1620 Mount Vernon St, Philadelphia, PA 19130

Property Description

Unbelievable multi-unit opportunity in Fairmount/Spring Garden! Situated on a quiet block of Mount Vernon Street, this stately property has been fully updated and reconfigured while retaining much of its original charm. From the handsome brick exterior, to the marble entry and original woodwork details throughout, this impressive property offers a rare opportunity to acquire a multi-unit property with immediate upside and multiple investment strategies. Legally zoned as a triplex, the building is currently configured as 3 rental units with 3 additional "flex spaces" on each floor, each with private access. The first floor unit is an owner-occupied, one bed, one bath featuring great light and access to a private rear yard. The 2nd floor unit is a one bed, one bath with a stunning original wood doorway, fantastic light via a multitude of windows, and a separate laundry. The 3rd floor unit is a studio with full bath, in unit laundry, and private access to a rear deck. The flex space on the first floor offers soaring ceilings and a large living area with original wood floors and marble fireplace. The flex spaces on the 2nd and 3rd floor include kitchenettes and large, full bathrooms with glass walk-in showers. The building also features a large, full-length unfinished basement with nice ceiling height and ample room for storage. This unique building has tons of potential beyond its current use. Savvy investors can easily combine the flex spaces on the 1st and 3rd floors with the respective units to increase their size while offering the space on the 2nd floor as a community room/work out space/etc, creating a valuable amenity rare in buildings of this type. Alternatively, investors could pursue zoning approval to increase the allowable unit count. Owner-occupants can offset their expenses by living in one unit and collecting rent from the others. Even homeowners seeking an opportunity to customize a historic property can fulfill that dream by reverting it back to a massive single-family home. This fantastic property is located in the vibrant, easily walkable Spring Garden/Fairmount neighborhood which features countless bars/restaurants like Osteria, Bar Hygge, and Zorbas, along with amenities like WholeFoods, Giant, Stone’s Beverage, multiple gyms (City Fitness and Planet Fitness), and green spaces like The Spring Gardens, Green Street Dog Park, and Clemente Playground. It’s also just a short walk to the Art Museum area and Fairmount Park. Easy access to the Broad Street Line’s Spring Garden Station, located a mere two blocks east, provide a direct, minutes-long subway ride straight into Center City, while nearby SEPTA bus routes, dedicated bike lanes, and proximity to the Benjamin Franklin Parkway/i76 make any commute seamless.