4238 Spruce Street

Description

4238 Spruce Street is a fully rebuilt two-unit building with 7 YEARS REMAINING ON TAX ABATEMENT, RENTED THROUGH MAY 2027, located in an ULTRA-PRIME UNIVERSITY CITY LOCATION, directly across from the PENN ALEXANDER SCHOOL and just steps from the UPENN campus, hospitals, and public transportation. This is an exceptional opportunity for an investor or owner-occupant seeking turn-key housing in the highly sought-after Penn Alexander catchment. The property can be used as an income generating property, or house hack for an owner occupant - especially for families with children attending Penn Alexander. RENOVATION + SYSTEMS: The entire property was completely rebuilt just three years ago with ALL NEW SYSTEMS AND MECHANICALS, including electrical, plumbing, and HVAC. The building features FIVE HEATING/COOLING SYSTEMS " two per unit plus one dedicated to the COMMON AREA, which includes a FIREPLACE, BIKE AND SCOOTER STORAGE, and PACKAGE RECEPTION. This massive upgrade ensures long-term, low-maintenance ownership. UNITS: Each unit spans FOUR LEVELS and features CONDO-GRADE FINISHES, HARDWOOD FLOORS, and modern design elements throughout. UNIT 1 offers 4 bedrooms and 2 baths, while UNIT 2 is a 5-bedroom, 3-bath duplex that includes access to a FULLY FINISHED BASEMENT complete with a SECOND LIVING AREA, DEDICATED LAUNDRY ROOM, and FIFTH BEDROOM. Both kitchens feature NEW STAINLESS STEEL APPLIANCES, STONE COUNTERTOPS, DISHWASHERS, and updated cabinetry. Each unit includes CENTRAL HEAT AND AIR CONDITIONING and IN-UNIT WASHER/DRYER for maximum convenience. OUTDOOR SPACES: The property boasts TWO PRIVATE OUTDOOR AREAS " a LARGE COMMON FRONT PORCH and a PRIVATE REAR YARD exclusively for Unit 2. These outdoor spaces provide rare and valuable retreat areas for tenants and are highly desirable in the University City rental market. LOCATION HIGHLIGHTS: Located DIRECTLY ACROSS FROM PENN ALEXANDER SCHOOL, this property offers unbeatable access to one of the top public schools in the city. The University of Pennsylvania, CHOP, HUP, Drexel, Penn Presbyterian Medical Center, and an array of cafes, restaurants, and transit options are just minutes away. This is one of the most walkable and transit-connected neighborhoods in Philadelphia. INVESTOR VALUE: This is an exceptionally stable, low-maintenance income-producing property generating $8,600 PER MONTH IN RENTAL INCOME " $4,000 for Unit 1 and $4,500 for Unit 2. BOTH UNITS ARE RENTED THROUGH MAY 2027, providing immediate and predictable cash flow with no vacancy risk. Operating costs are VERY LOW due to the recent full rebuild and all-new systems. ANNUAL TAXES ARE APPROXIMATELY $12,000, and INSURANCE IS APPROXIMATELY $3,500 PER YEAR. With 7 YEARS REMAINING on a 10-YEAR TAX ABATEMENT and virtually no deferred maintenance, this building is a TRUE HOME RUN for investors seeking a turnkey, strong-yield asset in one of Philadelphias most coveted rental markets.