Welcome to 1132 Mount Vernon Street, a well-positioned triplex in one of Philadelphia's most overlooked growth pockets. Located in Spring Arts/West Poplar, between the already established neighborhoods of Northern Liberties and Fairmount, this area continues to benefit from significant residential development, adaptive reuse projects and new dining and entertainment along the North Broad and Spring Garden corridors.
For an investor, the numbers are compelling: $59,976 in gross annual income, with units renting for approximately $1,650 per month on average, plus additional income from the basement coin-operated washer and dryer, which generated $389 last year. Each unit is separately metered, helping simplify ownership and operating expenses, and the building features central air. Recent lead compliance work has also been completed, with approximately four years remaining before renewal, per seller.
One unit is currently vacant, creating an especially attractive opportunity for an owner-occupant looking to offset their monthly housing costs with rental income from the other two apartments, while still offering a straightforward path for an investor seeking a fully income-producing three-unit property. Unit 2R also benefits from a brand-new private patio, adding valuable outdoor space for future tenants.
The location is increasingly difficult to overlook. Just around the corner are neighborhood favorites including Cafe Lift, Prohibition Taproom, La Chinesca and acclaimed Italian destination Osteria. Live entertainment is close by at Union Transfer and The Met Philadelphia, while The Rail Park provides one of the neighborhood's signature outdoor attractions. The Spring Garden Broad Street Line station also puts Center City only minutes away.
1132 Mount Vernon offers the combination investors are increasingly searching for: established rental income, separate utilities, central air, additional laundry income, an owner-occupant option and a location positioned directly in the path of continued investment.
