507-509 Delaware Avenue, Portland, PA 18351
$450,000
Property Type:
Residential Income
Square Footage:
4,500
Lot Size (sq. ft.):
3,485
Status:
Closed
Current Price:
$450,000
List Date:
12/23/2024
Last Modified:
3/03/2025
Description
Stunning Turnkey Investment Property in Historic Portland This beautifully maintained property offers breathtaking views of the Delaware River and the walking bridge from the second floor. With all units currently rented, this income-producing building features five units in total: three one-bedroom apartments upstairs, a two-bedroom unit on the first floor, and a commercial storefront occupied by a popular chocolate shop. All tenants are long-term and well-established. Recent upgrades include new electrical panel boxes installed in the three upstairs units. Additionally, Unit 2A was fully remodeled in 2022, and Unit 2C underwent renovations when purchased. This property provides an excellent opportunity to add a lucrative asset to your portfolio. Schedule a showing today!
More Information MLS# PM-121017
Contract Information
Listing Service: Limited Service
Property Sub Type: Multi Family
Sold Price: $450,000
Current Price: $450,000
Status: Closed
Listing Contract Date: 2024-12-23
Location, Tax, and Legal
Parcel Number: B11SE3C6-14-0127
Municipality: Portland Borough
High School District: Bangor Area
Cnty&Muni Taxes (Legacy): 965.8
School Tax Amount: 2495.72
Tax Annual Amount: 3935.64
Tax Assessed Value: 43900
Tax Book Number: 2022-1/234300
Zoning Description: Other
General Property Information
Building Area Source: Public Records
Stories: 2
Number Of Buildings: 1
Basement YN: Yes
Parking Total: 5
Lot Size Acres: 0.08
Sign On Property YN: No
List Price/SqFt: 107.78
Sold Price/SqFt: 100
Building Area Total: 4500
Year Built: 1890
Currently Not Used
Number Of Units Total: 5
Remarks and Miscellaneous
Public Historical Remarks: Type: Built as Apartment, Kitchens: SemiMod, Bathrooms: SemiMod, Unit 5 Floor #: 2, Unit 4 Floor #: 2, Unit 3 Floor #: 2, Unit 2 Floor #: 1, Unit 1 Floor #: 1, Miscellaneous: Zoning Code B-Business, Miscellaneous: Cert of Occ Req'd Yes. Unit 1 Floor #: 1. Unit 2 Floor #: 1. Unit 3 Floor #: 2. Unit 4 Floor #: 2. Unit 5 Floor #: 2
Public Remarks: Stunning Turnkey Investment Property in Historic Portland This beautifully maintained property offers breathtaking views of the Delaware River and the walking bridge from the second floor. With all units currently rented, this income-producing building features five units in total: three one-bedroom apartments upstairs, a two-bedroom unit on the first floor, and a commercial storefront occupied by a popular chocolate shop. All tenants are long-term and well-established. Recent upgrades include new electrical panel boxes installed in the three upstairs units. Additionally, Unit 2A was fully remodeled in 2022, and Unit 2C underwent renovations when purchased. This property provides an excellent opportunity to add a lucrative asset to your portfolio. Schedule a showing today!
Income and Expenses
Gross Income: 56700
Net Operating Income: 39912
Operating Expense: 16788
Insurance Expense: 300
New Taxes Expense: 3935.64
Electric Expense: 20
Trash Expense: 123
Listing Terms
Cash: 1
Conventional: 1
Disclosures
Right of First Refusal: 1
Possession
Close Of Escrow: 1
Negotiable: 1
Unit 1
Unit #: 509 1A
Occupied YN: Y
Actual Rent: 1100
SqFt Total: 1000
Rooms Total: 5
Beds Total: 2
Baths Total: 1
Unit Remarks: Appliances: all no DW.
Unit 2
Unit #: 1B
Occupied YN: Y
Actual Rent: 475
SqFt Total: 1550
Rooms Total: 3
Baths Total: 1
Unit Remarks: Appliances: N/A
Unit 3
Unit #: 2A
Occupied YN: Y
Actual Rent: 1100
SqFt Total: 650
Rooms Total: 4
Beds Total: 1
Baths Total: 1
Unit Remarks: Appliances: See pictures
Unit 4
Unit #: 2B
Occupied YN: Y
Actual Rent: 875
SqFt Total: 650
Rooms Total: 4
Beds Total: 1
Baths Total: 1
Unit Remarks: Appliances: See Pictures
Unit 5
Unit #: 2C
Occupied YN: Y
Actual Rent: 1200
SqFt Total: 650
Rooms Total: 4
Beds Total: 1
Baths Total: 1
Unit Remarks: Appliances: See Pictures
Laundry Features
Electric Dryer Hookup: 1
Gas Dryer Hookup: 1
Washer Hookup: 1
Construction Materials
Vinyl Siding: 1
Wood Siding: 1
Roof
Flat: 1
Electric
100 Amp Service: 1
200+ Amp Service: 1
Cooling
Wall/Window Unit(s): 1
Electric: 1
None: 1
Heating
Baseboard: 1
Electric: 1
Water Heater
Electric: 1
Appliances
Water Heater: 1
Security Features
Smoke Detector(s): 1
Water Source
Public: 1
Sewer
Public Sewer: 1
Parking Features
Off Site: 1
Lot Features
Historic District: 1
Road Frontage Type
City Street: 1
Road Surface Type
Paved: 1
Road Responsibility
Public Maintained Road: 1
Location Tax and Legal
County: Northampton
Street Number: 507-509
Street Name: Delaware
Street Suffix: Avenue
City (Post Office): Portland
State: PA
Postal Code: 18351
Subdivision Name: None
Status Change Information
Purchase Contract Date: 2025-01-08
Close Date: 2025-02-27
Close Price: 450000
Property Features
Listing Terms: Cash; Conventional
Disclosures: Right of First Refusal
Possession: Close Of Escrow; Negotiable
Laundry Features: Electric Dryer Hookup; Gas Dryer Hookup; Washer Hookup
Construction Materials: Vinyl Siding; Wood Siding
Roof: Flat
Electric: 100 Amp Service; 200+ Amp Service
Cooling: Wall/Window Unit(s); Electric; None
Heating: Baseboard; Electric
Appliances: Water Heater
Security Features: Smoke Detector(s)
Water Source: Public
Sewer: Public Sewer
Parking Features: Off Site
Lot Features: Historic District
Road Frontage Type: City Street
Road Surface Type: Paved
Road Responsibility: Public Maintained Road
Listing Office:
Realty Solutions of PA
Last Updated: March - 03 - 2025
Information deemed reliable but not guaranteed.
