608 Pembroke Avenue

Description

Investor Alert! Instant Cashflow Property. Well-maintained duplex located in the borough of East Lansdowne. Building has long-time renters for over 10 years on the second floor and the first floor rental has just become available. The bones of this property are in excellent condition. The roof is 3 years old, there are replacement windows throughout, updated electric, new washers and dryers for each apartment, newer furnaces, and separate utilities for each apartment. Owner pays for water and sewage. The first floor is a large 1 bedroom, 1 bath apartment with a large living room, dining room, and eat-in kitchen. The second floor is a 2 bedroom, 1 bath apartment, which comprises the 2nd and 3rd stories of the building. This unit also has a large living room and dining room, eat-in kitchen, and all-seasons rooms. The third level of this unit has another bedroom and a large, finished area which can easily be used as another bedroom, office, or playroom. It is currently being utilized as a large closet area. The second and third levels of this apartment also have new carpeting. Rents are currently $975 and $1200 and are considerably low for the area, but the owner has preferred to keep the rents lower since the tenants have been there for over a decade and would like to remain. Rents should be $1000 plus for the first floor and $1400 for the second apartment, which are in line with similar units in the area. These rents would jump the CAP Rate to 7.7%!!! Seller is a licensed PA Real Estate Agent and Listing Agent is related to Seller.