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Mixed-Use

608 S 3rd St.

608 S 3rd St, Philadelphia, PA 19147

Listing Price: $1,095,000

Cap Rate
4.64%
Number of Units
4
Occupancy
5.0%
Price/Unit
$273,750
Price/Gross SF
$353.23
Gross SF
3,100

Investment Overview

608 S. 3rd Street is a newly renovated 4 unit mixed-use building in the heart of one of the most desirable neighborhoods in Philadelphia, Society Hill. The building is located along South 3rd Street between Bainbridge and South. The apartments have undergone significant renovations at different times, featuring 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 lies along the eastern edge of the city, immediately south of Center City. The subject building neighbors Queen Village to the south and Old City to the north. Surrounded by fine dining, owner-operated boutiques, and major essential retailers like Whole Foods, Acme, and Wawa, Society Hill provides the benefits of urban living without the large crowds and busy streets. The opportunity presents a significant upside in rents upon turnover, as many units are 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 to enhance their returns on this asset in a prime Center City location.

Investment Highlights

  • 4 Unit Mixed-Use Building in the Heart of the Desirable Society Hill Neighborhood in Philadelphia
  • Newly Renovated Spacious Apartments Featuring Updated Stainless Steel Appliances & High-End Finishes
  • Pride Of Ownership

Exclusively Listed By

  • Luke Bianchino

    Associate

    Email Luke

    License(s): PA: RS355270

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

Financing By

Listing Price: $1,095,000

Cap Rate
4.64%
Number of Units
4
Occupancy
5.0%
Price/Unit
$273,750
Price/Gross SF
$353.23
Gross SF
3,100

Investment Highlights

  • 4 Unit Mixed-Use Building in the Heart of the Desirable Society Hill Neighborhood in Philadelphia
  • Newly Renovated Spacious Apartments Featuring Updated Stainless Steel Appliances & High-End Finishes
  • Pride Of Ownership

Investment Overview

608 S. 3rd Street is a newly renovated 4 unit mixed-use building in the heart of one of the most desirable neighborhoods in Philadelphia, Society Hill. The building is located along South 3rd Street between Bainbridge and South. The apartments have undergone significant renovations at different times, featuring 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 lies along the eastern edge of the city, immediately south of Center City. The subject building neighbors Queen Village to the south and Old City to the north. Surrounded by fine dining, owner-operated boutiques, and major essential retailers like Whole Foods, Acme, and Wawa, Society Hill provides the benefits of urban living without the large crowds and busy streets. The opportunity presents a significant upside in rents upon turnover, as many units are 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 to enhance their returns on this asset in a prime Center City location.

Exclusively Listed By

  • Luke Bianchino

    Associate

    Email Luke

    License(s): PA: RS355270

    Philadelphia

  • Clarke Talone

    First Vice President Investments

    (215) 531-7021

    Email Clarke

    License(s): PA: RS299113, DE: RS-0019808, NJ: 0787408

    Philadelphia

Financing By

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