River Wards Portfolio
3044 Richmond Street Philadelphia, PA 19134
- Price$ 2,800,000
- Property TypeMixed Use
- NeighborhoodPort Richmond
- Number of Units20
- Lot Size0.25 acres
- Price/Unit$ 140,000
- Year Built1915
- Every Unit has been “Gut Renovated” with High-End Finishes
- 100% Occupied
- Desirable and Upcoming River Wards Section of Port Richmond
- Easy Access to Interstate-95 and Public Transportation into Center City
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in The River Wards Portfolio, 20 units consisting of 3 properties (3010, 3044-3046 and 3118-3120 Richmond Street) along the Interstate-95 Corridor in the Port Richmond/River Wards section of Philadelphia that are separated from one another by just a few parcels. The Fishtown/Port Fishington/Port Richmond neighborhoods along the Delaware River have dramatically changed with a large influx of young, urban professionals and families.
3010 Richmond Street consists of (3) two-bedroom apartment units (1 bi-level) and a commercial tenant (820 RSF – Vespasian Holdings and Investments)
3044-3046 Richmond Street consists of 7 apartment units [(4) two-bedroom and (3) one-bedroom units] and a commercial tenant (640 RSF – Jaizelle Hanna Custom Designs & Alterations)
3118-3120 Richmond Street consists of 7 apartments [(1) three-bedroom (bi-level), (5) two-bedroom, and (1) one-bedroom] and a commercial tenant (785 RSF – River Wards Cafe)
Every unit has been “gut renovated” which includes new HVAC, hot water heaters, electric, windows, kitchens with granite countertops and stainless steel appliances, and in-unit washer/dryers. The renovation created large open living spaces with hardwood floors. The original exposed brick was preserved where possible to create a modern-industrial feel.
The apartments and commercial units are 100% leased with average in-place rents of $1,077. Tenants pay heat, hot water and electric. Rents are approximately 35% lower in the Port Richmond/River Wards section than in the neighboring Fishtown/Port Fishington neighborhoods.
The recent boom in lifestyle-focused businesses in the area has drawn renters who are looking for a less expensive alternative to Fishtown. Over the last year, Port Richmond has seen an influx of trendy restaurants and bars including the River Wards Cafe, a modern-style coffee house that is one of the commercial tenants in this portfolio; Bait & Switch, a seafood bar operated by the owners of the famous Loco Pez in Fishtown; Gaul & Co., an urban-chic replacement of a former dive bar; and Hinge Café, a popular brunch spot. In addition, Port Richmond offers two of the most known pizza establishments and bakeries in the City of Philadelphia – Tacconelli’s Pizza and Stocks Bakery.
Due to its excellent access to Interstate-95, Port Richmond is home to a number of “big box” stores that offer residents a level of convenience unparalleled in most neighborhoods of Philadelphia. Anchor stores near the property include Target, The Home Depot, ShopRite, and Lowes as well as the soon to open Lidl, a German grocery store giant. Furthermore, there are a number of large scale projects planned along the Delaware River including the Greenway Plan which consists of transforming 11 miles north from Port Richmond/River Wards to the Torresdale section of Philadelphia from the mostly industrial property into waterfront trails.
The Port Richmond/River Wards section of Philadelphia was known for its extremely large Polish immigrant, Polish-American community and Irish-American community prior to gentrification. This primarily “row-house” neighborhood offers very little apartment stock as competition. With rental rates 30% – 40% lower to adjoining neighborhoods, this portfolio is an extremely rare opportunity to invest in a rapidly growing neighborhood along the Interstate-95 corridor of Philadelphia.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487 / NJ 1005492
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