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Warehouse

201-19 W Glenwood Ave

201-19 W Glenwood Ave, Philadelphia, PA 19140

Listing Price: $1,100,000

Cap Rate
9.02%
Gross SF
34,000
Price/Gross SF
$32.35
Lot Size
0.82 acres
Year Built
1910
Rentable SF
34,000

Investment Overview

Marcus & Millichap has been selected as the exclusive advisor to market for sale 201-19 W Glenwood Avenue, (The Property") to qualified investors. The Property is situated in North Philadelphia at the intersection of North 2nd Street and West Glenwood Avenue. The Property consists of a 34,000 square foot industrial warehouse with about 5,000 square feet of additional office and foreman's space on the second and third floors.

The warehouse portion of the property is fully occupied by three tenants, each of whom occupy 8,ooo, 11,500, and 14,500 square feet of clear span space in each of their respective spaces. The warehouse tenants include Chelo Auto Body, Superior Cut Steel, and Aleen 2600 Auto Repair. Superior Cut Steel is affiliated with Property ownership and is willing to sign a two-year lease at the terms described in the financial analysis on page 16. The Property includes a large basement with an explosion proof room, which is not included in the 34,000 square feet of warehouse space. Additionally, all three spaces include a functioning bridge crane with lift capacities ranging from 5 to 15.5 tons and clear heights up to 32 feet high. All three cranes are included at no additional cost. The weighted average rent per square foot for Aleen 2600 and Chelo Auto Body is $3.84 for warehouse space, which presents a value-add opportunity for an incoming investor.

As it sits today, the Property is projected to generate a net operating income (Inclusive of reserves) of $99,234 for the 2021 fiscal year. Based upon a purchase price of $1,350,000, this yields a 7.35% capitalization rate for the investment. Given the rents commanded by the asset and the submarkets leasing performance for comparable assets, the Property presents to qualified investors a reliable stream of cash flow with near term upside and future redevelopment potential.

Investment Highlights

  • 34,000 SF Warehouse with 19.5'-32' Clears
  • All Three Suites Have a Bridge Crane
  • Warehouse Space 100% Occupied with Flexibility for Sale Leaseback
  • .82-Acre Lot with I-2 Zoning

Exclusively Listed By

Listing Price: $1,100,000

Cap Rate
9.02%
Gross SF
34,000
Price/Gross SF
$32.35
Lot Size
0.82 acres
Year Built
1910
Rentable SF
34,000

Investment Highlights

  • 34,000 SF Warehouse with 19.5'-32' Clears
  • All Three Suites Have a Bridge Crane
  • Warehouse Space 100% Occupied with Flexibility for Sale Leaseback
  • .82-Acre Lot with I-2 Zoning

Investment Overview

Marcus & Millichap has been selected as the exclusive advisor to market for sale 201-19 W Glenwood Avenue, (The Property") to qualified investors. The Property is situated in North Philadelphia at the intersection of North 2nd Street and West Glenwood Avenue. The Property consists of a 34,000 square foot industrial warehouse with about 5,000 square feet of additional office and foreman's space on the second and third floors.

The warehouse portion of the property is fully occupied by three tenants, each of whom occupy 8,ooo, 11,500, and 14,500 square feet of clear span space in each of their respective spaces. The warehouse tenants include Chelo Auto Body, Superior Cut Steel, and Aleen 2600 Auto Repair. Superior Cut Steel is affiliated with Property ownership and is willing to sign a two-year lease at the terms described in the financial analysis on page 16. The Property includes a large basement with an explosion proof room, which is not included in the 34,000 square feet of warehouse space. Additionally, all three spaces include a functioning bridge crane with lift capacities ranging from 5 to 15.5 tons and clear heights up to 32 feet high. All three cranes are included at no additional cost. The weighted average rent per square foot for Aleen 2600 and Chelo Auto Body is $3.84 for warehouse space, which presents a value-add opportunity for an incoming investor.

As it sits today, the Property is projected to generate a net operating income (Inclusive of reserves) of $99,234 for the 2021 fiscal year. Based upon a purchase price of $1,350,000, this yields a 7.35% capitalization rate for the investment. Given the rents commanded by the asset and the submarkets leasing performance for comparable assets, the Property presents to qualified investors a reliable stream of cash flow with near term upside and future redevelopment potential.

Exclusively Listed By

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