Philadelphia, PAProperty Type: Multifamily + Retail
Size: 68 Apts + Retail/Office
- Luxury 12-Story Apartment Building with Ground Floor Retail in the Heart of Rittenhouse Square
- 68 Apartments and ~13,000 SF of Retail/Office
- Value-Add Opportunity - Below-Market Rents
- Spacious Units Average 855 SF
- High-End Finishes Include Granite Countertops, Stainless Appliances, and In-Unit Washer/Dryer
- Delivered Free and Clear of Debt
Luxury 12-Story Apartment Building with Ground Floor Retail in the Heart of Rittenhouse Square
On behalf of ownership, Marcus & Millichap is pleased to present for sale 1700 Walnut - A luxury apartment building located in the prestigious Rittenhouse Square neighborhood. 1700 Walnut represents an extremely rare opportunity for an investor to acquire a stable, proven asset with both scale and upside located just a block from Rittenhouse Square Park.
Formerly an office building, the Property was converted to 68 luxury apartments in 1998. The apartments were renovated with high-end finishes, including granite countertops, stainless steel appliances, marble baths, and in-unit washers and dryers. While the beautiful apartments remain in high demand and are currently fully occupied, they could benefit from a light upgrade in order to command rents commensurate with the competition.
The Property also features nearly 13,000 square feet of retail and office space. The retail on Walnut Street thrives due to the high foot traffic in the neighborhood.
The Property is currently being run with below-market rents, with average in-place rents of $2.33/SF. An investor would have the ability to increase rents approximately $.50/SF and still remain below the top-of-the-market with regard to Rittenhouse Square rents.
The amenity package features an on-site fitness center and concierge service. In addition to some unit upgrades, an investor could supplement the amenity package in order to increase rents.
The iconic location of 1700 Walnut will remain among the most attractive places to live in Center City Philadelphia. This Property will be delivered free and clear of debt, allowing investors to capitalize on the excellent financing market.