Property Description

Welcome to 1613 W. Diamond Street, a turnkey, legally zoned RM-1 triplex located just minutes from Temple University in one of Philadelphia's fastest growing neighborhoods, where strong rental demand and continued redevelopment create excellent long term investment potential. Remember 2020 interest rates? Here's your chance to get one again. While today's buyers are facing much higher borrowing costs, 1613 W. Diamond St. offers an assumable FHA loan with an incredibly low 2.25% interest rate, subject to lender approval and buyer qualification. Opportunities like this are exceptionally rare and could save the next owner hundreds of dollars each month and tens of thousands over the life of the loan. This well maintained property features three spacious 3 bedroom apartments. Unit 1 offers 3 bedrooms and 1 bathroom and is currently rented month to month at $1,525/month, providing flexibility for an owner occupant or investor. Units 2 and 3 each feature 3 bedrooms and 2 full bathrooms and are rented for $2,000/month and $2,050/month, respectively. The property currently averages approximately $6,200 per month in rental income. With tenants paying their own electric, this property offers attractive cash flow with low operating expenses. The property has seen numerous recent improvements, including three newer hot water heaters (all approximately 1 to 2 years old), an upgraded water pressure pump, new flooring in Unit 1, fresh paint throughout all three units, a washer and dryer drain system added to Unit 3, a front door keypad, and backyard furnishings that enhance the outdoor space. Each unit comes equipped with stainless steel appliances, its own washer and dryer, high speed WiFi, and window air conditioning units. The sale also includes three flat screen TVs, three living room couches, two kitchen tables with chairs, three TV consoles, the property's WiFi modem and network setup, three high speed routers, more than nine window AC units, and all tools, paint, and maintenance supplies stored in the basement, making this a truly turnkey investment. Additional features include a Landlord Locks universal key system, allowing tenants access to the foyer and their own unit while maintaining privacy from the other apartments, plus separate bedroom keys. The property also includes a security camera system that is already installed and ready to be configured, as well as a security system in Unit 1 that can be armed to alert against intruders. Whether you're looking to expand your investment portfolio, take advantage of the assumable low interest FHA loan, or own a high performing property in one of Philadelphia's strongest rental markets, 1613 W. Diamond Street is an exceptional opportunity you won't want to miss.

Property Features

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