Mixed-use property (retail + apartments) in Elkins Park on the market for $650K

Mixed-use property (retail + apartments) in Elkins Park on the market for $650K

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A 5,168 sf mixed use retail space at 7801 Montgomery Avenue in Elkins Park is selling for $650,000.

According to the listing, the property includes two occupied apartment units and the retail section is 66% leased via Rometta Salon & Spa.

From the executive summary:

Mixed-use space at a 6.1% cap rate with an expansive commercial unit on the 1st floor and two fully-occupied apartments on the 2nd floor. The commercial space was once home to a renowned hair salon but is now ready for its new owners and endless possibilities. With the building located steps away from the Elkins Park train station and the abundance of street parking, your business will allow customers and employees to come and go with ease.

The first floor is currently one large open floor plan with a single wall to create a separation, 4 smaller rooms, a utility area, laundry room, and 1.5 bathrooms. Floor plans are available. You can also access the basement from 2 different points. And with its 9’8ft ceilings and three magnificent floor to ceiling windows, this is anything but an average commercial space.

For convenience there is a separate entrance to the apartments on the 2nd floor. Upstairs is a 1 bedroom 1 bathroom apartment ($950/mo) and a 3 bedroom 1 bathroom apartment ($2,000/mo). Tenants pay for gas/electric. Owner pays water. And both tenants are currently on a month to month lease but would like to stay and are happy to sign a one-year lease with the new owners.

Both apartments are equipped with new forced air heating (gas) and cooling (2023). The 3 Bedroom unit was renovated in 2023 with new flooring, new kitchen, and a new back deck. All new HVAC ductwork in the commercial space (2024). Roof was re-done in 2022. There are 4 parking spots in the rear of the building. The commercial unit has 2 parking spots and each apartment comes with 1 parking spot.

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Photos: Loopnet.com



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