Italianate Investment in NoLibs 619K

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I THINK WE’D CALL THIS PAIR OF TOWNHOUSES ITALIANATE, or maybe Second Empire, with their mansard roof and curving window lintels. Whichever, they’re 1850s through 1880s, so pay no attention to the listing, which says 1930.

The house for sale is half the pair in the picture, by the way — the left half, with the green door.

The location is prime Northern Liberties, Philadelphia, which is beyond hip these days, and very convenient.

Three or four years ago, I drove all the way down to Philly to look at something very similar one block over. By the time I got there, the house had been spoken for. I was heartsick for at least a day. It was priced around 400K, which says a lot about the direction in which things are moving in Philadelphia. Oddly, the city seems to have escaped the downturn in housing prices, probably because it also escaped the previous escalation in housing prices.

This house, 702 N. 5th Street, has been on the market less than a month. It has four rental units. There’s a garden behind and a deck on top.

Paul Sabia, the listing agent, says it’s in decent shape. Mechanicals have been updated within the last 10 years, though the apartments themselves have “older kitchens.” In his words, “You wouldn’t have to spend any money on it right away.” Each apartment is separately zoned for heating and has central air; tenants pay all utilities.

For more info (no more pictures, unfortunately), go here.

About cara

I blog for fun here at casaCARA, and write about architecture, interiors, gardens and travel for many national magazines and websites. My recently published posts and articles can be found here: https://casacara.wordpress.com/recent-articles/
This entry was posted in PHILADELPHIA, PROPERTIES FOR SALE, REAL ESTATE/INVESTING and tagged , , , , , , . Bookmark the permalink.

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