RRA Sells Historic Mixed-Use Property in Old City for $3,700,000
Rittenhouse Realty Advisors is pleased to announce the sale of 248 Market Street, an historic Mixed-Use Property in the Old City neighborhood of Philadelphia. The property, which consists of six residential apartments and two ground floor commercial units, traded for over $450,000 per unit.
The residential units were recently updated and feature granite countertops and stainless-steel appliances in the kitchens, vaulted ceilings, oversized windows, walk-in closets, in-unit washers and dryers and controlled building access. The property is located on the bustling corner of 3rd Street and Market Street, convenient to Old City’s historic and tourist destinations, as well as a great variety of popular restaurants, shops, and entertainment options. The property is also located one block from SEPTA’s Market Frankford train line.
The property sold to an overseas investment group with local ties. Ken Wellar, Managing Partner at RRA, noted that this a growing trend, stating: “We are seeing more and more international buyers get aggressive in buying core assets in Center City.”
Chris Egan, a Senior Associate at RRA, added: “Recently we have seen a surge in interest in the Old City sub-market, which makes sense given its accessibility and proximity to the CBD. Old City also has great mixed-use building stock.”
The commercial units were leased to Color Inc., a retail/souvenir shop and Car-Tel Communications, Philadelphia’s Largest AT&T Retailer. Larry Steinberg, who previously arranged the lease with Car-Tel, noted: “The stable retail leases on the ground floor helped to add value in this transaction.”