Philadelphia, PA
Property Type: Mixed-UseSize: 9 Apts + 1 Retail
Price: $3,000,000
CAP: 5.61%
Highlights:
- 9 Apartments & 3200+SF of Retail
- Prime Rittenhouse Square Location
- Value Add-Opportunity – Ability to Increase Rents Through Apartment Renovations
- Established Commercial Tenant (La Viola West): Expense Reimbursements & Long-Term Option
- Parking and Private Outdoor Space
Description:
Marcus & Millichap is pleased to present for sale the extraordinary opportunity to acquire 252-254 S 16th Street - A 10-unit mixed use asset located in the heart of the prestigious Rittenhouse Square neighborhood. The subject building is situated in the middle of the block between Spruce and Locust Streets and includes (9) Residential Units and (1) Retail Space in a long-term lease occupied by a highly regarded full-service restaurant - La Viola West.
Rittenhouse Square has long been considered one of the most distinctive areas in the city. The area is home to high-end stores, locally owned boutiques, small galleries, theaters, and entertainment, cafes, wine bars, and restaurants of all kinds. The neighborhood is active year-round with both residents and visitors alike.
252-254 S 16th Street Includes (6) one-bedroom units, (2) two-bedroom units, and a 1,600+ square foot two-bed/two-bath “Owner Suite” that features an exclusive outdoor space. Some units have been moderately updated at different times, and feature updated flooring and countertops. The property has a secure entry system, shared laundry room for all the tenants, and one parking space.
The commercial tenant, La Viola West, signed a 10-year lease in March 1, 2016, with a 10-year option to renew in March of 2026. La Viola pays for all utilities, as well as 30% of all Property Tax, Insurance & CCD Tax. There are also $300 rent increases every two years.
252-254 S 16th Street offers a rare opportunity to add significant value through renovations of the apartments, while having consistent cashflow from a well-established commercial tenant. Given the property’s prime Rittenhouse location, the property is well-suited to provide strong returns and long-term appreciation.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
