REACHLofts – Fishtown

1701 Tulip Street; Philadelphia, PA 19125

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Property Details

  • Price$ 7,500,000
  • Property TypeMulti Unit Housing
  • NeighborhoodFishtown
  • Number of Units30
  • Lot Size0.14 acres
  • Price/Unit$ 250,000
  • Price/Bedroom-
  • Year Built2015

Investment Highlights

  • Fishtown: Philadelphia’s Most Desirable and Exciting Neighborhood
  • Luxury Apartments: High-Quality, Premium Finishes
  • Excellent Unit Mix: 15 One-Bedroom Units (50%), 6 One-Bedroom Units with Den (20%), 7 Two-Bedroom Units (23%) and 2 Penthouse Units (7%) with Fabulous Roof Decks
  • Significant Barriers to Entry: Outstanding Location
  • Real Estate Tax Abatement: Approximately 8 Years Remaining

Investment Overview
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in REACHLofts, a thirty-unit, luxury loft building located in the heart of the Fishtown section of Philadelphia. Fishtown, known as the “Brooklyn of Philadelphia”, is the most vibrant and trendy area of the city.

REACHLofts was originally built as a baseball and sporting goods factory in the late 1800’s by former baseball star Albert J. Reach. The factory was converted to luxury apartments in 2015. REACHLofts includes 30 apartments in a five-story, sprinklered building. It sits adjacent to the iconic Memphis Flats condominiums. This luxury apartment community includes 15 one-bedroom units (50%), 6 one-bedroom units with den (20%), 7 two-bedroom units (23%) and 2 penthouse units (7%) with fabulous roof decks. REACHLofts takes advantage of the industrial nature of this historic building, focusing on open, modern and airy apartments. Units feature expansive factory windows, 12-foot ceilings, and polished concrete flooring. Select units also feature exposed brick and original factory doors and columns. In a seamless pairing of old and new, all of the kitchens in these contemporary lofts come fully equipped with stainless steel appliances and striking custom countertops. The bathrooms are designed as a modern oasis incorporating frameless glass shower enclosures, chic tile, and sleek contemporary fixtures. All units feature custom closet organization systems allowing the tenants to maximize their closet space. REACHLofts is designed to encourage a green footprint with LED lighting throughout and secure garage space for 30 bicycles. Additionally, REACHLofts features flooring throughout all common areas produced by Bolon, a Swedish company that focuses on sustainable manufacturing methods using recycled materials.

Fishtown has outstanding average occupancy of 98% to 100%. In-place rents at REACHLofts are approximately 10% to 15% below market. Nearly every block of the neighborhood is filled with new construction townhomes and condominiums. Fishtown is by far the hottest and most exciting residential market in the City of Philadelphia.

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.” REACHLofts 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 a state-of-the-art gym, two subway station stops Palmer 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 REACHLofts 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 within blocks of REACHLofts.

REACHLofts presents an extremely rare opportunity to purchase the highest quality rental community in the extremely desirable neighborhood of Fishtown.

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
corey@rittenhouserealty.com

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

Ken Wellar
Tel: (215) 454-2852 EXT 1002
Cell: (610) 745-4800
License: PA RS289487
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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