The first floor, that was once an office, was converted into a residential apartment.
Purchase Price: $90k
Reno Cost: $65k
Renovations included new electric, new plumbing, new windows, new roof, new flooring, new light fixtures, and the addition of one new kitchen and one new bathroom. The first floor, that was once an office, was converted into a residential apartment.
After construction, this duplex consisted of two 1 bedroom apartments, each renting for $1000/month.
In November, 2020, this property sold for $245k.
Lesson Learned: Multifamily homes in Philly have nonconforming zoning use. This property was previously grandfathered in as a duplex. Gordon tracked down a use variance through the city’s historical zoning archives and was able to get it updated to a legal duplex using the variance from 30 years ago. Non-conforming multifamily properties are allowed if one goes in front of the neighborhood and pleads hardship- in this case, that the property has always been a duplex and is set up as a duplex. It took about 3-4 months to get approval.