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RRA Sells 2 Mixed-Use Properties in Center City, Philadelphia Totaling $6,225,000

by RRA on April 5, 2017
RRA Sells 2 Mixed-Use Properties in Center City, Philadelphia Totaling $6,225,000

PHILADELPHIA, PA–(4/4/17) – Rittenhouse Realty Advisors is pleased to announce the sale of two mixed-use properties in Center City, Philadelphia: 120 N. 3rd Street in the Old City neighborhood and 1701 South Street in the Graduate Hospital neighborhood.

120 N. 3rd Street contains four high-end renovated loft-style apartment units and one unit in “shell” condition, along with a ground floor commercial unit.  It is well located among the boutiques and cafes of 3rd Street and is just a few blocks from historical tourist attractions like the Liberty Bell and the Betsy Ross House.

“120 N. 3rd is a beautiful property in a great submarket. We had an incredible amount of interest in this property, which speaks to the resurgence of the Old City neighborhood and its appeal to both local and out-of-town investors,” stated Chris Egan, an RRA associate who worked on both transactions.

1701 South Street is a newly constructed building with 9 apartment units and a ground floor commercial unit leased to 7-Eleven, located on the southern edge of the Rittenhouse Square neighborhood.  The seller selected a buyer in less than 30 days after going to market.

“The credit of the NNN retail tenant and the beautiful new construction residential units were a huge attraction for this asset. RRA’s unique marketing process procured several qualified offers.  The deal ultimately traded at over 97% of our asking price to an investor out of New York City,” Egan said.

Ken Wellar, Managing Partner of RRA, added: “We are seeing more and more buyers coming down from New York chasing yield.  It seems that $300,000 per unit is the new norm for newer construction in Philadelphia.”