Home Selling in Philadelphia>Question Details

Rosie, Both Buyer and Seller in Philadelphia, PA

I have a multiple unit property - a quad with 4- 1 bedroom efficiencies in the 5300 block of Spruce Street in Philadelphia. What are the comps for?

Asked by Rosie, Philadelphia, PA Wed Jul 14, 2010

a property like mine? I've heard that income can affect asking price. The property generates ~$1950/mo and because the utilities are separated, general expenses are ~$200 (w/o the current mortgage).

Thanks,
Rosie

Help the community by answering this question:

Answers

6
Hi Rosie,
Without seeing the property and knowing the condition etc. it is hard to say what the comps would be. If you like you can contact me so we can set up a time when we can get together at the property. I would be more than happy to give you a free cma at that time.

Thanks,
Century 21 Advantage Gold
Brian M. Yoak
cell:267-303-7380
office:215-887-4653 x1318
brian.yoak@c21ag.com
1 vote Thank Flag Link Wed Jul 14, 2010
Based on the information at hand and making a few assumptions as to condition, leases, etc., I'd estimate the value range of $200-250k. Obviously, a personal inspection of the property and verification of income and expenses will yield a more accurate assessment of price. Couple of questions: is there a sprinkler system? do you have a variance from the Zoning Board of Adjustment to operate as a multi-family dwelling?
0 votes Thank Flag Link Wed Jul 14, 2010
Yes, net income does help get a value for the property, but comparable sales are actually more important.

Without knowing the unit sizes, condition and comps, it's hard to get an accurate value.

Fred Glick
Web Reference: http://fglick.com
0 votes Thank Flag Link Wed Jul 14, 2010
Dear Rosie. It is correct to say that income can affect price. To determine what is an asking price for your property we need more information about it. Please feel free to contact me by email at hanh@drhanh.net or call my cell phone 267-664-2689.
Web Reference: http://drhanh.net
0 votes Thank Flag Link Wed Jul 14, 2010
Dear Rosie. It is correct to say that income can affect price. To determine what is an asking price for your property we need more information about it. Please feel free to contact me by email at hanh@drhanh.net or call my cell phone 267-664-2689.
Web Reference: http://comcast.net
0 votes Thank Flag Link Wed Jul 14, 2010
Rosie,

Good question. The price you can fetch for this property depends on many factors. Since the apartments are occupied, I'd want to know the status of the leases. I'd also need to know the legal status of the building in terms of zoning, rental license etc. After that, I'd want to come inspect the property and make notes about condition, age of utilities & systems etc.

I'd be happy to meet with you to take a look and give you my opinion of the proprty's fair market value. I would be able to meet you as soon as Saturday morning to do so.

Best wishes,

Hannah Angert
William Festa Realty
0 votes Thank Flag Link Wed Jul 14, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer