About 501 Gay St
Exceptional Investment Opportunity in the Heart of Phoenixville! Looking to invest in one of the region's most desirable and vibrant communities? This striking colonial property offers an exciting opportunity for investors seeking strong rental income with additional potential for future value. For the owner-occupant, this property offers an equally appealing opportunity to live in one of the apartments while generating rental income from the additional units. Enjoy the convenience and walkability of Phoenixville while allowing the rental income to help offset the cost of ownership. Featuring four fully rented apartments and a detached two-car garage, the property currently generates $88,320 in annual gross rental income. The building welcomes you with a wrap-around front porch, classic dormer windows and beautiful mature trees creating an inviting first impression. Vestibule entrance leading to a charming main hallway. Each apartment offers its own character and appeal. Unit #1 (Rented for $2,205) is a spacious first-floor, two-bedroom, 2 bathroom apartment featuring 9-foot ceilings, dramatic floor-to-ceiling windows in the living, an updated kitchen with mudroom, dining room. Unit #2 (Rented $1,550, vacating Nov 1st), located on the second floor, offers access to a large deck, a bright living room with a bay window, a full kitchen with breakfast counter, and an upper-level bedroom and office space. Unit #3 (Rented $1,650. 1 year lease) features a large living room, kitchen with countertop dining, a spacious bedroom, and a updated full bathroom. Unit #4 (Rented $1,625 1 year lease) is a one-bedroom first-floor apartment with luxury vinyl plank flooring and an updated kitchen. Charming architectural details, including beautiful stained-glass windows, add character throughout the property. Additional amenities include coin-operated laundry in the basement. The rear of the property has access to the oversized two car garage (Rented $330, mo/mo) plus a storage shed. Tenants pay for electric and internet. Landlord pays for taxes, gas heat, common electric, water, sewer and trash. The heater was replaced in 2019, Main roof replaced 2016, bay window roof replaced 2026. Beyond its established rental income, the property presents an intriguing opportunity to explore the potential subdivision of the side yard, offering an additional avenue for future investment upside, subject to applicable approvals. Ideally situated in Phoenixville Borough, this property places tenants within easy walking distance of Reeves Park and the Phoenixville Public Library, as well as the many independent shops, restaurants, cafes, and art studios found along Gay, Main, and Bridge Streets. With its established rental history, appealing location, and potential for future growth, this is an investment opportunity worth exploring. This property has been well maintained and inspections are welcome but the seller intends to sell as is condition. All photos taken prior to tenants moving in.
