Multi-Family Development at 1100 North Delaware

1100 N. Delaware Avenue; Philadelphia, PA 19125

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Property Details

  • Price$ 11,000,000
  • Property TypeCommercial
  • NeighborhoodFishtown
  • Number of Units-
  • Lot Size1.05 acres
  • Price/Unit-
  • Price/Bedroom-
  • Year Built-

Investment Highlights

  • Approved Zoning: 179 Apartments, 3 Commercial Units, and 100 Parking Spots
  • Development Opportunity: Break Ground in 2018
  • Significant Barriers to Entry: Last Remaining Available Site of this Density for Development in Fishtown
  • Real Estate Tax Abatement: 10-Year Tax Abatement Available
  • Waterfront Views: Outstanding Rooftop Water Views of Penn Treaty Park and the Delaware River

Investment Overview

On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in this Multi-Family Development Site at 1100 North Delaware Avenue, an exciting opportunity in the Fishtown section of Philadelphia, known as the “Brooklyn of Philadelphia”. This is the most vibrant and trendy area of the City of Philadelphia. This opportunity includes approximately 45,746± square foot of ground, an existing warehouse building and zoning in place to build 179 apartments, 3 commercial units and 100 parking spaces. The property is Zoned CMX-3 (Community Commerce Mixed-Use).

Strategically located across the street from Penn Treaty Park along Delaware Avenue and two blocks from Girard Avenue within Fishtown, this multi-family development opportunity is the last remaining available site with this density for development in Fishtown. The site has waterfront views of the Delaware River along with a sound barrier from Interstate-95 and is just a few blocks from Frankford and Girard Avenues – which is the Gateway to Northern Liberties, Fishtown, and East Kensington. The demand for high-quality rental apartments along Delaware Avenue and in Old City/Northern Liberties/Fishtown/East Kensington is extremely strong. Occupancy in this sub-market is robust and typically in the 95% to100% range. In addition, one of the commercial units (to be built) consists of 22,000 RSF of space for a rock climbing gym. The current owner has a tenant in place this space at $25 PSF.

The Fishtown area has grown from a blue-collar neighborhood to the hipster hub of Philadelphia. As VisitPhilly explains, “Fishtown has emerged as Philly’s truest harbor of artistic, culinary and musical action.” This development opportunity can be the “Pinnacle Project in Fishtown” with a rooftop pool, Delaware River views and easy access to everything the burgeoning Girard Avenue/Frankford Avenue corridors have to offer. It is within easy walking distance to a subway station stop, Penn Treaty Park, and The Fillmore entertainment complex. Vogue Magazine recently published an article entitled “The Best Places to Eat and Drink in Philadelphia Are All in This One Neighborhood” praising Fishtown’s resurgence as the city’s hottest culinary neighborhood. Residents of Fishtown enjoy unparalleled access to the best of Philadelphia’s nightlife including Frankford Hall, Fette Sau, LaColombe’s flagship location, Johnny Brenda’s, and Garage. The award-winning Wm. Mulherin’s Sons (named a top 50 restaurant in the US by Bon Appétit) and Pizzeria Beddia (named the best pizza in the US by Bon Appétit) are just blocks from this site.

Significant zoning barriers-to-entry are a hallmark of the Philadelphia MSA. The Multi-Family Development Site at 1100 North Delaware Avenue offers a unique, pre-zoned opportunity to build market-rate apartments in the thriving waterfront Fishtown section of Philadelphia. A new owner can break ground in 2018.

Offering Memorandum


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NOTE: Outside Brokers must complete this Cooperating Broker Agreement and return via email to info@rittenhouserealty.com or fax to 267-324-3394.

Brokers

Corey Lonberger
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
corey@rittenhouserealty.com

Mark A. Duszak
Tel: (215) 454-2852 EXT 1003
Cell: (215) 805-5011
License: PA RS277420 / NJ 0047530
mark@rittenhouserealty.com

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
ken@rittenhouserealty.com

Douglas Emrich
Tel: (215) 454-2852 EXT 1005
Cell: (610) 733-8482
License: PA RS320748
doug@rittenhouserealty.com



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