 2SP Brewing Company (1.8mi), Mis. Mary's Kitchen (1.8mi),
Coffee
McDonald's (1.8mi), Dunkin' Donuts (1.8mi), Corner Café (1.8mi), East Tent Me2 (1.9mi), Dans Deli (2.1mi), Dunkin' Donuts (2.5mi), Einstein Bros Bagels (2.6mi), Starbucks (2.6mi), WU Brew Café ( 2.7mi), Industry Coffee Works (2.7mi), Kirkbride Express ( 2.7mi), Taste Budz Café (2.8mi), McDonald's (2.8mi), Starbucks (3.1mi), Dunkin' Donuts (3.3mi), McDonald's (3.3mi), Dunkin' Donuts (3.4mi), McDonald's (3.5mi), Quattro Cafe in the Baldwin Tower (3.6mi), Dunkin' Donuts (4mi), Mc Donald's (4.1mi), Frankie's on Fairview (4.2mi), Dunkin' Donuts (4.4mi), 320 Market Café (4.4mi), McDonald's (4.8mi),
Bars
Bill's Tavern (.1mi), Love Lounge (.1mi), Hayes Lounge (.2mi), Wesolowskis Bar (.2mi), Kelly's Bar II (1.2mi), Sweeney's Pub (1.7mi), Keyote's Pub (1.7mi), Bennie's Tavern Inc (2mi), Applebee's Neighborhood Grill & Bar (2.5mi), Neighborhood Tavern (2.5mi), Mctullio's Pub (3.1mi), R and S Club (3.2mi),
Groceries
Peters' Market (.06mi), Highland Market (.3mi), Chester Farmers Market (.3mi), Fare & Square (.4mi), De Marco's Market (.5mi), MMA Market (.5mi), Manly Fine Meats & Grocery (.7mi), B&N Food Market (.8mi), Yanks Farms (.9mi), House Of Oilz (.9mi), Ruth Bennett Community Farm (1.1mi), Miss Adele's Sassy Sauces (1.4mi),
Parks
Veterans Memorial Park (.3mi), Caleb Pusey Historic Site (1.3mi), Camp Upland (1.4mi), Camp Upland Park (1.5mi), Crozier Park (1.6mi), Worrilow Park (1.6mi), Deshong Park (2.2mi), Chester Park (2.7mi), Taylor Arboretum (3mi), Washington Park (3mi), Bridgeport Speedway (4mi), Delaware County Park (4.2mi),
Schools
Center For Self Development (.8mi), Frederick Douglass Christian School (.8mi), Shiloh Development Academy (.8mi), Holy Saviour St John Fisher School (1.6mi), The Village at Chester Upland (1.6mi), Chester Upland School of Arts (1.6mi), Milagre Kids School (1.6mi), Marcus Hook Elementary School (1.6mi), Columbus Elementary School (1.8mi), Main Street School (1.8mi), Linwood Elementary School (1.8mi), Chester High School (1.8mi), Toby Farms School (1.9mi), New Beginnings Academy (2mi), Aston Presbyterian Church Daycare Learning Center (2mi), Northley Middle School (2.1mi), Our Lady Of Charity School (2.1mi), Chester Community Charter School (2.2mi), American Christian School (2.3mi), Sun Valley High School (2.3mi), Widener Partnership Charter School (2.3mi), Chichester Middle School (2.4mi), Parkside Elementary School (2.5mi), Chester High School - Crozier Allied Health Campus (2.5mi),
Shopping
Kyj's Bakery (.07mi), Safinco (.4mi), Family Dollar (.4mi), Ya Mean Clothing (.5mi), CNC Enterprises (.5mi), Steve & Co (.5mi), Family Dollar Stores, Inc. (.5mi), Jes Made Bakery (.5mi), Union Shop (.6mi), G & M Supplies (.9mi), Cott Beverage USA Inc (1.3mi), Concord Beverage Co (1.4mi), Country Bagel Donut & Deli (1.6mi), Tyra's Closet (1.6mi), Buono Brothers Bakery (1.7mi), Baby Doppler (1.9mi), Family Dollar Store (1.9mi), Cintas Uniform Services (1.9mi), Akilah Fashions (2mi), Versatile Styles (2mi), Yamean Clothing (2mi), Nebula Gallery (2mi), Huisoo Chong (2mi), Ali's Outlet (2mi),
Entertainment
Union Stadium - Lot C (.4mi), Caleb Pusey House (1.3mi), Brandon Powell's Sports Autograph Museum (1.6mi), Plank House (Blackbeard's Mistress's House) (1.7mi), DCHS Museum & Research Library (2mi), Third Presbyterian Church (2.4mi), Mickey Vernon Sports Museum (2.8mi), Robinson House (3.1mi), Rails to Trails endpoint (3.3mi), The Rose Valley Museum (4.6mi),
Errands
Hany M. Gaballa, RPI (.3mi), CHESTER DISCOUNT PHARMACY (.4mi), Rite Aid (.4mi), Coburn-Myers Bolt & Nut Inc (.5mi), Joe's Building & Plumbing Supply Inc. (.5mi), FedEx (.5mi), Good Health Pharmacy (.5mi), Parker Store (.6mi), Secure Door & Hardware (.7mi), Kamco Building Supply (.9mi), Bellair Expediting (.9mi), Compagnia Dell'olio USA Inc ( 1.3mi), Jekk Tools & Fasteners, Inc. (1.4mi), Alexson Supply Inc (1.5mi), Marcus Hook Pharmacy (1.5mi), Anthony R. Sniechoski, RPH (1.6mi), Ches Pen Supply Co (1.6mi), Brothers King Market (1.6mi), Santander Bank (1.6mi), Scott T. Steltz, R (1.8mi), American First Aid (1.9mi), Hardware & Supply Co-Chester (1.9mi)
(walkscore.com)
Demographics:*
Black/ African American: 71.65%
White: 14.61%
Education (aged over 25):
- High school or higher: 79.3%
- Bachelor's degree or higher: 10.6%
*www.city-data.com
THIS IS A UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A POTENTIALLY HIGH INCOME PROPERTY AT A DISCOUNTED PRICE IN A GREAT LOCATION.
Great investment opportunity:
The property has excellent capital appreciation potential when rehabbed.
Comparables for sale (rehabbed):
3001-3015 W 3rd St, Chester, PA 19013- 10,000 SF $450,000
410 Welsh St, Chester, PA 19013 – 6,960 SF - $300,000
Excellent income potential once rehabbed*
Average rent of 1 bed property in this area is: $750/ month
Average rent of 2 bed property in this area is: $880/ month
Average rent of 3 bed property in this area is: $1,110/ month
Average rent of 4 bed property in this area is: $2,150/ month
Estimated total rental income for this property as per current layout: $3,030/ month ($36,360)
*rentometer.com
Taxes:
Delaware County PA - Parcel Tax ID: 49-11-00214-00 and 49-11-00215-00
Township
49-11-00214-00 - $816.75 2018 taxes only due (good until April 30)
49-11-00215-00 - $153.33 2018 taxes only due (good until April 30)
County
49-11-00214-00 - $471.52 - total 2018 year (good until June 1)
49-11-00215-00 - $98.56 - total 2018 year (good until June 1)
School not out till July
Taxes due: 49-11-00214-00 : $930.77 and 49-11-00215-00: $284.18
Buyer assumes all back taxes.
PROPERTY IS SOLD AS IS, WHERE IS-
Buyer assumes real estate taxes, liens, bills and encumbrances
Title search attached shows liens totaling about $18.5k
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium.
10% non-refundable deposit (minimum $1,000), auction premium (Minimum $250) and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 1 week of the Auction close.
All bidders to do their due diligence. Property is sold on a Quit Claim deed. Buyer assumes real estate taxes, liens, bills and encumbrances (if any). Buyer is responsible for directly checking the up-to-date amounts of the back taxes, liens and the requirements of the building code department. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are responsible for fixing building code violations (if any). Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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