1037 Crease St

Philadelphia, PA 19125

Updated 5 unit building available in the highly desirable Fishtown neighborhood just blocks from the buzzing Frankford Ave corridor of restaurants and bars! Each of the 5 trinity style units is separately deeded with separate utilities except for shared water so you could seamlessly convert this "apartment building" into a condominium. As you arrive, you'll notice the entrance to Unit A at the street on the front of the building and, through the green side gate, you'll find that each unit has its own separate entrance with access to a private shared yard, patio, and laundry. The building was constructed at the turn of the 20th Century and, by design, was commonly occupied by a large family across the different units. The side breezeway/ walkway was once referred to as Matteson Court on an early city map, which could be a great name for a potential condo conversion. Each unit has newer upgrades throughout including laminate flooring, recessed lighting, newer windows, custom tile bathrooms, and kitchens with stainless steel appliances and granite counter tops! Some of these tastefully designed trinity style units have other features such as exposed brick walls, skylights, and unit E has a full spiral staircase with private roof deck! Gas and electric utilities are separately metered for each unit and the tenants pay an additional charge for on site shared laundry. Owner occupants or weekend visitors/ vacationers will certainly appreciate the flexibility offered with units B & E (roofdeck on E!) that are currently leased to an AirBnB management company--block out the days you'd like to visit or end the lease at any time in order to move into the building. With an estimated NOI of approximately $60,200 and numerous possibilities, a property this unique would be a gem to add to any investor's portfolio! A breakdown of income/ expenses is available by request. The property is very conveniently located on a small, dead-end street about a block from the heart of Fishtown and within walking distance of the Piazza, public transportation routes, and easy access to I-95. The City of Philadelphia has completed a real estate tax reassessment, effective January 1, 2023. If you have any questions or concerns about the impact of this reassessment on future real estate taxes, please contact the City of Philadelphia. Compass RE is not involved in the City of Philadelphia?s tax reassessment and does not have any input or control in the results.