RRA Sells Mixed-Use Building in Midtown Village, Philadelphia for $3,475,000
PHILADELPHIA, PA–(Marketwired – October 03, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of 1206 Walnut Street in Philadelphia. The property has seven beautifully renovated apartments, as well as a 700 square foot ground floor commercial unit, currently leased by a strong regional retailer.
The property is located in Midtown Village, one of the most highly sought after neighborhoods in Philadelphia, due to its abundance of restaurants, cafes and shops. Tenants also enjoy easy access to Septa Regional Rail and the PATCO High Speed Line to New Jersey. The property is also close to major area employers including Jefferson University Hospital and Penn Medicine.
Ken Wellar, Managing Partner of RRA, stated: “The buyer was out of New York and was willing to meet the seller’s number to acquire this property, given the amazing location.” The property sold at $434,375 per unit at a 5.8% pro forma capitalization rate.
Chris Egan, an associate at RRA, added: “This asset garnered the interest of a lot of local buyers, but ultimately our broad marketing tactics landed an out-of-town buyer who was eager to enter the market.”