I got a tip on a link for this real estate auction going this Saturday for several large apartment complexes around Frankford. Nothing jumps out as abnormal other than they’re all chopped up from former homes. Let’s do a little math. There are 4 properties with a total of (let’s say) 27 units with a total rental income of $144360 a year so that gives us an average monthly unit rental at $445.55. Pricing that cheap concerns me, of course I hear that when properties change hands the rents go up but anytime there’s a sale in Frankford it doesn’t seem to go well. I dunno, maybe I’m just a worrier. Anyways be at 4618 Leiper St this Saturday at 1 pm to see the action. That property, along with 4904 Penn St, 4906 Penn St, and 5022 Griscom St are up for auction.
Along with the link from our tipster came the statement “what the hell does the Frankford CDC?,doooo?the Mayfair CDC would buy those shits.” It’s definitely a good question. My response was that they were handling their tax issues.