South Broad Mixed-Use (1635-37 S Broad Street)

1635 S. Broad Street; Philadelphia, PA 19148

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Property Details

  • Price$ 1,100,000
  • Property TypeMixed Use
  • NeighborhoodPassyunk Crossing
  • Number of Units5
  • Lot Size0.10 acres
  • Price/Unit$ 220,000
  • Price/Bedroom-
  • Year Built1915

Investment Highlights

  • Value-Add Opportunity: Potential to Renovate Existing Units and Increase Rents 10% to 15%
  • Increase Density: Zoning Allows for the Potential to Add Additional Units to Existing Structure
  • Major Thoroughfare: Broad Street Exposure Results in 19,000+ Average Annual Daily Traffic
  • Parking: Private, Gated Off-Street Parking (3 Spaces)
  • Excellent Location: On the Avenue of Arts; Steps from Passyunk’s “Restaurant Row”
  • Easy Access: Steps Away from Tasker–Morris Station of SEPTA’s Broad Street Line
  • Rapid Growth: Hip Establishments have Made this Quaint Neighborhood Highly Desirable

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 1635 and 1637 South Broad Street, two adjacent buildings with four contiguous apartment units and one commercial unit. Situated along the desirable and trendy South Broad Street corridor, in the Passyunk Avenue Neighborhood, 1635 and 1637 South Broad Street provide excellent ease of access to Center City and the Stadium District via SEPTA’s Broad Street Line with the Tasker–Morris Street Station only steps from the property.

Each building contains two large one-bedroom apartments for a total of four one-bedroom apartments. The ground floors of the contiguous buildings were combined to provide for a 2,000 square foot, owner-occupied medical office suite. The interiors of the apartment units were renovated ten years ago and present a buyer with a tremendous opportunity to increase rents $150 to $200 per month, through a capital improvements program focused on cosmetic upgrades to the bathrooms and kitchens. Built as a mansion in 1915, the building has maintained some of the original hardwood floors as well as highlighted accents such as exposed brick walls. All apartments have plenty of natural light as well as updated appliances.

Restaurant Row on Passyunk Avenue is one of the hottest culinary corridors in the country with several James Beard award winning establishments and chefs. These hip establishments have turned the quaint South Philadelphia neighborhood into a highly desirable residential destination. The redevelopment of the Passyunk Avenue neighborhood and South Philadelphia has left many investors very confident in the area’s revitalization, and this is evident through continued capital investment on Broad Street, Passyunk Avenue, and all streets in between.

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

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

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

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

Chris Egan
Tel: (215) 454-2852 EXT 1010
Cell: (609) 602-1782
License: PA RS317018
chris@rittenhouserealty.com

Seth Douglas
Tel: (215) 454-2852 EXT 1013
Cell: (717) 858-1821
License: PA RS336807
seth@rittenhouserealty.com

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



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