Rittenhouse Redevelopment Site (25 S. Van Pelt Street)

25 S. Van Pelt Street; Philadelphia, PA 19103

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Property Details

  • Price$ 4,700,000
  • Property TypeCommercial
  • NeighborhoodRittenhouse Square
  • Number of Units-
  • Lot Size0.16 acres
  • Price/Unit-
  • Price/Bedroom-
  • Year Built-

Investment Highlights

  • Unrivaled Location: Rittenhouse Square is the Most Exclusive Neighborhood in Philadelphia
  • High Barriers to Entry: Few Sites Available to Build High-Rise Apartments in Rittenhouse Square
  • Prime Development Site: Phase I and II Reports as well as Sample Development Plans Available
  • Eligible for Pennsylvania Historical Tax Credit 
  • Exceptional Demographics: Center City Core Average Household Income is Over $105,000
  • World Class Employers: Comcast, Vanguard, Drexel, UPenn, USciences, Penn Medicine and CHOP
  • Center City Philadelphia: Population Ranks 2nd (Only to Midtown Manhattan) in Size Among U.S. Downtowns
  • Outstanding Neighborhood Conveniences: Situated in the “Heart of Philadelphia” for High-End Entertainment and Shopping
  • Live, Work & Play: Strategically Located in Close Proximity to Brandywine Realty Trust’s Schuylkill Yards with 3,000,000+ SF of Office Space

Investment Overview
Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in 25 South Van Pelt Street, a Rittenhouse Square development site with the by-right potential for luxury condominiums truly unique in size, design, and location. This former school for wayward students is the perfect location to develop condos as there is a pressing demand for high-end residences in Philadelphia’s most popular and affluent neighborhood. Comprised of two connected buildings, one built in 1898 and the other built in 1929, 25 South Van Pelt Street is an existing 14,436 square foot building situated on a roughly 6,870 square foot lot with incredibly favorable CMX–4 zoning. The 1898 structure has historical designation through the City of Philadelphia, however, it is contributing, meaning that the façade of the building cannot be altered without the approval of the Historical Commission. The 1929 building contains the former cafeteria as well as the former gymnasium which boast 20+ foot ceilings and does not have any historical designation.

Center City Philadelphia’s population now ranks 2nd in the entire country (behind Manhattan). According to REIS, “Center City is one of the most vibrant residential downtowns in the United States. The average asking rent increased 5.2% during the year (2016), with the average effective rent up 6.0% to $2,089 per month.” Rittenhouse Square commands the highest average rent of any neighborhood in Center City, and is widely considered the top location in Philadelphia in terms of exclusivity, desirability and highest housing costs.

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

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

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



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