Shopping Regional

Friendly Plaza

3141 Frankford Ave, Philadelphia, PA 19134

Listing Price: $3,800,000

Cap Rate
7.03%
Gross SF
23,124
Rentable SF
23,124
Price/Gross SF
$164.33
Lot Size
1.15 acres
Year Built
1954

Investment Overview

Marcus & Millichap proudly presents Friendly Plaza, a three-unit shopping center in Philadelphias
Kensington neighborhood at 3141 Frankford Avenue. The 1.15-acre-lot is improved with a multitenant
strip center offering 23,524 square feet of leaseable area. The subject property features
approximately 184 feet of frontage on Frankford Avenue, street parking and a 42-space parking lot
with an entrance providing pedestrian and vehicle access Amber Street.
Current tenants Dollar Tree and Family Dollar lease a combined area of 20,924 square feet,
accounting for over 88% of the center. The two stores were separate companies until 2015 when
Dollar Tree, Inc. purchased Family Dollar Stores, Inc. Both leases feature 10 percent increases every
five years and have corporate guarantees backed by the merged company under Dollar Tree, Inc.
Family Dollar executed its lease in 2003 with an the initial term of five years and four option
periods. They demonstrated continued commitment to this location and market by executing
multiple option periods and seizing an opportunity to lease a second unit in the center to open
Dollar Tree; more than doubling the tenants occupancy of the center. The lease commenced in 2019
with a10-year base term followed by four option periods.
The centers remaining unit of approximately 2,600 square feet will be master leased by Seller
for a three-year term commencing upon close of escrow at $12 per square foot for an annual rent of
$31,200. All leases are modified double net.
The subject property is ideally situated only three blocks from SEPTAs Allegheny Station, a
primary stop along the Market-Frankford Subway line and a reliable driver of pedestrian traffic.
Within one mile of the property is access to Interstate 95, the Delaware Expressway and the retail
corridor on Aramingo Avenue clustered around Forman Mills Shopping Center. Nearby area retail
includes Sunoco, Fine Wine & Spirits, Dollar General, and Bank of America.

Investment Highlights

  • 22,000 Combined VPD
  • Vehicle and Pedestrian Accessibility on Both Sides
  • Interstate-95 Within One Mile
  • Pedestrian Walking Distance from Allegheny Station
  • Nine Years Remaining on Dollar Tree Lease
  • Over 88% Occupied by National Credit Tenant

Exclusively Listed By

Financing By

  • Stephen Arrivello

    Director

    Direct:

    Email Stephen

    Philadelphia, PA

Listing Price: $3,800,000

Cap Rate
7.03%
Gross SF
23,124
Rentable SF
23,124
Price/Gross SF
$164.33
Lot Size
1.15 acres
Year Built
1954

Investment Highlights

  • 22,000 Combined VPD
  • Vehicle and Pedestrian Accessibility on Both Sides
  • Interstate-95 Within One Mile
  • Pedestrian Walking Distance from Allegheny Station
  • Nine Years Remaining on Dollar Tree Lease
  • Over 88% Occupied by National Credit Tenant

Investment Overview

Marcus & Millichap proudly presents Friendly Plaza, a three-unit shopping center in Philadelphias
Kensington neighborhood at 3141 Frankford Avenue. The 1.15-acre-lot is improved with a multitenant
strip center offering 23,524 square feet of leaseable area. The subject property features
approximately 184 feet of frontage on Frankford Avenue, street parking and a 42-space parking lot
with an entrance providing pedestrian and vehicle access Amber Street.
Current tenants Dollar Tree and Family Dollar lease a combined area of 20,924 square feet,
accounting for over 88% of the center. The two stores were separate companies until 2015 when
Dollar Tree, Inc. purchased Family Dollar Stores, Inc. Both leases feature 10 percent increases every
five years and have corporate guarantees backed by the merged company under Dollar Tree, Inc.
Family Dollar executed its lease in 2003 with an the initial term of five years and four option
periods. They demonstrated continued commitment to this location and market by executing
multiple option periods and seizing an opportunity to lease a second unit in the center to open
Dollar Tree; more than doubling the tenants occupancy of the center. The lease commenced in 2019
with a10-year base term followed by four option periods.
The centers remaining unit of approximately 2,600 square feet will be master leased by Seller
for a three-year term commencing upon close of escrow at $12 per square foot for an annual rent of
$31,200. All leases are modified double net.
The subject property is ideally situated only three blocks from SEPTAs Allegheny Station, a
primary stop along the Market-Frankford Subway line and a reliable driver of pedestrian traffic.
Within one mile of the property is access to Interstate 95, the Delaware Expressway and the retail
corridor on Aramingo Avenue clustered around Forman Mills Shopping Center. Nearby area retail
includes Sunoco, Fine Wine & Spirits, Dollar General, and Bank of America.

Exclusively Listed By

Financing By

  • Stephen Arrivello

    Director

    Direct:

    Email Stephen

    Philadelphia, PA

MM Texture Background
MM Textured Background Lower