79 GOUGH AVENUE, Ivyland, Pennsylvania, United States | Multi-Family Homes For Sale at GLOBAL LISTINGS

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Multi-Family Home For Sale

$869,900

79 GOUGH AVENUE
Ivyland, Pennsylvania, United States

5,228 sqft

Listed By: Homes & Land Magazine

Listed On: 04/05/2024

Listing ID: GL11086331 View More Details

Description

(UPDATE as of DEC. 11, 2023 - The encroachment has been resolved and the Borough's suit has been settled) Welcome to 79 Gough Avenue, previously the historic Ivyland Hotel. This multifamily investment property currently has 4 apartments. The first and second floor currently contain the 4 apartments. The first-floor decking has all been replaced with new footers, deck structure and Azek wrapped posts to bring some of the history back to this gem. New landscaping all around and parking potential in the back of the building. This cash flowing property of the existing 4 apartments currently captures $6,300 per month which are below market rents. All current leases are month to month. This unique property has custom trim accents detail that brings back that old world charm craftsmanship. With inventory of multifamily properties at an all-time low, this provides the savvy investor with the potential to build their portfolio. The third and fourth floor would be the other 4 units providing stunning views of the Borough. The engineered plans, architectural renderings and approved plans are included in the sale. The Land Development Plans have also been submitted to the Borough (Named the Temperance House Lofts). The owner has taken the time effort to obtain zoning approvals for 4 more additional apartments which would provide the new owner 8 total cash producing apartments. This cash flowing property has the potential with all 8 apartments of $18,000+ per month. A Buyer could choose to keep this as a 4-unit apartment investment or take on the construction project for the additional 4. Great location convenient to major traffic routes such as 263, 132 and 332 and minutes from the Warminster train station which runs into Center City Philadelphia. Listing Agent must accompany all showings, please see Agent notes in the Listing for details. ( NOTE: No ADA type B units required, no ADA accessibility in the form of a ramp or a chair lift required to the building)