Excellent investment opportunity in the heart of Elkins Park! This spacious three-story Colonial offers three residential units, a detached two-car garage, and significant potential for additional rental income. The property is currently 100% vacant, offering investors the rare opportunity to immediately lease all three units at market rents without the restrictions of existing leases or below-market tenants. Currently configured as a triplex, the property features a generously sized first-floor apartment that may offer the opportunity for conversion into two separate one-bedroom units, creating a potential four-unit investment property, subject to township approvals. With immediate lease-up potential, additional garage income, and the possibility of increasing the unit count, this property presents an attractive value-add opportunity for investors or owner-occupants.
Each of the three apartments offers two bedrooms and its own distinct layout. The expansive first-floor residence features a bright living room with a bay window, original hardwood flooring, beautiful wood trim, pocket doors, and a spacious dining room. The kitchen includes white cabinetry, neutral countertops, and a comfortable dining area. This unit also offers a full bathroom and in-unit laundry. The second-floor apartment includes a large living area, two bedrooms, a full bathroom, and an oversized eat-in kitchen with hardwood floors, white cabinetry, a dedicated laundry room, and pantry storage. The third-floor apartment provides two bedrooms, a living room, kitchen, full bathroom, and an additional room suitable for a home office.
Delivered completely vacant, the property allows a new owner to establish their own rental rates, select tenants, and implement their preferred management strategy from day one. Previously reported monthly rents were $1,100 for the first floor, $1,150 for the second floor, and $900 for the third floor, totaling $3,150 per month. These historical rents provide a reference point, while the opportunity to lease the apartments at current market rates offers potential for increased revenue. The detached two-car garage provides another possible income stream. Separate electric service, original architectural details, refinished hardwood floors in select areas, and fresh interior paint further enhance the property's appeal. Notable improvements include heating equipment installed in 2005 and roof work completed in 2014 and 2017.
Location is another major advantage, with the property situated directly across from Elkins Park Station, providing convenient rail access to Center City Philadelphia, surrounding suburbs, and connections to Philadelphia International Airport. The surrounding neighborhood offers tree-lined streets, nearby restaurants, shopping, and everyday conveniences, with Trader Joe's and Whole Foods approximately five minutes away. Residents also enjoy access to Cheltenham Township's parks, walking trails, libraries, recreational facilities, dog parks, and community attractions, including summer concerts at Curtis Park.
With all three units vacant and ready for a new ownership strategy, this is an opportunity to acquire a multifamily property with immediate leasing flexibility, multiple avenues for income growth, and long-term value-add potential. Whether you're an investor seeking to maximize rental income or an owner-occupant looking to live in one apartment while leasing the others, this Elkins Park property offers exceptional versatility in a highly convenient location.
