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Mixed-Use

1700 Walnut

1700 Walnut St, Philadelphia, PA 19103

Listing Price: $45,000,000

Cap Rate
4.29%
Number of Units
68
Occupancy
97.0%
Price/Unit
$661,765
Price/Gross SF
$633.71
Gross SF
71,010

Investment Overview

On behalf of ownership, Marcus & Millichap is pleased to present for sale 1700 Walnut - A luxury apartment building located in the prestigious Rittenhouse Square neighborhood. 1700 Walnut represents an extremely rare opportunity for an investor to acquire a stable, proven asset with both scale and upside located just a block from Rittenhouse Square Park. Formerly an office building, the Property was converted to 68 luxury apartments in 1998. The apartments were renovated with high-end finishes, including granite countertops, stainless steel appliances, marble baths, and in-unit washers and dryers. While the beautiful apartments remain in high demand and are currently fully occupied, they could benefit from a light upgrade in order to command rents commensurate with the competition. The Property is currently being run with below-market rents, with average in-place rents of $2.33/SF. An investor would have the ability to increase rents approximately $.50/SF and still remain below the top-of-the-market with regard to Rittenhouse Square rents. The amenity package features an on-site fitness center and concierge service. In addition to some unit upgrades, an investor could supplement the amenity package in order to increase rents. The Property also features nearly 13,000 square feet of retail and office space. The retail on Walnut Street thrives due to the high foot traffic in the neighborhood. The iconic location of 1700 Walnut will remain among the most attractive places to live in Center City Philadelphia. This Property will be delivered free and clear of debt, allowing investors to capitalize on the excellent financing market.

Investment Highlights

  • Luxury 12-Story Apartment Building with Ground Floor Retail in the Heart of Rittenhouse Square
  • 68 Apartments + ~13,000 SF of Retail & Office
  • Value-Add Opportunity: Units Currently Renting Approximately 20% Below-Market
  • Spacious Units Average 855 SF
  • Units Feature High-End Finishes: Granite Counters, Stainless Steel Appliances & In-Unit Washer/Dryer
  • Delivered Free & Clear of Debt
  • Extremely Rare Opportunity to Acquire a Stable, Proven Asset with Both Scale & Upside, Just One Block from Rittenhouse Square Park

Exclusively Listed By

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Lawrence Gariano

    Senior Associate

    (215) 531-7072

    Email Lawrence

    License(s): NJ: 790741, PA: AB067647

    Philadelphia

Financing By

Listing Price: $45,000,000

Cap Rate
4.29%
Number of Units
68
Occupancy
97.0%
Price/Unit
$661,765
Price/Gross SF
$633.71
Gross SF
71,010

Investment Highlights

  • Luxury 12-Story Apartment Building with Ground Floor Retail in the Heart of Rittenhouse Square
  • 68 Apartments + ~13,000 SF of Retail & Office
  • Value-Add Opportunity: Units Currently Renting Approximately 20% Below-Market
  • Spacious Units Average 855 SF
  • Units Feature High-End Finishes: Granite Counters, Stainless Steel Appliances & In-Unit Washer/Dryer
  • Delivered Free & Clear of Debt
  • Extremely Rare Opportunity to Acquire a Stable, Proven Asset with Both Scale & Upside, Just One Block from Rittenhouse Square Park

Investment Overview

On behalf of ownership, Marcus & Millichap is pleased to present for sale 1700 Walnut - A luxury apartment building located in the prestigious Rittenhouse Square neighborhood. 1700 Walnut represents an extremely rare opportunity for an investor to acquire a stable, proven asset with both scale and upside located just a block from Rittenhouse Square Park. Formerly an office building, the Property was converted to 68 luxury apartments in 1998. The apartments were renovated with high-end finishes, including granite countertops, stainless steel appliances, marble baths, and in-unit washers and dryers. While the beautiful apartments remain in high demand and are currently fully occupied, they could benefit from a light upgrade in order to command rents commensurate with the competition. The Property is currently being run with below-market rents, with average in-place rents of $2.33/SF. An investor would have the ability to increase rents approximately $.50/SF and still remain below the top-of-the-market with regard to Rittenhouse Square rents. The amenity package features an on-site fitness center and concierge service. In addition to some unit upgrades, an investor could supplement the amenity package in order to increase rents. The Property also features nearly 13,000 square feet of retail and office space. The retail on Walnut Street thrives due to the high foot traffic in the neighborhood. The iconic location of 1700 Walnut will remain among the most attractive places to live in Center City Philadelphia. This Property will be delivered free and clear of debt, allowing investors to capitalize on the excellent financing market.

Exclusively Listed By

  • Ridge MacLaren

    Senior Vice President Investments

    (215) 531-7019

    Email Ridge

    License(s): PA: RB-063070-L, PA: RM042723B, DE: RB-0002461, NJ: 673619

    Philadelphia

  • Lawrence Gariano

    Senior Associate

    (215) 531-7072

    Email Lawrence

    License(s): NJ: 790741, PA: AB067647

    Philadelphia

Financing By

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