Mixed-Use

118 N 3rd St

Listing Price: $1,650,000

Cap Rate
4.56%

Investment Overview

Marcus & Millichap is pleased to present for sale 118 North 3rd Street - A 4-unit mixed use property located in the Old City neighborhood of Philadelphia, one of the strongest and most stable rental markets within Center City. The property is located in the heart of North 3rd Street, one of the most historic blocks in Philadelphia, known for its groundfloor boutique retailers and galleries, with immediate access to Philadelphias top restaurants and employment centers. Located in one of the most historic and best rental submarkets in Center City Philadelphia, 118 N 3rd Street is within walking distance of Independence Hall National Historic Park, Race Street Pier, and Penns Landing. The Market-Frankford subway line is less than a 5-minute walk away on Market Street.

The building consists of one retail tenant, Minima, who occupies the basement, first floor and second floor. The tenant is currently in the middle of their two-year option period which they exercised in early 2019. The third, fourth and fifth floors of the building house three residential units. 1 one-bedroom one-bath unit on each of floors three and four, and a two-bedroom two-bath unit on the top floor. Each unit is very large with a square footage of over 1,300 S.F. The rents for the three residential units are below market around $150-200 each. Upon turnover a new owner could raise the rents and capture the upside.

Investment Highlights

  • Great Location, Situated in the Heart of Old City Philadelphia
  • Pride of Ownership
  • Value-Add Opportunity, Residential Rents Below Market
  • Very Large Units, Each Unit is +1,300 S.F.

Exclusively Listed By

Listing Price: $1,650,000

Cap Rate
4.56%

Investment Highlights

  • Great Location, Situated in the Heart of Old City Philadelphia
  • Pride of Ownership
  • Value-Add Opportunity, Residential Rents Below Market
  • Very Large Units, Each Unit is +1,300 S.F.

Investment Overview

Marcus & Millichap is pleased to present for sale 118 North 3rd Street - A 4-unit mixed use property located in the Old City neighborhood of Philadelphia, one of the strongest and most stable rental markets within Center City. The property is located in the heart of North 3rd Street, one of the most historic blocks in Philadelphia, known for its groundfloor boutique retailers and galleries, with immediate access to Philadelphias top restaurants and employment centers. Located in one of the most historic and best rental submarkets in Center City Philadelphia, 118 N 3rd Street is within walking distance of Independence Hall National Historic Park, Race Street Pier, and Penns Landing. The Market-Frankford subway line is less than a 5-minute walk away on Market Street.

The building consists of one retail tenant, Minima, who occupies the basement, first floor and second floor. The tenant is currently in the middle of their two-year option period which they exercised in early 2019. The third, fourth and fifth floors of the building house three residential units. 1 one-bedroom one-bath unit on each of floors three and four, and a two-bedroom two-bath unit on the top floor. Each unit is very large with a square footage of over 1,300 S.F. The rents for the three residential units are below market around $150-200 each. Upon turnover a new owner could raise the rents and capture the upside.

Exclusively Listed By

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