A couple of months back, we gave you the heads up about a halted construction project at 2030-32 E Dauphin St., in East Kensington. According to one of our commenters, it’s a ten-unit building with ground floor parking. And it stretches all the way to Fletcher St.!
Turns out, this partially constructed building, which sits on a lot that measures over 7,300 sqft, is going to sheriff’s sale on Tuesday (As an aside, we encourage you to click on the link and check out the official Philadelphia Sheriff’s website. Pretty impressive). According to the sheriff’s sale schedule, owners Philadelphia Properties Redevelopment LLP owe nearly $1.2M on a mortgage for the property.
We were able to get in touch with the lender, and the upset price for this property is $560K. That means that if you go to the sheriff’s sale and bid on the property, the lender will bid against you up until the price reaches $560K. After that point, it will auctioned off to the highest bidder among parties who don’t actually own the note. We can’t say whether anybody else will continue bidding after the price goes above $560K, but if nobody else does, you’ll have gotten yourself an excellent deal. Even if the partially built structure can’t be salvaged (worst case scenario), there’s still plenty of money to be made on this site at that number.
The sheriff’s sale starts at 10am on Tuesday, and will take place at 3801 Market St., on the third floor.
See you there?