2200-2204 E Norris Street

2200 E. Norris Street; Philadelphia, PA 19125

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Property Details

  • Price$ 2,800,000
  • Property TypeMixed Use
  • NeighborhoodFishtown
  • Number of Units10
  • Lot Size0.07 acres
  • Price/Unit$ 280,000
  • Price/Bedroom-
  • Year Built1850

Investment Highlights

  • Fishtown: One of Philadelphia’s Fastest Growing and Most Exciting Neighborhoods
  • Luxury Apartments: High-Quality, Premium Finishes
  • Spacious Units: Some of the Largest One-Bedroom Apartments in Sub-Market (702 Average SF)
  • Significant Barriers to Entry: Outstanding Location
  • Real Estate Tax Abatement: Approximately 10 Year Remaining

Investment Overview
On behalf of Ownership, Rittenhouse Realty Advisors extends to qualified investors to the opportunity to acquire the fee simple interest in The Amperium, a nine-unit luxury apartment building and one large retail space located in the heart of the thriving neighborhood of Fishtown. The Amperium was originally built as a firehouse in the 1850’s before being converted to a power station, and in 2016 converted into nine luxury apartments with a strong ground-floor retail tenant occupying nearly 2,328 RSF (plus 1,639 SF in basement). All units are one-bedroom/one-bath units that average 702 square foot with natural light in every unit. The building itself is four stories and fully sprinklered throughout. All units boast high ceilings and beautiful hardwood floors as well as stainless steel appliances which blend the old architecture of the building with the new technology of today. Select units also have features that display the true age of the building such as exposed brick. This building features hardwood flooring and large windows in the common area as well as an elevator which serves all floors.

Fishtown has outstanding occupancy rates that eclipse 95% on average. The rents at The Amperium can be raised to adjust for the demand for apartments in the neighborhood going forward. We feel rents could be increased by up to 5%. Nearly every block is filled with new construction as many “rich-sters” want to experience the trendy and gentrifying areas, but do not want to give up the amenities of living in Center City. While The Amperium does not offer any built-in amenities, the neighborhood surrounding and the ground floor grocery store offer maximum convenience to the tenants as they truly can live, work, and play in their own back yard. The Amperium is located in the heart of Fishtown with easy access to everything the burgeoning Frankford Avenue corridor has to offer. It is within easy walking distance to SEPTA’s Market-Frankford Line (Berks Station), Konrad Square and the Fillmore Entertainment Complex. Various restaurants such as Loco Pez, Wm Mulherin’s Sons, and Pizza Brain litter Fishtown, and offer maximum convenience of culinary choice for residents of the neighborhood.

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 / NJ 1005492
ken@rittenhouserealty.com

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

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

Vince Tagliente
Tel: (215) 454-2852 EXT 1012
Cell: (215) 680-9302
License: PA AB065013
vincent@rittenhouserealty.com



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