Philadelphia, PA
Property Type: Mixed-UseSize: 7 Apts + 1 Commercial
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 7 Apartments & 1 Commercial Space in a Prime Midtown West Location in Center City
- Value-Add Opportunity: Ability to Significantly Increase Rents Through Apartment Renovations
- National Commercial Tenant: Reimbursements & Option to Renew
- Strong Unit Mix: Primarily 2-Bed/2-Bath
Description:
Marcus & Millichap is pleased to present for sale the opportunity to acquire 1206 Walnut Street - An 8-unit mixed-use asset located in the heart of the prestigious Midtown West neighborhood of Philadelphia. The subject building is situated toward the end of the block, between 12th & 13th Streets, and includes (7) Residential Units and (1) Commercial Space.
Completely renovated in 2012, the apartment unit mix at 1206 Walnut includes (5) two-bedroom units, (1) three-bedroom unit and (1) efficiency. The units are very large – averaging roughly 900SF and feature central air/heat, granite countertops, stainless steel appliances, fireplaces and exposed brick. The property has a secure entry system, and shared laundry for all tenants.
The commercial space is occupied by Surf City Squeeze. Surf City Squeeze signed a 6-year lease in July of 2024, with (1) 5-year option to renew and 3.25% annual increases. They also reimburse 21% of Property Taxes.
1206 Walnut Street offers a rare opportunity to add significant value through renovations of the apartments, while having consistent cash flow from the commercial tenant. Given the property’s prime location, the property is well-suited to provide strong returns and long-term appreciation.
CLICK HERE TO VIEW THE OFFERING MEMORANDUM
