5230 Schuyler St, Philadelphia, PA 19144

Description

Rare opportunity to acquire a fully occupied, turnkey 8-bed / 8-bath legal quad with long-term tenants through 2027, an active rental license, $60,636 in annual gross income, and room for value-add! Located right near the Queen Lane train station, it's under a 25-minute ride straight to Suburban Station in Center City Philadelphia. You're also right by William Penn Charter School, the Germantown Friends School field, and the Thomas Jefferson East Falls campus, with quick access to Route 1 and I-76, and (last but not least) Dunkin. This is a very strong location that attracts high-quality rental demand while still leaving plenty of room for appreciation in the years to come.

The property has an excellent setup of 8 beds and 8 full baths, which makes it easy to lease. The basement is a 2-bed / 2-bath with luxury renovations, stainless steel appliances, a bar area, two fireplaces, beautiful bathrooms, and a washer and dryer. Unit 1 is a large, updated 3-bed / 3-bath with backyard access and washer/dryer. Unit 2F is a spacious 1 bed / 1 bath with a gorgeous kitchen and dining area, a stone accent wall, and washer/dryer. Unit 2R is a cozy 2 bed / 2 bath with backyard access and washer/dryer. Every unit in the building has its own washer and dryer, a big plus for tenants and for leasing speed. Current tenants have been in place since 2023/2024, and they're respectful, caring, and would like to stay. In Philadelphia, great tenants are paramount, and this property has them.

Tenants have separate electric meters. The owner pays gas heating ($3,300/yr) and water ($2,040/yr), and insurance of $3,500/yr (3 out of 4 units have two points of exits, great for lower insurance). Current rents are as follows: the basement (2 bed / 2 bath) is $1,690/mo with a lease ending 09/30/2026; Unit 1 (3 bed / 3 bath) is $1,353/mo ending 09/30/2027; Unit 2F (1 bed / 1 bath) is $1,045/mo ending 06/30/2027; and Unit 2R (2 bed / 2 bath) is $965/mo ending 11/30/2026 (potentially renewing).

The property currently carries a homestead exemption with taxes just under $5,000; without it, taxes would be $6,100. Using the $6,100 figure, a 5% maintenance allowance, 3% vacancy, a $500 trash fee, $200 for rental license, $300 for snow removal, insurance and utility expenses, the total expenses come to $20,791; NOI is $39,845, for a 7.74% cap rate at the $515,000 asking price. On turnover, the new owner has room to add value by pushing rents to market, pushing NOI and the cap rate well past 9%. This is an easy to maintain income producing property from day 1 with high quality rental demand and potential for higher returns.