Old City Parkominium - A unique opportunity !

By
Real Estate Agent with The Somers Team at RE/MAX Access

Old City Parkominium in Philadelphia

Most Realtors and appraisals will value parking in Center City Philadelphia for up to $40,000 to $50,000.  Here is a chance to own parking for $25,000 in an established building where there is 24/7, 365 days a year valet, climate controlled floors, ATM machine and an immediate walking distance to thousands of residences and commercial stores.  This is one of the most desirable parts of Philadelphia !

Old City Real Estate - The Parkominium

 

 

We have been marketing the Old City Parkominium and its interest is starting to grow.   The location is one of the premier parts of Philadelphia as can be seen to the left.  This is an excellent opportunity for both residents to own parking and investors to invest in Old City without having to buy a $300,000 condo !

 

 

Old City Real Estate - The Parkominium

 

 

The Parkominium has covered parking listed for $25,000.  The prices are expected to increase in July 2009.  The parking is either used for residents or local business owners as well as investors who rent them out.  The current rents are $175.  What investors love about the opportunity is that the investment is maintenance free and there is rarely any vacancies due to the great demand of tenants.  No evictions either !

The building offers 24/7, 365 days a year valet and 24/7 secured parking that is climate controlled.   The valet attendents will always bring the cars up and down one of the 2 elevators.  There are also spots available on the ground floor.

 

The Somers - Chris and Stephanie Somers 

 

The Somers - Philadelphia Real Estate

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For more info, contact Chris and Stephanie Somers  at 215-400-2612 or thesomersteam@yahoo.com .  Special financing options and programs are available !

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Eugene Demchenko 04/09/2009 12:57 AM
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Chris and Stephanie...What a great investment opportunity;especially if you work  or live in Center City.......Great listing! Thank you I will contact some of my clients...remax logo

Mar 29, 2009 08:53 AM #1
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The Somers Team
The Somers Team at RE/MAX Access - Philadelphia, PA
Real People. Real Dreams. Real Estate.

Hannah - It really is a no-brainer in my opinion.  It offers an alternative way to invest in Old City versus buying a $300,000 condos.  Some investors have purchased multiple spots.  The fact that it is maintenance-free and so easy to rent are huge benefits for the owners.

Further, when new construction kicks back in, that will drive demand in the Parkominium into high gear !

Mar 29, 2009 09:47 AM #2
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Looks like a gorgeous building, although I'm sure a parking space makes it look even better!

Mar 29, 2009 12:07 PM #3
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The Somers Team at RE/MAX Access - Philadelphia, PA
Real People. Real Dreams. Real Estate.

Patricia - Parking is a nightmare in Old City !  So when you have parking that you own outright, it is such a blessing.  Not to mention a great investment too !  

Otherwise, the City of Philadelphia makes a ton of money on all the parking tickets they issue with the metered spots around.

Mar 29, 2009 12:18 PM #4
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

I probably still have some old parking tickets from the early 90's in Philly.... lol    Seriously, Chris or Stephanie....  you say that rents are about $175.  Is that $175 a month?  A day?  $175 a week?  I am just trying to do the math to see what kind of return that I would get for $25,000. thanks

Jeff Belonger

Apr 01, 2009 04:24 PM #5
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