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Location:


Philadelphia, PA

Property Type: Mixed-Use
Size: 3 Apts + 1 Retail
Price: $1,095,000
CAP: 4.64%

Highlights:

  • Four-Unit Mixed-Use Building with Three Apartments and One Ground-Floor Retail Space
  • Newly Renovated Apartments Feature Updated Stainless Steel Appliances and High-End Finishes
  • Excellent Location, in the Heart of Society Hill Neighborhood of Philadelphia
  • Private Outdoor Patio and Two Parking Spaces in the Rear
  • Value-Add Opportunity - Residential Rents Below-Market and Opportunity to Move Retail Lease to NNN

Description:

Marcus & Millichap is pleased to present for sale to qualified investors the fee simple interest in 608 South 3rd Street - A newly renovated four-unit mixed-use building in the heart of Society Hill, one of the most desirable neighborhoods in Philadelphia.

The building is located on South 3rd Street, between Bainbridge and South. The apartments have undergone significant renovations at different times, and feature updated kitchens with new cabinetry, countertops, and stainless steel appliances. One of the units features direct access to an outdoor patio area. All units feature an in-unit washer/dryer. Additionally, there are two (2) parking spots in the rear of the building.

Society Hill is a residential neighborhood that is located along the eastern edge of the city, immediately south of Center City. The area neighbors Queen Village to the south, and Old City to the north. Surrounded by fine dining, owner-operated boutiques, and major essential retailers such as Whole Foods, Acme, and Wawa, Society Hill provides the benefits of urban living without the large crowds and busy streets.

This opportunity presents a significant upside in rents upon turnover, as many units are renting below-market due to long-term tenancy. Additionally, the retail tenant is on a modified gross lease. They do not pay their share of taxes, insurance, water/sewer, and CAM. Over time there is the opportunity to move the retail lease to NNN. A qualified buyer can take advantage of attractive financing terms in the marketplace, in order to enhance their returns on this asset in a prime Center City location.


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