RRA Sells Mixed Use Building in Rittenhouse Square, Philadelphia, Pennsylvania for $1.75 Million
PHILADELPHIA, PA–(November 16, 2015) – Rittenhouse Realty Advisors is pleased to announce the sale of 238 South 20th Street in the Rittenhouse Square neighborhood of Philadelphia. The property is comprised of 7 apartments and 2 commercial units. It sits on the corner of 20th Street and Locust Street, less than one block from Philadelphia’s renowned Rittenhouse Square Park. Tenants enjoy walking distance to the city’s finest dining and shopping establishments.
The building attracted great activity from interested potential buyers, given its prime location. Ken Wellar, Managing Partner at RRA, stated: “This property sold at a 3.7% cap rate on trailing numbers. It offered tremendous upside as existing rents were over $300 per month below market.”
The new owner plans major capital improvements that will restore this property to like-new condition. RRA Associate, Chris Egan, who also worked on the transaction, added: “This is a property that had been owned by the same family for more than 60 years. The historic building had some deferred maintenance but the buyer fell in love with the exterior charm of the property as well as the irreplaceable corner location, only a half a block from the famous Rittenhouse Square.”
Article originally printed here.