Philadelphia, PA
Property Type: Mixed-UseSize: 10 Units
Price: $2,600,000
CAP: 6.02%
Highlights:
- 8 Apartments & 2 Commercial Spaces
- Prime Rittenhouse Square Location
- Value-Add Opportunity: Ability to Increase Rents Through Apartment Renovations
- Established Commercial Tenants: Expense Reimbursements & Long-Term Options
- Pride of Ownership
Description:
Marcus & Millichap is pleased to present for sale the opportunity to acquire 252-254 South 16th Street - A mixed use asset located in the heart of the prestigious Rittenhouse Square neighborhood. The subject building is situated in the middle of the block, between Spruce and Locust Streets, and includes (8) Residential Units and (2) Commercial Spaces.
252-254 South 16th Street apartment unit mix includes (6) one-bedroom units, and (2) two-bedroom units. Some units have been moderately updated at different times, and feature updated flooring and countertops. The property has a secure entry system, and shared laundry for all tenants.
The commercial spaces are occupied by La Viola West & Healthplex. La Viola signed a 10-year lease in March of 2016, with (1) 10-year option to renew and $300 increases every 2 years. HealthPlex signed a 4-year lease in March of 2024 with (2) 4-year options to renew with $200 increases every 2 years. Both tenants reimburse for Real Estate Taxes, Insurance & Center City District Tax. La Viola is responsible for 30% and Healthplex is responsible for 15%.
252-254 South 16th Street offers a rare opportunity to add significant value through renovations of the apartments, while having consistent cashflow from the commercial tenants. Given the property’s prime Rittenhouse location, the property is well-suited to provide strong returns and long-term appreciation.
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