1516 Arrott St, Philadelphia, PA 19124

Description

Live in One, Rent the Rest: Frankford Quadruplex! Welcome to a rare multi-unit opportunity in the heart of Frankford! This three-story brick twin features four units, each offering 1 bedroom and 1 full bathroom. With two vacant units and two tenant-occupied units, this property provides flexibility for an owner-occupant or investor seeking rental income and future cash flow potential.

Unit Features and Rental Information: Unit 1R is vacant and features 1 bedroom and 1 bathroom, with a proposed rent of $850/month, including gas and water. Unit 1F is also vacant and features 1 bedroom and 1 bathroom; it was previously rented for $750/month, including gas and water, before the tenant was evicted. The second-floor unit features 1 bedroom and 1 bathroom and is currently rented for $725/month, including gas and water, with a lease expiring February 28, 2027. The third-floor unit features 1 bedroom and 1 bathroom and is currently rented for $750/month, including gas and water, on a month-to-month lease. The tenant has occupied the unit since 2024. Based on the proposed and current rents, the property offers approximately $3,075 in potential monthly rental income, or $36,900 annually, assuming all four units are rented at the stated amounts.

The property features one front entrance and two side entrances for convenient access, while the rear of the first-floor unit offers additional storage or potential for expansion. The fully renovated building next door highlights the potential of this corridor. Frankford keeps you connected, with the Market-Frankford Line and Frankford Transportation Center providing convenient access to Center City, along with shopping and dining along Frankford Avenue.

Financing Assistance: KeyBank is offering a $5,000 credit for this property, which may be combined with the Philly First $10,000 grant, subject to eligibility and approval. The KeyBank credit may be applied toward eligible expenses, including closing costs, prepaid mortgage or hazard/flood insurance, escrow deposits, real estate taxes, or per diem interest. The program is available for eligible buyers purchasing an owner-occupied principal residence, so the buyer must occupy the property as their primary residence. Whether you're an owner-occupant looking to offset your housing expenses with rental income or an investor seeking a value-add opportunity, this property offers flexibility and income potential. A minimum of 24 hours' notice is required for showings of occupied units. Schedule your private showing today!