414 Cedar Street

Description

Jenkintown Borough Investment Property Opportunity. You don't want to miss this well-maintained, mixed-use property. Location is key, as it is one block outside the main center of town. This extra wide lot has a spacious one bedroom, one bath, updated second floor apartment, along with a bonus room on the third floor. There is a stackable washer and dryer in the unit. It is currently leased. Use it as income or make it your home. Jenkintown is well known as a walkable Borough and this location truly makes that an easy reality.The first floor has two office spaces that are currently leased. Each has its own separate entrance. The front office has two rooms. The front room is 14X8 and the rear room is 14X14. The side office has two rooms. The front room is 14X14 and the rear room is 18X10. Each office has a single half bathroom. Wall unit A/C cools these two units. The offices and apartment are all updated with LED lighting and vinyl, insulated replacement windows. There are separate meters for each unit and three gas boilers provide comfortable, hot water heat. The third floor is heated with base board electric.A detached four-unit garage in great condition makes this property even more appealing. Storage and / or rental space adds to the potential income. There are ten marked parking spaces. Four of which are for rent, with three currently leased to area residents, where off street parking is always in strong demand. This location is seriously ideal. A short walk provides most of the stores and services you or a tenant will need. Restaurants, entertainment, town square, medical, services, regional rail and mass transit are all conveniently located. Situated just off the 611 corridor, several great hospitals are a close drive away, along with several colleges and numerous other shopping and services districts. Strong public safety services and a very sought-after school district, all add to the value and appeal of this parcel. Jenkintown Borough has this property documented as commercial. It is within the C-1 Modified Residential Zoning Map. They advise the two offices, along with the rest of the property, have been a long time permitted use. The one-bedroom apartment is currently leased at $1,375.00. The front office is leased at $695.00. The rear office is leased at $868.00. Two of the garages are leased at $200.00 apiece. The other two garages are owner occupied. The four leased parking spaces are $50.00 per space, per month, with three currently rented. The rents in general are reasonable and more likely on the lower end of their potential. The seller reports that the main roof was shingled in +GG07. The flat roof was done in +GG15 and coated in +G-22. The garage roof was shingled in +GG20. The entire asphalt area was redone in +GG19. The hot water heater was installed in +GG20. The apartment was remodeled and updated in +GG15.This is a unique property that is ready to generate instant income and is in great condition. It offers a great opportunity to the investor who is looking for an addition to their holdings or an end user owner / occupant. As always, buyers and their agents should conduct their own due diligence when deciding to acquire property.