Converted Dwelling
1720 WALLACE STREET
PHILADELPHIA , PA 19130
MLS#: PAPH2476616
$1,150,000
Property
Beds
7
Full Baths
None
1/2 Baths
None
Year Built
1920
Sq.Footage
2,397
Exceptional 4-Unit Income Property in the Heart of the Art Museum Area! Incredible opportunity to own a rent-ready, cash-flowing multi-family building in one of Philadelphia’s most desirable neighborhoods—Fairmount/Spring Garden. This well-maintained 4-unit property features three spacious 2-bedroom, 2-bath units and one 1-bedroom, 1-bath unit. Ideal for investors or owner-occupants seeking immediate income and long-term value. Three units are tenant-occupied, generating $56,760 in gross rent in 2024, with strong rental upside—rents have not been raised in 3 years. The owner-occupied 2-bedroom/2-bath unit has rental potential of $2,200–$2,400/month. Market Rent Value Potential APT 101- 1350 APT 102 - 2150 (currently on the market) APT 201 - 2400 APT 202 - 2100 renewed till 7/2026 TOTAL - 8,100/month = 97,100/year in gross income. At asking price the cap rate is 7%. based on net rental income at $80,000 (after ins, taxes, and maintenance) Property Highlights: Turnkey condition—fully rent-ready and move-in ready Three new A/C units installed in the last 3 years Two units with private roof decks offering skyline views One unit with private backyard patio Every unit has washer/dryer, dishwasher, fireplace Immediate cash flow with future growth potential Perfect blend of income-producing and lifestyle location Located in the vibrant Art Museum area with easy access to Kelly Drive, I-76, Center City, and public transit. A rare find in a high-demand rental market—whether you're building your portfolio or looking to live in one unit while renting the others, this is a must-see.
Features & Amenities
Interior
-
Total Bedrooms
7
Area & Lot
-
Lot Size(acres)
0.04
-
Property Type
Residential Income
-
Architectural Style
Converted Dwelling
Exterior
-
Garage
No
-
Other Exterior Features
Lighting
-
Parking
On Street
Financial
-
Sales Price
$1,150,000
-
Tax Amount
10247.0
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Location
County
PHILADELPHIA
Elementary School
Middle School
High School
Listing Courtesy of Michael Suh , Keller Williams Real Estate -Exton
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Owner, President, Investment Property Advisor
TheresaKehler
Call Theresa today to schedule a private showing.
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